Philips Consult MD says leadership, cultural shift key to future of banking industry

The Managing Director of Philips Consulting, (plc.), Robert Taiwo, at the 12^th Chartered Institute of Bankers of Nigeria’s annual banking and finance conference in Abuja, said that banking requires culture and leadership more than technology in a digital transformation.

The Managing Director at the two days conference themed “The Future of the Nigerian Banking Industry 360”, speaking on the topic “Driving Digital and Innovation”, articulated that, “Culture and leadership are more important than technology in a digital transformation.”

The guest speaker advised organisations to begin to pursue digital transformation differently if they want to survive in a digital-led economy.

“As per digital transformation and change,” he said, “the components are technology, culture, and leadership. I believe the technology will take care of itself, especially in Nigeria where we’ve leapfrogged in terms of digital and our use of emerging technologies. Nigerian banks must now begin to focus on changes in culture and leadership,” he added.

Taiwo emphasized the need for organisations to make the transition from a command-and-control culture towards an adhocratic culture that promotes speed, impact, and openness. He also advocated a shift from the traditional methods of leadership to transformational leadership that relies more on empathy, coaching, and empowerment. “This is the kind of leadership we need to drive digital economy 4.0” he advised.

Taiwo also encouraged public and private sector institutions on the need to ensure an increase in digital literacy. While a lot is happening in this space, he said: “we still have a lot of work to do”. Continuing, he said “I know that government at the federal and state levels are rolling out digital awareness programmes. The private sector is also pushing out programmes around digital training and new technologies. But we do need to step up.”

Taiwo leads Phillips Consulting (pcl.); a leading consulting services firm providing business strategy, digital, technology, human capital, digital learning, and international development professional services.

The CIBN conference is part of the efforts of the institute to drive financial inclusion and sustainable development in Nigeria, and this annual event brings together the banking industry and top business leaders across the country.