FEDERAL UNIVERSITY OF TECHNOLOGY, AKURE

PMB 107, Akure, Ondo State, Nigeria

TERM PAPER TOPIC:

Impacts of Technological Innovations on Employability in the 21st Century Banking System: A Case
Study of Guaranty Trust Bank PLC, FUTA Branch

SUBMITTED BY IFS Group 1:

Full Name Matric No. Phone No. Position

Adetoye Samuel O. IFS/20/4951 sammyadetoye@[Link] Leader
Adepitan Matthew O. IFS/20/4950 damilarematthew40@[Link] Contributor
Babatunde Oluwatimilehin I. IFS/20/4969 08062850775i@[Link] Contributor
Onyilo Anjolaoluwa G. IFS/20/4997 anjolaonyilo2005@[Link] Contributor
Oyedokun Kehinde J. IFS/20/5001 oyedokunken@[Link] Researcher

Terms of Reference:
A Term Paper submitted on the 7th of May, 2023 in fulfilment of the requirement of GNS 102 to Dr.
(Mrs.) Busayomi of the General Studies Department, Federal University of Technology, Akure, Ondo
State
ABSTRACT

Over the years, technology has profoundly revolutionized all areas of human endeavor, including his
banking system. The 21st century, especially, has experienced massive gains due to the implementation
of technology in the world’s banking system, helping to transform traditional banking processes into
digitalized ones. The advent of technology and the implementation of technological innovations has
created new opportunities for the banking industry to enhance its operations, services, customer
experience et cetera.

Technological innovations are defined as the changes in technology that significantly impacts an
organization’s performance by enhancing its day-to-day business processes, its service delivery system
and its overall performance in its industry (Taylor, 1958). Simply put, they are transformations or
innovations that allows an organization adapt to changes in its industry.

Nigerian banks are not left out of this wave of technological transformation and have, in one way or the
other, benefited from the innovations that have risen from the design and implementation of technology
in the world’s banking system. The introduction of technological innovations has affected the
deliverability, employee performance, customers’ responses etc. in the Nigerian banking system.

Established in 1990, headquartered in Lagos, Nigeria, the Guaranty Trust Bank (GTB) is a leading
private liability company (PLC) with subsidiaries in ten African countries and the United Kingdom.
The bank provides individuals, businesses, private and public institutions across Africa and the United
Kingdom with a broad range of market-leading financial products and services (more info available at
[Link]/about-us).

Guaranty Trust Bank PLC is known for its unparalleled adoption of technological innovations in
service delivery. With over 30 years in operation, the bank has leveraged different technology to
improve its service delivery and banking operations. This has significantly impacted its employability
and set meaningful benchmarks for employee recruitment.

With the implementation of new technologies, the bank has had to restructure its workforce, hiring
employees with specialized technical skills and expertise. Specifically, this paper reports on the various
ways in which the implementation of technological innovations has affected the bank's employability in
terms of the skills and competencies required of its employees; with a case study of the bank’s branch
located at Obanla Campus, FUTA.

Our paper thus provide an exegetical study of the extent to which the design and implementation of
technology has affected the bank's recruitment and employee selection process.
OUTLINE

Title Page

Terms of Reference

Abstract

1.0: Introduction:

2.0: Literature Review

3.0: Guaranty Trust Bank PLC: An Overview

3.1: Leadership
3.2: Operations and Services
3.3: Employee Capacity and Mode of Employment
3.4: Customer Base

4.0: The Positive Impacts of Technology on GT Bank’s Banking System

4.1: Creation of New Job Roles
4.2: Operational Efficiency
4.3: Industry Competitiveness
4.4: Customer Satisfaction
4.5: Continued Training & Development
4.6: Effective Risk Management Strategies

5.0: The Negative Impacts of Technology on GT Bank’s Banking System

5.1: Job Automation
5.2: Skill Mismatch
5.3: Technology Obsolescence
5.4: The Problem of Cost
5.5: Security Risk

6.0: Conclusions

7.0: Recommendations

8.0: Appendixes

References
1.0 INTRODUCTION:

Innovation is essential for continued relevance of man with the demands of his dynamic environment.
Innovation is defined as the ideation, design, development and production of novel ideas and products
which enable man to satisfy the needs of his ever-changing world. (Fagbemi, 2017). Technological
innovations are defined as the changes in technology that significantly impacts an organization’s
performance by enhancing its day-to-day business processes, its service delivery system and its overall
performance in its industry (Taylor, 1958).

