Banking
Banking on the Future of Work
By Millie Clarke
The disruption of technology is revolutionising industries across many levels. As businesses evolve during the unprecedented revolution in the workplace, appropriate operating models must be put in place to meet the continuous demands of clients and the world around us. The future workforce must be equipped with the necessary tools to allow them to easily adapt to the ever-changing world that will require digital skills, organisational adaptability and a different kind of leadership at all levels.
The banking industry specifically, has faced significant disruption from changes in client expectations, geopolitical landscape shifts and development of artificial intelligence (AI). There is often anxiety linked to disruption, as it cannot always be predicted and organisations need to be ready to take advantage of new developments now for the future.
To remain competitive, organisations will need to retool their structures and their approaches to work to make use of the new technologies with full effect. Redesigned business structures and processes with a new focus on talent must be looked at as a priority.
Research suggests that through 2030, the time spent using advanced technological skills will increase by 50 percent in the United States and by 41 percent in Europe, with the fastest rise in the need for advanced IT and programming skills1.
Additionally, automation will accelerate the shift in career skills with an increasing demand for technological abilities, while other skills such as, basic cognitive and manual skills will be less in demand. Data scientists, agile developers, engineers and scrum maters will become important in the new world of work. Those who can work across functions and businesses will be more valuable.
At Standard Chartered, we believe to have a competitive advantage with a future fit workforce we need to embrace digitisation and incorporate advanced technologies into the workstream. We have taken proactive steps to help drive the growth of the business by embracing these changes early on and promote innovation across all parts of the Bank, in our drive to make banking simpler, faster and more convenient for our customers and to stay relevant in our markets. We are experimenting with disruptive business models that create optionality for the Bank, including investing in fintech’s and start-ups outside the Bank, and establishing new partnerships and solutions that have the potential to change how we approach and think about banking.
Most banks are looking at replacing their legacy systems to ensure the new technology will improve their operating effectiveness and improve the customer experience. We see a lot of improvements around account opening, mortgage payments, new hire processing – even IPOs are being done by algorithm! Automation will have an impact on the way we deliver and consequently our workforce and talent strategies.
Looking at what lays ahead, I foresee three challenges facing the role of Human Resources (HR) in developing a talent strategy for the future of work. The critical questions we need to ask ourselves are:
How do we identify the skills needed to compete in the new world?
How do we prepare for the technology disruption and re-train our existing staff to be ready?
How do we attract digital talent, knowing that we have to compete with other industries for this same talent pool?
We have invested heavily in our ‘People Strategy’ to ensure that we harness our unique individual strengths which build the organisation. Newly developed HR technologies and tools are used within Standard Chartered to create a consumer grade experience with HR through mobile friendly and online portals. The training of more than 1,200 senior executives took place, towards positively transforming the culture of the Bank, focusing on supporting our employees and enabling them to become more comfortable with innovation and the development of new ideas, even if these ideas were not successful. We are retraining our staff on agile to ensure we remain competitive in the new world of work. Through our on-line learning platform staff can choose a varied number of programmes and develop themselves at their own leisure.
The scale, scope and complexity of technology and its transformative powers is something organisations are still yet to fully comprehend, especially when it comes to the future of work and what the modern workplace will look like. However, it is important for banks to evolve as rapidly as technology – at least, they must try to. It is important for an organisation to be agile and continue developing to hold a competitive advantage and remain self-sustaining.
McKinsey Global Institute https://www.mckinsey.com/featured-insights/future-of-work/skill-shift-automation-and-the-future-of-the-workforce
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across digital channels, as part of new compliance measures introduced in its revised Guide to Charges.
The directive was contained in a circular titled Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide) and signed by the Director of the Financial Policy and Regulation Department, Mrs Rita Sike.
According to the apex bank, Chief Compliance Officers and Heads of Information Technology in financial institutions are required to jointly render electronic reports of all failed transactions conducted via Automated Teller Machines, Point of Sale terminals, mobile channels, web platforms, and other electronic systems.
The circular read, “The Chief Compliance Officer and Head Information Technology shall jointly render monthly reports electronically, of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution.”
