26th August 2019 9:41:01 AM
3 mins readThe Head of Personnel Development, Bank of Ghana, has called for the need to have fresh minds (young people) at the management level of the financial institutions, who can easily adapt to the rapid change in the banking sector.
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He said what the system needs is a group of individuals who will be  responsible for running institutions such as boards, top management and senior management, along with the regulators of these establishments who are able to keep the pace with digitization trends.
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According to him, there is the need for people to adapt to the change in order to keep up the pace and survive. He added, the only way forward is planning for the future to survive drastic change.
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“So if you want to realize growth, you need to grow the leadership and the capacity of the leadership, otherwise, you need to change the leadership altogether or there can be no growth,†he noted.
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Read: Irresponsible Bank of Ghana caused banking crisis Akufo-Addo
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“In our part of the world, where seniority seem to be wisdom, and old age seem to have all the solution, we need to take a second look and ask if the leadership is willing to grow and change,†he added.
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He continued, “For most of us, our boards are full of old people who are trying to retire and some have retired. Our senior management are full of old people, some have retired, they are on contract and yet, they are supposed to think for the next generation.â€
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He noted, the youth who are “the voice of leadership from below†rather have ideas to bring about desired change but are not heard.
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He said the digitization change would be saddled with challenges if our cultural orientation is not given a second look.
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Dr. Tengey was speaking at the Digital Banking Summit held on the theme, “Digitization of banking Sector En Route to a Cashless Africa.â€
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The event was organised by the International Centre for Strategic Alliances with sponsorship from Mastercard, with KPMG as Knowledge Partner and First Bank Nigeria as Official Banking Partner.
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Dr Tengey observed, it is important to understand the current environment the banking sector operates, and with challenges inherited therein, called for a new set of leaders.
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He reiterated, leadership prepares the organization for the future “And for me nothing happens without leadership, nothing changes without leadership, there is no progress without leadership, leadership sets the boundary to grow in any institution.â€
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He said company leaders are very important and should always have a responsibility mindset, look forward to long term orientation, strategic orientation and accountability.
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He said such leaders must possess strong analytical and decision making skills.
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There are tremendous risks and opportunities in businesses but it takes leaders to see them and save their entities from such dangers.
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He said there is rapid change in the banking landscape, coupled with competition Telecommunication companies which calls for radical response from banks, by adapting to the change.
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Adding that some of them
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“The business of banking is changing. What constitute banking in the minds of people is changing; the banking landscape itself is changing because a lot more organizations are entering into the banking landscape.â€
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Read: Bank of Ghana bans commissions on deposits
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People anticipate safe convenient banking environments and want to spend less time to do banking, unlike some years back. As such, complacency could be their downfall since existing customers could easily gravitate towards any company that would make them feel safe, secured and convenient.
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He said the move from physical to digital is not going to be overnight, Â hence the need to combine both physical and digital (Phygital) to gradually get there.
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He advised the banking sector to adopt a system of payment where customers could have access to their monies wherever, and not necessarily at the banking hall. He cited ATMs as an example.
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He cautioned, unless leaders in the banking landscape are guided by current industry trends, they may lose their positions; citing companies such as Kodak, Nokia, and Sony Walkman as companies which failed because they refused to adapt.
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Dr. Tengey during his concluding remarks, called for an appropriate leadership response to handle evolving trends and show willingness in embracing change.
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Source: tigpost.co | Maame Agyeiwaa Agyei
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