Technological innovations such as mobile banking, internet banking, blockchain technology, artificial
intelligence, and the concept of big data has enormously influenced the performance of the World’s
banking system and, by extension, Nigerian banks.

In the last two decades, tremendous achievements were made in banks’ networking systems, service
delivery, and profitability and customers responses. As such, Guaranty Trust Bank PLC has been at the
forefront of adopting and implementing such technological innovations to enhance its services and
operations. The bank has leveraged technology to provide its customers with a seamless and convenient
banking experience, while also improving its internal banking operations.

Talk of mobile banking technology, Guaranty Trust Bank PLC has been enabled to offer its customers
a wide range of services through their mobile devices using the *737# USSD code. Customers can now
check their account balance, transfer funds, pay bills, and perform other banking transactions using
their smartphones and other mobile devices.

In the aspect of internet banking technology, customers of Guaranty Trust Bank PLC can seamlessly
perform banking transactions from the comfort of their homes, hostels or offices via the bank's website
or mobile app. Common internet banking services includes checking of account balance, funds transfer,
airtime and data purchase as well as payment of utility bills.

Guaranty Trust Bank PLC has integrated artificial intelligence (AI) into its operations to improve
efficiency and customer experience. The bank has implemented chatbots and virtual assistants, which
can handle customer queries and provide personalized recommendations based on customer behavior
over a period of time. GT Connect, for example, is the bank’s virtual assistant solution and can be
accessed on WhatsApp, on Facebook Messenger as well as via the bank’s mobile app.

Guaranty Trust Bank PLC has also implemented blockchain technology to enhance the security and
speed of its transactions. The bank uses blockchain technology to enable faster banking experience,
secure its transactions, prevent fraud, and ensure transparency in the system. Customers can receive
funds in crypto currencies or foreign currencies using a domiciliary account and exchange it to their
local currency.

Guaranty Trust Bank PLC has also explored the possibilities of data science by using technology to
gain insights into customer behavior, preferences, and needs from by analyzing structured or
unstructured data sources. The bank uses AI-powered data analytics tools, data mining solutions and
decision support systems to improve its services and provide personalized recommendations to its
customers. Such data are highly essential in financial planning, product development, employee
recruitment, marketing development and general decision making.

A branch of the bank situated at FUTA’s Obanla Campus has been chosen as a case study to explore
the impacts, positive or negative, that Guaranty Trust Bank PLC has experienced in adopting
technological innovations in its employee recruitment process, employee training and employee
retention.
2.0 LITERATURE REVIEW

The banking industry has undergone significant changes in recent years due to the adoption of new
technologies. As Balogun and Balogun (2019) noted, digital transformation has had a profound impact
on the industry, with banks turning to technology to enhance internal efficiency, improve customer
service, and increase profitability. Guaranty Trust Bank, one of the leading banks in Nigeria, has been
at the forefront of this transformation, adopting various technologies to remain competitive.

Oladele and Ayoade (2018) highlighted the role of technology in the transformation of the banking
sector when they noted that the adoption of technology has enabled the bank to streamline its
operations, reduce costs, and enhance customer service. Akinwale and Okunoye (2019) also
investigated the impact of technological innovation on banking services and operations, using Guaranty
Trust Bank as a case study. They noted that while technology adoption has brought numerous benefits
to the bank, it has also presented several challenges, such as the need for employee training and
development.

In a research material by Ayodele and Ayoola (2017) published on [Link], they

explored the effects of technology on employment in the banking industry. They noted that while
technology adoption has led to the automation of many banking processes, it has also created new
employment opportunities in areas such as data analytics and digital marketing. They, however,
emphasized the necessity of reskilling and upskilling to ensure employee competence is maintained in
the face of such technological transformation.