The reports are to be submitted to designated CBN email addresses, reinforcing the regulator’s push for stricter monitoring of service failures across the banking system.
Beyond the reporting requirement, the CBN also introduced broader accountability measures, placing responsibility on top management of financial institutions to ensure strict adherence to the new guide.
Executive Compliance Officers or Managing Directors are mandated to cascade compliance expectations across all business units and ensure that banking systems are configured to apply only approved charges.
Specifically, the regulator directed that Heads of Information Technology must ensure that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while Chief Compliance Officers are to monitor strict compliance with the framework.
The revised guide, effective May 1, 2026, replaces the 2020 version and provides a comprehensive framework for charges across banking and other financial services.
The CBN explained that the review was aimed at promoting a safe and sound financial system, encouraging innovation, and expanding financial inclusion through lower tariffs on micropayments and transactions.
It added that the revised framework would strengthen oversight and accountability, encourage the adoption of electronic payment channels, and accommodate new industry participants.
Business Post also reported that the regulator has raised ATM card fees by 50 per cent to N1,500 and scrapped the monthly maintenance charge.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has proposed that financial institutions operating in the country should charge N150 for the e-dividend mandate processing fee from May 1, 2026.
This was contained in the latest Guide to Charges by Banks and Other Financial Institutions in Nigeria, signed by the Director of the Financial Policy and Regulation Department of the CBN, Ms Rita Sikе.
The move is to promote a safe and sound financial system in Nigeria, accelerate the adoption of innovative financial services, financial inclusion and micropayments/transactions.
The reviewed guide, according to the central bank, provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.
It also reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodate new industry participants since the issuance of the 2020 guide.
“In view of the above, the draft guide is hereby exposed to members of the public for their comments/input on the proposed fees contained therein. Comments are to be sent to [email protected] on or before May 08, 2026,” a part of the note stated.
In the draft, the banking sector regulator is suggesting the payment of N1,500 for local debit card issuance and replacement by customers and a $10 annual fee for foreign currency-denominated debit/credit cards.
For on-site ATM transactions, a charge of N100 per N20,000 withdrawal was proposed and N100 plus a surcharge of not more than N500 per N20,000 withdrawal. It emphasised that the surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.
The bank also said that for electronic fund transfers below N5,000, no fee would be collected, but from N5,000 to N50,000, customers would part with N10, and for transfers above N50,000, the fee of N50 would be paid, while for microfinance banks, there would be the settlement bank’s charge plus 10 per cent of the charge.
The CBN noted that this guide applies to commercial banks, merchant banks, Payment Service Banks (PSBs), non-interest banks, microfinance banks, finance companies, Primary Mortgage Banks (PMBs), Development Finance Institutions (DFIs), credit guarantee companies, Mobile Money Operators (MMOs), and any other institution as may be designated by it.
In today’s rapidly evolving business environment, organisations face heightened competition, shifting workforce expectations, and increasing pressure to optimise productivity. Amid these dynamics, one truth has become increasingly clear: employees’ financial well-being is directly tied to organisational performance.
Employees who are financially secure demonstrate greater commitment, higher productivity, reduced absenteeism, and stronger alignment with company objectives. Conversely, financial stress has emerged as a leading contributor to disengagement, declining morale, and weakened performance across all levels of the workforce.
At Stanbic IBTC, we recognise this critical relationship between employee financial health and business outcomes. This insight led us to engineer Employee Value Banking (EVB)—a strategic, comprehensive, and future-proof solution designed to help organisations strengthen their workforce, elevate their value proposition, and drive long-term business sustainability.
EVB is a transformational partnership model aligning employee wellbeing with corporate productivity, risk reduction, and efficiency.
A Holistic, Employee-Centric Banking Architecture
EVB is built on the understanding that employees across varying grades and income brackets have unique financial realities. By offering a robust suite of banking, investment, insurance, and advisory services tailored to diverse needs, EVB empowers organisations to meaningfully enhance their workforce’s financial security and stability.
