Modern technology vital to survive in competitive world

The integration of the human aspect and technological innovation is essential to be successful in the competitive business world, said Governor Central Bank, Ajith Nivard Cabraal addressing the World Savings Bank Institute (WSBI) Cross Regional Conference in Colombo on Thursday.

Governor Central Bank, Ajith Nivard Cabraal at the briefing. Pic:Sudath Nishantha

He said, to survive in a fast growing business world technological innovation is needed. With all its benefits the integrity of modern technology has to be constantly checked.

"The comfort and efficiency of modern technology cannot be compromised for the human aspect in business.

Human resource is the foundation of a business while technology helps achieve success", Cabraal said.

Representatives from across Asia, Africa and Latin America held extensive discussions on the theme "Innovative Distribution of Policies for Savings and Retail Banks-Branchless Banking: How Far We Can Go".

Cabraal said the success of banking would rely on striking a balance between human contact and automation.

Human relations cannot be entirely replaced by technology. "However cumbersome, pensioners prefer to go to a bank where they could meet their friends and chat. Despite talks about going on-line, bank branches still exist even in advanced countries," he said.

Head of International Department of the Savings Banks' Association of Rhineland, Germany, Cuno Guttler said customer satisfaction should be the foremost concern in a business. Retail banking requires innovating new channels of distribution to deliver an efficient service.

The WSBI based in Belgium has 103 members in 93 countries. The organisation has a staff of around two million employees representing retail, savings and postal banking. Satisfaction but there would be a time very soon where automation would overtake the hassle of retail banking", he said. The two day conference which concluded on Friday focused on the importance of innovative distribution channels for retail and savings banking and how well diversified distribution channels could be turned into competitive advantage. LF