Adeyemi and Ogunnaike (2018) also examined the role of technological innovation in enhancing
customer experience in Nigeria. They noted that Guaranty Trust Bank PLC is a pioneer of many firsts
and has adopted various technologies to improve its customer service, such as mobile banking apps and
chatbots. They highlighted the importance of customer-centric innovation in achieving competitive
advantage in the banking industry. They also claimed that the exponential growth experienced by
Guaranty Trust Bank PLC has a lot to do with the effective administration of technologies in the bank’s
operational system.

Adeyemi and Adekoya (2017) emphasized the role of human capital in the successful adoption of
technology in the banking industry. They reiterated that the adoption of technology requires a skilled
workforce, and that banks must invest in employee training and development to ensure successful
digital transformation.

In summary, the literatures and materials on the impacts of technological innovations on employability
in the banking sector, with a focus on Nigerian banks (Guaranty Trust Bank inclusive) highlighted a
need for banks to invest in employee training through reskilling and upskilling to ensure successful
digital transformation.
3.0 GUARANTY TRUST BANK PLC: AN OVERVIEW

Guaranty Trust Bank PLC (GTB) is a leading Nigerian financial institution that provides a broad range
of banking services to individuals, businesses, and government agencies. The bank was incorporated on
July 20, 1990, and commenced operations formally in February 1991. Since then, the bank has
consistently been at the forefront of innovation, leveraging technology to deliver world-class banking
services to its customers.

GT Bank's success in the Nigerian banking system is attributed to its customer-centric approach,
commitment to excellent service delivery, and strategic investments in technology and human capital
development. With a robust network of over 240 branches across Nigeria, GT Bank has established
itself as a key player in the Nigerian banking industry. The bank's management team comprises
seasoned professionals with extensive experience in the banking and financial services industry.

Under their leadership, GT Bank has grown to become one of the most profitable and well-managed
banks in Nigeria. The bank has won numerous awards both locally and internationally for its innovative
products and services, corporate governance practices, and commitment to social responsibility.

GT Bank is known for its strong corporate social responsibility initiatives, which are focused on
empowering communities and promoting sustainable development. The bank's flagship CSR
(Corporate Social Responsibility) program known as the GT Bank Food and Drink Festival, is a
multi-day event that brings together food lovers, vendors, and farmers to celebrate the best of Nigeria's
culinary culture. The festival has become a major platform for promoting agriculture and
entrepreneurship in the federation.

In addition to its strong CSR initiatives, GT Bank is also known for its commitment to digital
innovation. The bank is one of the first to launch a mobile banking app, which has become a popular
tool for customers to access banking services on the go. GT Bank has also invested heavily in digital
infrastructure, including the development of an online banking platform and the deployment of
advanced ATM machines that offer a wide range of services beyond cash withdrawals.

Guaranty Trust Bank has established itself as a trusted and innovative financial institution in Nigeria
and beyond. Its commitment to customer satisfaction, digital innovation, and corporate social
responsibility make it a valuable partner for individuals and businesses looking for reliable and
forward-thinking financial solutions.

3.1 Leadership

Guaranty Trust Bank (GT Bank) has a well-established leadership structure that has played a significant
role in the bank's success over the years. The bank has a Board of Directors responsible for providing
strategic direction and oversight of the bank's operations. The board consists of experienced
professionals with a wealth of knowledge and expertise in various fields.

At the helm of affairs is the Chief Executive Officer (CEO), who is responsible for implementing the
bank's strategies and ensuring that the bank's goals are achieved. The current CEO of Guaranty Trust
Bank is Olusegun Agbaje, who assumed the position in 2011. Under his leadership, the bank has
recorded significant growth and expansion, both within Nigeria and in other African countries.

The bank also has a management team comprising experienced professionals who oversee the
day-to-day operations of the bank. The management team is responsible for implementing the bank's
policies and strategies, ensuring that the bank's operations are in line with regulatory requirements and
industry best practices.
GT Bank's leadership is highly regarded in the Nigerian banking industry, and the bank has won several
awards for its corporate governance practices. The bank's leadership has also been recognized for its
commitment to innovation, which has contributed significantly to the bank's growth and success.

