Why Financial Institutions need to play a Role in Digitalizing the - - PowerPoint PPT Presentation

29 FEBRUARY 2016

Why Financial Institutions need to play a Role in Digitalizing the Educational System

UZOMA DOZIE

CEO, Diamond Bank

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Outline

I The Roles of Financial Institutions in Digitalizing the Educational System

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Rebuilding Nigerian Educational System in a Cost Effective Manner

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Nigeria vs. Advanced Countries: Using Technology & Digitalization to Bridge the Education Gap

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Diamond Bank: Our experience and Expertise in Digitalization

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Way forward - Digitalization as the only Sustainable Solution

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1 Background

Rebuilding Nigerian Educational System in a Cost Effective Manner

I The Roles of Financial Institutions in Digitalizing the Educational System

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A look at available Data…

Nigeria - Literacy Rates

Total population

59.60%

Male

69.20%

Female

49.70%

About 70 million Nigerians use the internet. Illiteracy might not be as bad as available reports suggest

No fewer than 1.8

millionNigerian

graduates move into the labour market every year. Graduate unemployment is estimated at 40%

31.0% 30.0% 25.8% 23.0%

9.0%

Gnana Cot d'Ivoire South Africa Kenya Nigeria

Average Budget Allocation to Education

2015 Budget : 8.7%

Over 10.5million Nigerian children are out of school, the highest globally and 10% of global total.

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The Missing Links

• The students must see

education as not for the purpose of getting a job, but for the development of the human capital in them.

• The lecturer –student

relationship in the country is poor. The duo are stakeholders in the learning process.

• Optimal research interests

and reading culture is lacking amongst students. This is an intellectual challenge.

Orientation

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• There must be a hand-

shake between higher institutions and industry/businesses in terms of manpower training and research.

• Students should be made

to go on compulsory internships/Industrial attachments to match theory with practice.

• The industry must

support educational institutions through CSR and other initiatives.

Industry Disconnect

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• Education is “Qualitative”
• nly when it adapts to the

need of the population.

• High educational standard

is a function of the curriculum, quality of teachers and materials, plus the efficiency of delivery.

• A number of factors affect

the standard of education in Nigeria: funding, low quality teachers, crude technology, etc

The Standard

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• There is systemic

infrastructure challenge in the education sector, requiring huge investment across board.

• Infrastructure is critical to

the quality of teaching and learning across all education levels.

• The IT age calls for a total

infrastructure overhaul across schools as learning has gone digital.

Infrastructure Gap

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I The Roles of Financial Institutions in Digitalizing the Educational System

There are some structural issues that has limited educational development in the country. Wrong

• rientation and poor infrastructure are key.

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Cost Effectiveness Analysis in Education

Less Effective, Less Expensive

§ Overt disregard for average standards, occasioned by ill motivated teachers and dysfunctional curriculum. § Unjustified attention to cost minimization at the expense of quality. § Lack of investment in teaching and learning infrastructure § Teaching and Learning becomes uninteresting and unprogressive

Less Effective, More Expensive

§ This is a case of gross mismanagement of resources, and inappropriate use of available technology. § Government and private sector grants are often diverted to research and teaching methodologies that does not speak to economic realities.

More Effective, Less Expensive

§ This is the desired outcome in the long run in the education sector § The cost of learning per head is minimal, while the learning

• utcome is optimal.

§ Investment in technology is the only means to achieving this enviable stage. § Online and Distance learning education are good enablers.

More Effective, More Expensive

§ In the earlier stage of technology adoption, appreciable effectiveness is attained, but at high cost. § Majority of the cost component are from dysfunctional infrastructure and lack of requisite skill to optimize the machineries. § Some pedagogy tools and methodologies in high tech fields are designed to be both effective and expensive

EFFECTS

C O S T

I The Roles of Financial Institutions in Digitalizing the Educational System

Cost-effectiveness analysis (CEA) in Education compares the relative costs and outcomes (effects). Education that is driven by technology yields a most effective learning outcomes.

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How do we Rebuild?

We need to change the structural dysfunctionality before funding. Education is not “to get a job”, and teaching should be borne out of passion.

Structural Reform

The adoption technological innovations in learning is

• compulsory. 21st

century universities must utilize technology to impact knowledge.

Lets go Digital

More than ever before, the educational sector must collaborate with the industry in terms of research and manpower development.

Industry Collabora tions

Financing is at the core of the desired transformation. Banks must design products that speaks to the current challenges faced by learning institutions.

Innovative Financing

The available resources must be efficiently channeled into areas of comparative advantage. Specialized schools will go a long way. Resource Matching Lastly, we must ensure that the quality human capital is retained and made to contribute to knowledge and national productivity.

Address Brain Drain

I The Roles of Financial Institutions in Digitalizing the Educational System

Investment in Education is important, but much more important is correcting the current structural dysfunctionality within the system.

