‘Tech revolution reshaping financial services’

A seasoned finance professional, Oluwatoyin Ayodele, has stated that technology is no longer just a tool but a transformative force in the rapidly evolving financial sector.

According to Ayodele, financial institutions are leveraging cutting-edge innovations, from artificial intelligence to digital security, to address systemic challenges, broaden inclusion, and foster growth.

Ayodele said, “This represents a paradigm shift in how institutions operate, build trust, and serve consumers.

“The real value of technology lies in its potential to solve systemic inadequacies in financial services.”

“Whether it’s increased access to credit, improved operational efficiency, or enhanced consumer trust, the key is strategic execution that aligns innovation with the needs of businesses and consumers,” Ayodele added.

She further mentioned that one of the areas seeing the most significant impact is credit risk management.

“Technology has completely changed the paradigm,” she stated.

“We are no longer limited by traditional metrics. Advanced tools powered by data and AI allow institutions to make fairer assessments of borrowers, extending opportunities to communities often excluded,” she added.

Ayodele added, “These tools are not just about providing advice.

They offer a lifeline to individuals traditionally shut out of financial systems, helping to level the playing field.”

However, Ayodele stressed that these advancements come with challenges, particularly in cybersecurity. “Trust is everything,” she said.

“If people can’t trust the system, nothing else matters. Security must be a top priority,” she noted.

She also emphasised the transformative role of technology in regulatory compliance, noting that RegTech solutions are streamlining processes and boosting transparency.

“Compliance is no longer about checking boxes; it’s about building systems that foster trust and accountability,” she said.

She also highlighted how AI-driven insights are revolutionising working capital management by enabling real-time decisions on liquidity and resource allocation.

“It is not just optimisation; it’s equipping companies to adapt and thrive,” Ayodele added.

While acknowledging these advancements, she stressed the need to keep customers at the core.

“Technology is not the solution on its own—it is a tool to solve real problems centring on customers’ needs and experiences,” Ayodele added.