3.2 Operations and Services

GT Bank offers a comprehensive range of banking services to its customers, including personal
banking, business banking, and corporate banking. The bank's personal banking services include
savings and current accounts, personal loans, mortgages, and credit cards. These services are designed
for individuals who wishes to use the bank’s service.

Also, the available business banking services are designed to support small and medium-sized
enterprises (SMEs) and include business loans, trade finance, and cash management solutions. For
larger corporations, the bank offers a range of corporate banking services, including project finance,
debt and equity capital markets, and global transaction banking. The bank has a strong track record of
financing infrastructure projects and supporting the growth of key sectors of the Nigerian economy.

In addition to its traditional banking services, GT Bank also offers a range of digital banking solutions
designed to provide customers with convenient and secure access to banking services. These include
the GT World mobile banking app, which allows customers to open accounts, transfer funds, pay bills,
and buy airtime, among other things. GT Bank also offers an internet banking platform, which allows
customers to manage their accounts and conduct transactions online. GT Bank's operations are
supported by a network of over 240 branches and more than 1,200 ATMs across Nigeria, as well as a
growing presence in other African countries, Europe, and the United States.

The bank's operations are driven by its commitment to excellent service delivery, forward-thinking
innovation, and corporate social responsibility, which have helped it to establish a strong reputation in
the Nigerian banking industry and beyond.

3.3 Net Worth & Source of Capital

As of December 31, 2021, Guaranty Trust Bank's total assets were valued at N5.99 trillion
(approximately $14.6 billion), making it one of the largest banks in Nigeria in terms of asset size. The
bank's net worth, also known as shareholder equity, was N823.7 billion (approximately $2 billion) at
the end of the same period (Forbes, 2022).

GT Bank's capital base is primarily sourced from its retained earnings, which is the cumulative profits
the bank has earned and not paid out as dividends to shareholders. In addition, the bank also raises
capital through the issuance of debt and equity securities, such as bonds and shares (Adeoye &
Ologunde, 2020).

GT Bank has a strong reputation for financial stability and has consistently recorded healthy profits,
which has helped to boost its capital base over the years. The bank's strong capital position has also
enabled it to maintain a healthy balance sheet and continue to grow its operations both domestically and
internationally.

GT Bank's ability to raise capital from a variety of sources has also enabled it to finance large-scale
projects and provide funding to key sectors of the Nigerian economy, such as agriculture,
manufacturing, and infrastructure development (Adeniji & Adegbite, 2021). The bank has a solid track
record of providing innovative financing solutions to its customers, which has helped to further
strengthen its position in the Nigerian banking industry and beyond.
3.4 Employee Capacity and Mode of Employment

GT Bank is one of the largest employers in Nigeria's banking industry, with a workforce of over 8,000
employees across its operations in Nigeria, Ghana, Gambia, Sierra Leone, Liberia, and the United
Kingdom. The bank employs a range of professionals, including bankers, accountants, lawyers, IT
specialists, and customer service representatives, among others (Aliu & Ajayi, 2019).

The bank's workforce is highly skilled, and the bank has a reputation for attracting and retaining top
talent. GT Bank offers a range of employment options to its staff, including full-time, part-time, and
contract employment. The bank also provides opportunities for employees to develop their careers
through training, professional development, and mentoring programs. The bank has a strong culture of
performance and rewards, with a range of incentives and bonuses designed to motivate employees to
achieve their targets and exceed expectations.

The bank's employee capacity is strategically managed to ensure optimal performance, efficiency, and
productivity. The bank invests in training and development programs to help employees acquire new
skills, keep up with emerging trends, and adapt to changes in the banking industry. The bank also
promotes a culture of collaboration and teamwork to foster innovation, creativity, and excellence in
service delivery.

In addition to regular employees, GT Bank also engages contract workers, interns, and graduates in
various capacities. The bank has a robust graduate trainee program that recruits fresh graduates and
provides them with the necessary training and exposure to prepare them for a successful career in
banking. The bank also offers internship programs for students, providing them with the opportunity to
gain practical experience and exposure to the banking industry.

