GTBank is a category-king banking institution in Nigeria. In many ways, it leads the sector. It is a bank that I have studied; I’d shared the winning formula which partly made this bank what it is today. The CEO of the bank, Mr. Segun Agbaje , spoke this week in the Social Media Week Lagos event. His talk was titled “Making Sense of a World in Motion”.
Here are the top-level takeaways:
- Companies including banks would fail unless they transmute into platforms.
- Collaboration is the key to winning on digital. Without collaboration and partnership, firms would struggle to have success.
- Business will thrive if they develop capabilities on “flexibility and adaptability” in their business missions. For banks, with those two elements, they could effectively compete despite technology-driven disruptions in the industry.
- The key factor of production right now is Access, not capital.
- Entrepreneurs must demonstrate “integrity, transparency, hardwork and discipline.”
- The customer is the “king, special and at the centre of everything.”
Then he provided the grand strategy of GTBank thus:
To “create a platform and partner anybody who has a service to offer. So that if as a customer, one comes into our ecosystem, you can do just anything. You could do your banking business, buy your tickets, insurance, travel; if you wanted a 10-day pay day loan, you can do it. So, really we want you to come into our ecosystem, maybe five times a day to do different things other than banking.”
Adapted from the Guardian