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The Tech Advantage

Using Technology & Digitalization to Bridge the Education Gap between Nigeria and the West

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Taking a Clue from Western Education (1/2)

If only we can adapt these innovations widely used in the west, we will bridge the country’s knowledge and manpower gap considerably Digital Library

§ Western world has optimized digital library to enhance teaching and learning over the past two decades. § Major upsides of digital library include the collection of digital objects that can include text, visual material, audio material, video material. § Digital Libraries has no physical boundary, and gives the student round the clock 24/7 access to the information; whether during academic session or during holidays. § Digital libraries provides very user-friendly interfaces to students, and integrate then into a wider community of researchers in their chosen field.

E-Books & Learning Materials

§ Most schools in the developed world have a deep culture of e-books and electronic hand-outs and study notes. § New generation e-books have been interlinked with online information, making them able to include images, videos and related up-to-date information. § E-Books are environmentally friendly. Less textbooks and homework sheets being handed

• ut during class, saving the paper, ink and trees.

§ Innovations in smart technology has reduced the unit cost of tablets considerably. § Most students in Nigerian secondary and tertiary institutions will acquire tablets if schools create a platform for using them to learn.

Online Programmes

§ Majority of universities and colleges in the US and Europe have online degrees, enabling learners around the world to take education out of schools into their homes, libraries, internet cafes, work places, and on their smart devices on-the-go. § The decision of what to learn, when to learn what, how to learn, and even the duration of the learning has been demystified by technology. § University lecturers and teachers now work and interact with simulations that enable students long-in to

• n-line

real time lectures and participate through their internet connected devices. § Online education has been tested and acknowledged as the most formidable means of expanding knowledge frontiers.

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Taking a Clue from Western Education (2/2)

If only we can adapt these innovations widely used in the west, we will bridge the knowledge and manpower gap considerably Educational Administration

§ A large percentage of the administrative work in schools abroad are computerized and digital. From students registration, to examination and

• transcripts. This enhances operational efficiency

cuts cost in schools. § Database management systems, electronic spreadsheets, and office automation are the major software packages used to perform administrative applications § Most of the schools abroad has been able top generate enormous Big Data through the use of database management systems that communicates with the school websites. § Teachers and administrators use their tablets in school to communicate with the students, grant approvals, take notes in meetings and enhance general service delivery

“Digital” as a Culture

§ Another clue we must learn from the west is the ease and speed of digital cultural transformation. § As technological innovations emerged,technology companies increasingly address the pedagogical challenges

• f

today’s world with those innovations. § Equally worthy

• f emulation is the ease
• f

decision making and efficiency of implementation across board. Oftentimes, it is comprehensive. § Another interesting aspect is keeping an engaged audience and bringing stakeholders together using educational institutions’ websites, blogs, social media and professional networking platforms. § Digital culture must be driven from the top management.

Digital Classrooms

§ The use

• f

projectors, presentations, electronic images and videos, computers, etc. in the classroom is becoming a standard benchmark in most developed economies. § Games and interactive software are developed to help pupils acquire complicated skills and rigorous knowledge in an engaging and enjoyable way § Digital tools like Diigo and Zoteroare are often used to support the research process by enabling students to easily track citation information, annotate web content, and

• rganize and store web contents.

§ Students can submit their assignments to digital drop-boxes and teachers can carry them anywhere with their tablets.

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How do we Proceed?

Within the context of existing gap and opportunities, we must use technology to achieve needed transformation in both “Access to” and “Quality of” education in Nigeria

§ The educational system must be restructured to support the economy through value based

• entrepreneurshipeducation. Moreso,technicaland vocationaltraining must beresuscitated.

§ Educational institutions must be autonomous, even as long lasting solution to inherent labour unrest in thesector needs urgent redress.

Structural Transformation

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§ There is urgent need to mobilize private and public investments, coupled with grants from the internationaldevelopment agencies,towardsfunding thetechnologyneeds of thesector. § While the new government must deliberately increase funding to the sector (to >15% of the budget),privatesector and Banksmust stepup tothe funding challengeat friendlyterms.

Massive Investment

§ Cultural reorientation across the entire sector is extremely crucial. The Teachers must be IT inclined to impact knowledgeusing IT tools. § Nigeria must view technologyin educationas a necessity towardsactualizing inclusivegrowth.

Cultural Reorientation

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Strategic Partnerships

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§ Educational institutions must partner with technology companies and financial intermediaries to provide funding andequipment at mutuallybeneficialterms. § Higher institutions need to liaise with partner universities in Europe and America and transfer digitallearning competency.