3.5 Customer Base

Guaranty Trust Bank (GT Bank) has a wide customer base that cuts across various sectors of the
economy. The bank provides services to individuals, small and medium-sized enterprises (SMEs), and
large corporations. The bank's retail banking segment caters to individual customers, offering a range of
products and services such as savings accounts, current accounts, loans, and credit cards. The bank has
also introduced several innovative digital banking solutions, such as its mobile banking app, that have
made banking more accessible and convenient for its customers.

In addition to retail banking, GT Bank has a strong presence in the SME and corporate banking sectors.
The bank provides a range of products and services tailored to meet the unique needs of SMEs and
corporate clients. These include trade finance, project finance, cash management, and treasury services,
among others.

The bank’s focus on delivering excellent customer service has helped in building a loyal customer base.
The bank has won several awards for its customer service, including the Best Customer Service Bank
award at the 2020 Global Banking and Finance Awards.

Furthermore, GT Bank's commitment to social responsibility has also contributed to its customer base.
The bank has implemented several initiatives aimed at improving the lives of its customers and the
communities where it operates. These initiatives include education support programs, healthcare
programs, and environmental sustainability projects.

GT Bank's wide customer base is a testament to the bank's reputation as a trusted financial institution
with a focus on delivering excellent customer service and making a positive impact in the communities
where it operates.
4.0 THE POSITIVE IMPACTS OF TECHNOLOGY ON GT BANK’S BANKING SYSTEM

Adoption and implementation of technological innovations by Guaranty Trust Bank PLC has positively
impacted the bank’s banking system, and saw the success of the company to becoming an established
leader in the Nigerian banking system. Enumerated below, gathered from questionnaire reports, are some
of these positive impacts and a short explanation of each:

4.1 Creation of New Job Roles

While it is true that the adoption of new technologies leads to a decline in some job roles, on the other
hand, it also create rooms for new job roles that require specialized skills. Miss Anifowose, a Transaction
Manager at GT Bank, FUTA Branch, noted that the bank has required the services of digital marketing
specialists more than ever before to help in advertisement of its products and services on social media
platforms. She further added that the bank has also required the services of data analysts to help it make
sense of the large volumes of data generated daily from its worldwide branches. The creation of these
new jobs provides new opportunities for employment.

In a questionnaire filled by Mr. Adesheye, the branch’s Business Manager, he supported the posits of
Miss Anifowose and said that the adoption of technology has made it possible for Guaranty Trust Bank
PLC to offer more remote work opportunities. He also claimed that this has provided greater flexibility
for employees, allowing them to work from home or other locations outside of the bank's physical
premises and has also enabled the bank to tap into a wider pool of talent, as it can now hire employees
who live in faraway regions.

4.2 Operational Efficiency

Miss Folorunsho and Miss Anifowose agreed that the adoption of technology has made banking
operations more efficient in Guaranty Trust Bank PLC, reducing the need for manual labor and
enhancing process alignment. This, they claimed, has made it easier for Guaranty Trust Bank PLC to
carry out its banking operations seamlessly, resulting in increased productivity and cost savings. For
example, the adoption of smart ATMs and Squad POS has reduced the need for tellers to handle cash
transactions, allowing the bank to serve more customers with fewer employees.

Onyilo Anjolaoluwa, a member of our group also observed during a visit to the bank’s branch for the
questionnaire, that customers whose cash transfer or withdrawal transactions fall below N50, 000 were
asked to use the Squad POS or the branch’s ATM instead. This methodical use of technology in the
branch is greatly helping to reduce the number of customers in the banking hall – enhancing operational
efficiency.

4.3 Industry Competitiveness

By adopting innovative technologies, Guaranty Trust Bank PLC has become more competitive in the
banking industry and has grown to become an established leader. This has enabled the bank to attract and
retain top talents, as employees are attracted to companies that are at the forefront of technological
innovation. The bank's improved performance and reputation have also helped it to attract more
customers and business partners, which has resulted in increased revenue and profits, says Miss
Folorunsho Dende.

4.4 Customer Satisfaction

Mr. Abass, the branch’s Customer Service Manager stated that the implementation of technology has
enabled Guaranty Trust Bank PLC to provide better customer service and customer experience, leading
to increased customer loyalty and retention. He stated for example that the adoption of mobile banking
apps by the bank has made it easier for customers to access their accounts and carry out transactions
seamlessly, improving their overall banking experience.

