Date: Wednesday, 28th August 2019
Time: 2:00pm-5:00pm Venue: 6, Balarabe Musa Crescent, Victoria Island
Theme: Financial Services and the Fourth Industrial Revolution
The event started with the introduction of the Centre (CVL) and the essence the Role Model Forum was instituted handled by Mr. James Ebube.
Then held an introduction session, with members of the audience and CVL staff members stating their name, organization and designation.
A short video highlighting the profile of the Role Model—Mr. Kunle Elebute, Chairman of KPMG Africa.
Mr. Elebute facilitates a PowerPoint presentation on Financial Services and the Fourth Industrial Revolution.
Keynote Address was given by Mr. Elebute:
- The 1st, 2nd, 3rd & 4th industrial revolutions are marked by the following characteristics; Timeline- 1784, 1870, 1969, 2019respectively; Defining attributes- 1st mechanical loom (water and steam power, mechanical production, industrial labor), 1st assembly line (electricity, mass production, division of labor), 1st programmable logic controller (electronics/IT, automated production, mobility of labor), the history of the future has started (datafication, automated business, digital augmented labor)
- Emerging technologies such as artificial intelligence & robotics, energy capture, storage & transmission, virtual & augmented realities, blockchain & distributed ledger technology, neuro-technology, etc. are expected to have a significant impact on the world.
- Financial institutions have also transformed over time from the 17th century (1st printed cheque, 1958 (introduction of credit cards), 1969 (1st ATM machine known in the U.S), 1994 (online banking), 2007 (smartphone banking), to 2009 (cryptocurrency).
- Today Nigeria has an emerging financial services industry that is driven largely by groundbreaking technology.
- The disruption in the Financial Services space is driven by factors such as; enhanced digital delivery channels, changing regulations, emerging business models, Fintech, rethinking of skill sets and talent requirements, etc.
- Success in the future will depend largely on personalization ( a deep understanding of the multi-dimensional nature of the changing customer) and operational excellence (customers expect more from businesses than ever before, they demand excellent experiences which involve minimal time and effort, always meet expectations, demonstrate integrity and authenticity, reach resolution, are empathetic and above all personalized).
- Challenges in the financial services space with the advent of the 4th industrial revolution include; cybersecurity, intellectual property concerns, regulations, financial constraints, social concerns as well as the skills gap. However, these challenges present tremendous opportunities for innovative and forward-thinking leaders and entrepreneurs to create and add values.
- The future of financial services is expected to disrupt many careers while creating opportunities for those who prepare for it, to position for these opportunities; keep abreast of trends in the financial services space and know the impact of artificial intelligence & robotics on various function in the FS ecosystem, be solution-minded and understand how to scale existing innovations by thinking without borders, prepare for relevance in a digital labour economy etc.
- A few Nigerian success stories in the financial services space include Flutterwave (founded by Iyinoluwa Aboyeji & Olugbenga Agboola), Paylater (founded by Chijioke and Ngozi Dozie), Lidya (founded in 2016 by Tunde Kehinde and Ercin Eksin), etc.
- Mr. Elebute concluded with the saying “nobody can predict the future- but one thing is clear, it will be very different to today.
QUESTIONS & ANSWERS / INTERVIEW SESSION
Mr. Elebute grew up in Surulere, parents were both doctors (father was a surgeon, mother was a physician). He went to Igbobi College (same alma mater as Vice President Yemi Osinbajo, and one-time Chief Judge of International Court, Hague) from which he proceeded to college in Manchester where he studied Economics, took some accounting courses and proceeded to become a Chartered Accountant.
Mr. Elebute became an auditor and was opportune to travel to all the regions in Nigeria because of his role, in turn, developing an intricate understanding of what made businesses tick and turn.
Mr. Elebute loves challenges, always wanted influence in his sector and held a long-term view. All these combined to provide the discipline to grow a career over a long term, lessons he first picked from the lives of his doctor parents who generated massive goodwill, achieved a good quality of life, had positive friends of value and passed on these values to their children (who they were able to train in the best schools).
Mr. Elebute affirms that character is much more important than money/ academic excellence, and lives his life with an ingrained intention to try to make a positive impact on every single one he interacts with.
Mr. Elebute advices participants to read, have a continuous quest & thirst for knowledge over and above others around them. He has been in consulting for 37 years, he became a chartered accountant at 24, a manager at 26, a partner at 34 years of age! Book recommendations include “Five dysfunctions of a team written by Patrick Lencioni” “Biography of the present Microsoft CEO Satya Nadella” etc.
Mr. Elebute advice that whatever you want to do, you have to have passion for it. If you do not have a passion for it, do something else. Also if you have the choice between making money and doing the right thing, ALWAYS do the right thing!
Mr. Elebute’s vision for KPMG include;
- Impact, he wants KPMG to make a positive impact on society, environment, and its clients- the firm does a lot of work/consulting they do not get paid for.
- To provide an environment that young people can come in and thrive, have fun and grow in their careers.
- KPMG has to be a firm that espouses integrity and cannot be compromised by clients or the government.
- To hire the best brains in the country, on average the firm tests 10,000 applicants yearly from which 250 new employees are selected.
Participant asking questions to Mr Kunle Elebute
Mr. Elebute espouses mentorship, saying the best mentors are those who look out for and ensure all-round development of their mentees. According to him, a leader is one who replicates himself at scale. At KPMG, a common saying is “do you breed? How many have you bred?” he reinvents himself every 2 years and passes his former role to someone else, he always has a young person carry his briefcase to every meeting, and afterward goes with them for lunch and dialogue.
The event concludes with a group photo session, networking, and refreshments.