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Confronting the Challenges…

I Mobile Banking: Deepening Inclusion & Financial Services

Aside the huge cost and manpower challenges that are associated with technology adoption in education, there are other hurdles universities must carefully manage:

S/N Issues

Manifestation Mitigation

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Infrastructural Challenge

§ Power is a major issue in Nigeria. The laptops, tablets and smart boards needs electricity to function. § The recently concluded power sector privatization is expected to pay off soon. Schools might however consider the option of independent power plants. 2

Low computer skills amongst students

§ This challenge is about fizzling out as a new generation of tech-savvy young generation now dominate colleges and higher institutions § Digital learning has to be introduced at the primary school level through toys, games and tablets. 3

Internet Penetration

§ Low internet penetration and low bandwidth speed § Heavy investment has been put into high speed internet technology as more players enter the

• scene. Over 70 million Nigerians now have access

to the internet. 4

Cost of Equipment & Gadgets

§ The need for speed and efficiency makes high-end internet servers, routers and devices relatively expensive § There are affordable gadgets in the market. Again, schools can enter into lease agreementswith technology companies. 5

Culture Shock

§ A number of people in the university communities find it extremely difficult to adjust to a digital culture § Consistent sensitization and training will address the culture shock

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Diamond Bank:

Our experience and Expertise in Digitalization

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A Peep into Our Digital Touch points

COGNITIVE ADCs MULTI-CHANNEL APPROACH OMNI-CHANNEL PRESENCE CHANNEL PENETRATION

v Interactive touch-points that learn v Describes customers’ behaviours v Predicts potential needs v Prescribes appropriate service offerings v Multiplied customer interactions v Brand extension into digital markets v Real-time scale on digital presence v Robustly integrated channels for seamless experience v Engaging everyday, every moment banking v Lower distribution costs v Improved customer convenience v Influences customer behaviours

Electronic Banking is at the core of our business strategy!

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We are in alignment with the Digital Future….

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Way forward

Digitalization as the only sustainable solution

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The Low Hanging Fruits

I The Roles of Financial Institutions in Digitalizing the Educational System

Technology has transformed the larger society, and has become central to people’s reading, writing, calculating and thinking. We must deploy technology into our schools, to raise the knowledge bar.

§ Learning culture and the administrative functions in schools should be made to run digital. § Lecturers should

• ptimize email services

and available online resources to enhance teaching.

• Students should be

mandated to do registrations online and join free e-library services.

• Universities should

emphasize e-learning as a long term goal.

Cultural Reorientation

• Diamond Bank is ready to

partner with higher institutions and colleges to bridge the digital divide in learning.

• Technology partners such

as HP , Dell, Apple, Samsung, etchas to be brought to play strategic roles.

• Telecommunication

companies (MTN, Airtel, Etisalat, Glo) and Internet Providers (Swift, Smile, etc) must be brought into strategic partnerships.

Build Partnerships

• A number of universities have

computer laboratories and rooms, but lock students out of such facilities.

• Internet services should be

made readily available on campus; the cost might be infused into students’ tuition.

• Over 80% of undergraduates

has smartphones and do access internet on-the-go. Students should be compelled to use their smart phones for educational purposes.

• A deliberate effort towards a

paper-less learning environment is key.

Optimize Existing Technology

• Universities should

attempt offering few courses or classes exclusively online. Students will gradually adapt to the digital wind.

• Partnerships can be

established with universities abroad for

• nline classes with credit

transfer possibilities.

• There are free online

classes that the students can explore: Coursera and MIT OpenCourseWareare few examples.

Online Courses

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A Peep into the Future

Technologies that are potentially disruptive are already here, and will exert considerable impact on teaching, learning and research

§ Increasingly inexpensive and capable mobile computing devices and Internet connectivity § Intelligent software systems that can perform knowledge work tasks involving unstructured commands and subtlejudgments § Networks of low-cost sensors and actuators for data collection, monitoring, decision making, and process optimization

Automation of knowledge work The Internet

• f Things

Cloud Technology Advanced Robotics

§ Use of computer hardware and software resources delivered over a network or the Internet, often as a service § Increasingly capable robots with enhanced senses, dexterity, and intelligence used to automatetasks or augment humans

Next-generation genomics

§ Fast, low-cost gene sequencing, advanced big data analytics, and synthetic biology (“writing” DNA)

Mobile Internet

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Conclusion

…the future of learning is digital, and we are a digital Bank § Technology has been successfully deployed to both teaching and learning, from digital learning tools such as computers and smart devices to expanded course offerings, experiences, and learning materials; as well as to support 24/7 learning, build 21st century skills, increases student engagement and advance human capital. § To effectively deploy technology to education, we have to first re-align the structure of the Nigerian educational system into 21st century value based system with entrepreneurial bias. Further, an effective “hand-shake” must be established between educational institutions and the business world. § Through a collaborative effort between educational institutions, financial intermediaries, the government and technology partners, Nigeria can utilize technology to improve literacy rates in the country considerably. § While Banks are tasked with providing innovative financing for appropriate digital technology, the government must ensure that budgetary allocation to the sector attain at least 15% of the GDP from next fiscal year. Technology, telecommunication and internet companies must all be part of this partnership. § Diamond Bank has a track record of innovative solutions, and we are ready to provide creative financing and strategic partnerships with universities and colleges. Together, we can build the next generation of “human capital” that our country will be proud of.

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THANK YOU

I The Roles of Financial Institutions in Digitalizing the Educational System