4.5 Employee Training and Development

As Guaranty Trust Bank PLC adopts new technologies, it ushers its employees to a vantage where
opportunities for training and development exist. This, according to Miss. Anifowose, has ensured that
the employees are better equipped with the necessary skillset needed to work with the implemented
technologies. Employees who do not agree or align with this system of development may face the
consequence of job loss.

4.6 Job Satisfaction

The adoption of technology, Mr. Folahanmi affirmed, has made work easier and more efficient for
employees at Guaranty Trust Bank PLC, leading to increased job satisfaction. This, he also added, has
resulted in higher employee retention rates and a more engaged workforce, not just in the branch but
globally.

4.6 Risk Management

The adoption of technology has enabled Guaranty Trust Bank PLC to better manage risks associated
with banking operations, such as fraud and cybercrime. With effective administration of technologies,
the bank can easily track down suspicious or malicious movements on their system.

This effective administration of technology for risk management has also has created new job roles in
cybersecurity, penetration testing, network security, information security for individuals who help to
ensure the confidentiality, security and integrity of the bank's operations.

Conclusively, the positive impacts of technological innovations on employability into Guaranty Trust
Bank PLC have been significant and has set meaningful benchmarks for entry into the organization’s
workforce.
5.0 THE NEGATIVE IMPACTS

Like the two sides of a coin, implementation of technology has brought both the good and the bad into
Guaranty Trust Bank’s banking system. This section will elucidate some potentially negative impacts
of technological innovations on employability into the bank’s banking system:

5.1 Process Automation

As the bank adopts new technologies, some traditional banking tasks may become automated. For
example, customers may be able to perform transactions using mobile banking apps, reducing the need
for in-person banking services. This was mentioned by Mr. Adesheye that it could lead to job losses for
tellers and other customer-facing roles in the future when the use of technology becomes more
aggressive. Additionally, some back-office tasks such as data entry and record-keeping may become
automated, reducing the need for employees in these roles.

5.2 Skill Mismatch

As new technologies are adopted, the skills required to perform certain banking tasks may change. For
example, as customers increasingly use online and mobile banking services, the bank may need to hire
employees with strong technical skills to maintain and develop these services. This could result in a
mismatch between the skills of existing employees and the skills required for new roles. Employees
who do not possess the necessary skills may face the risk of job loss or the need for upskilling. This
exactly was the claim of Mr. Folahanmi.

5.3 Technological Obsolescence

Technology evolves rapidly, and as new technologies are adopted, older technologies may become
obsolete. This could render some employees' skills obsolete, leading to job losses or the need for
retraining. For example, as Guaranty Trust Bank PLC moves towards more advanced digital banking
services, employees who are only trained in traditional banking services may face job loss or need to
retrain to meet the changing skill requirements.

5.4 The Problem of Cost

In the view of Mr. Adesheye, he noted that the adoption of new technologies is handsomely expensive,
and Guaranty Trust Bank PLC would be required to invest significant financial resources in technology
infrastructure and employee training. This could lead to a decrease in profits or a need for cost-cutting
measures, potentially leading to job losses on one hand. The cost of technology adoption could also
lead to a reduction in the number of employees hired or an increase in the number of part-time or
contract employees rather than full-time employees.

5.5 Security Risks

The adoption of new technologies can create new security risks, such as cybercrime and data breaches.
Guaranty Trust Bank PLC, according to Mr. Abass, may need to invest in additional security measures
and hire new employees with specialized skills in cybersecurity, data security, pentesting etc. to place
controlled measurements against these risks. Also, this may increase costs and affect employability in
other areas as funds may need to be redirected towards security measures instead of hiring new
employees.

In summary, technological innovations has brought many benefits to Guaranty Trust Bank PLC's
banking system, nonetheless, there are still potentially negative impacts on employability, although
may not have been found. It is essential, therefore, to strike a balance between adopting new
technologies and maintaining a strong workforce that is equipped with the necessary skills to succeed
in a rapidly changing industry (Ohiwerei, 2019).
6.0 CONCLUSION

This term paper has explored the impacts of technological innovations on employability in the
Guaranty Trust Bank PLC's banking system. Through a comprehensive literature review, we have
identified both positive and negative effects of technology on the employability of workers in the
banking sector. While technological innovations have led to increased efficiency, reduced costs, and
improved customer service, they have also resulted in job displacement, deskilling, and increased
competition for skilled workers.

