Expert advocates good leadership, cultural shift in banking sector

For the banking industry to survive in today’s changing world, it must focus more on culture and leadership rather than rely only on technology, said an expert.

Robert Taiwo, who is Managing Director of Philips Consulting, told The Guardian that it is important for organisations to begin to pursue digital transformation differently to survive in a digital economy.

On 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 stressed 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.”