The Managing Director and Chief Executive Officer of Guaranty Trust Bank Plc, Mr. Segun Agbaje, has said that many banks are bound to fail in the present digital age.

He however, noted that banks that would survive would be the ones that reinvent themselves and drove far-reaching innovations that conform to the expanding digital landscape because the future of banking is digital.

Agbaje spoke at the weekend during the launch of Habari, Nigeria’s largest platform for music, shopping and lifestyle content, among others.

He said the decision by the bank to reinvent itself was taken seven years ago to move away from customer service to customer experience.

According to him, many banks would not survive because majority have failed to realize the need to innovate and reinvent.

He said, “The banks that will survive will have to reinvent themselves. Innovation will have to be the bedrock of everything they do.”

Agbaje reiterated that the banks that would survive must drive innovations rejigging their business model and moving away from traditional banking as “everything is going to happen on a technology platform around the mobile phone”.

“So the banks that will survive will definitely have to reinvent themselves but a lot wouldn’t be around because most people have not seen this”, he added.

He said the launch of Habari, alongside the many digital platforms the bank had earlier introduced, was aimed at enriching lives.

•Sourced from a Daily Trust report