Key Components of the EVB Suite
- Digital Unsecured Personal Loans with Flexible Repayment
Employees gain access to seamless, digitally processed loans that allow them to meet immediate financial needs with ease.
Flexible repayment structures reduce financial strain while supporting responsible borrowing behaviour.
- Tailored Savings and Investment Solutions
Through structured savings plans, mutual funds, and diverse investment options, employees are empowered to build wealth over time.
This fosters discipline, long-term planning, and financial resilience.
- Pension and Asset Management Services
With Stanbic IBTC Pension Managers and Stanbic IBTC Asset Management, employees benefit from expert retirement guidance, wealth advisory, and long-term financial structuring—ensuring a secure and predictable future.
- Comprehensive Insurance Cover (Life, Health & Assets)
Employees and their families enjoy protection against major life risks, including health emergencies, life insurance, and property coverage.
This security enhances peace of mind and reduces workplace anxiety.
- Mortgage Support at a Competitive Single-Digit Rate of 9.75%
Homeownership remains a powerful symbol of stability and success.
Through EVB’s highly competitive mortgage solution, 774 families have successfully become homeowners from 2024 to date, demonstrating the program’s profound and measurable impact.
A Structured, Responsible, and Risk-Free Lending Model
One of the core strengths of EVB is its cadre-based lending framework, which aligns all loan offerings with employee grade levels, income bands, and organisational hierarchy. This ensures:
- Responsible and sustainable lending behaviours
- Protection against over-borrowing
- Stronger financial discipline
- Greater alignment with corporate HR structures
What distinctly sets EVB apart is its employer-focused risk mitigation. EVB’s structure ensures employers face no risk, making it uniquely designed for seamless adoption compared to standard banking programs.
All loans provided under the program are fully insured, meaning organisations carry:
- Zero liability
- Zero indemnity exposure
- Zero financial risk
This allows HR and management teams to expand their employee value proposition without adjusting internal financial structures or bearing additional costs.
Beyond Banking: Building a Financially Resilient Workforce
Financial empowerment is not achieved solely through products; it requires education, behavioural change, and consistent guidance.
Further differentiating EVB, Financial Fitness Workshops and complimentary Financial Health Checks are embedded as core components, giving employees ongoing support that competitors rarely offer.
These workshops cover:
- Personal budgeting and cash flow management
- Savings and investment strategies
- Smart debt management
- Retirement and pension planning
- Wealth creation principles
By equipping employees with financial knowledge, organisations reduce anxiety, enhance decision-making, and cultivate a more confident, resilient, and empowered workforce.
A Strategic Partnership That Delivers Sustained Organisational Value
EVB enables organisations to build a healthier, more motivated, and higher-performing workforce.
It is not a product—it is a strategic collaboration that enhances organisational culture, strengthens HR capability, and improves employer brand reputation.
Through EVB, organisations benefit from:
- Higher employee engagement
- Improved productivity and performance
- Reduced financial stress across all workforce levels
- Enhanced talent attraction and retention
- A stronger, richer reward and well-being structure
- A fully digital, modern, and efficient employee banking experience
EVB reflects Stanbic IBTC’s long-standing commitment to supporting organisations by empowering the individuals who drive their success.
Employee Value Banking (EVB) is a pivotal advancement in corporate banking. Where traditional bank–corporate relationships focused on organisational accounts and financial transactions, EVB introduces a holistic, human-centric model that puts employees’ well-being at the core of corporate financial services.
Through EVB, Stanbic IBTC has:
- Transitioned corporate banking from a transactional model to a value-driven partnership
- Expanded the definition of the corporate customer to include the entire workforce
- Integrated banking, pensions, investments, mortgages, insurance, and financial education into a unified ecosystem
- Elevated corporate banking into a strategic enabler of productivity, well-being, and business sustainability
- Positioned financial well-being as a competitive advantage for modern organisations
EVB has redefined the future of corporate banking, transforming it from a service function into a lever for organisational excellence, employee empowerment, and value creation.
Stanbic IBTC drives this change, enabling businesses to build secure, high-performing workforces.
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