As a group of individuals who have, in times past been interested in the banking industry, we have
come to appreciate the role of technology in shaping the banking sector. We have also seen firsthand
how technology can be both a blessing and a curse for banks and employees in the Nigerian banking
industry.

We have studied how technology has made banking services easily accessible, more convenient, and
has made it possible for workers to carry out their tasks more efficiently. On the other hand, we have
explored how it (technology) has led to job loss and increased pressure on workers to learn new skills
and adapt to changing technologies.

In conclusion, Guaranty Trust Bank PLC is a leading bank in Nigeria that has harnessed the power of
technology to improve its operations and better serve its customers. However, the bank must also take
into account the impact of these innovations on its workforce and take proactive steps to address any
negative consequences. By doing so, Guaranty Trust Bank PLC can continue to thrive in the 21st
century banking industry while also maintaining its commitment to its employees and the communities
it serves.
5.0 RECOMMENDATIONS

In the light of the claims and discoveries presented in this paper, it is clear that there is a need for the
management and stakeholders of Guaranty Trust Bank PLC to institutionalize a robust, formidable and
effective administration system to manage the implementation of technology and technological tools
within the bank. The potential benefits of applying technological tools in the bank’s day-to-day
activities cannot be overemphasized, the negative effects notwithstanding. There is therefore an urgent
need for the bank to work on improving the beneficial (positive) impacts and mitigate the detrimental
(negative) impacts of technological innovation on its banking system.

The following are the recommendations made after our study of the subject matter. These
recommendations, we believe in good faith, are potential pathways that can be implemented both to
sustain the positive impacts and to mitigate the negative impacts of technology in Guaranty Trust Bank
PLC.

5.1 POSSIBLE IMPROVEMENTS

Elucidated below are actions that can be put in place by the management of GT Bank to enhance the
positive effects of technological innovations on its employability:

 Employee Upskilling: With the rapid, never-ending pace of technological transformation, it is

essential for Guaranty Trust Bank PLC to invest greatly in the capacity development of its
existing employees. This involves providing methodical training and education programs to
help its employees develop new skills that are needed to succeed in the technologically-driven
banking system. By investing in its employees this way, Guaranty Trust Bank PLC can help
mitigate the problems of skill mismatch and ensure that employees can take on new roles as
they arise. This will also help to create a more engaged and motivated workforce, as employees
feel that their employer is invested in their personal and professional development. Mr.
Adesheye, in response to a question along this line, wrote “the management needs constant
training of staffs to adapt with the technological advancement”

 Collaboration & Partnership: Another way, this paper claims, that Guaranty Trust Bank PLC
can enhance the positive effects of technological innovations on its employability is by
collaborating with educational institutions. By partnering with universities, polytechnics and
other educational institutions, the bank can help ensure that students are equipped with the
necessary skills to succeed in the banking industry. This can include providing internships,
mentorship programs, and other forms of support that help students gain industry-focused
practical experience and develop the skills that are needed to succeed in a rapidly changing
industry. With such partnership, we believe, Guaranty Trust Bank PLC can ensure a steady,
undisputed pipeline of skilled workers from universities, polytechnics etc. to fill new roles as
existing employees proceeds in their professional journey.

 Phased Approach Strategy: When adopting new technologies, it is important to do so in a way

that minimizes disruption and allows employees to adjust to new tools and processes (Sodipo,
2015). One way that Guaranty Trust Bank PLC can enhance the positive effects of
technological innovations on its employability is by implementing a step-by-step approach to
technology adoption. This involves rolling out new technologies gradually, starting with a small
pilot project before expanding to other departments or areas of the bank. By doing so, the bank
can help ensure that its employees have ample time and requisite skills to adjust to new
technologies in their roles.
  Creating a Culture of Innovation: Another way to enhance the positive effects of
technological innovations on its employability is by creating a culture of innovation within the
organization. This involves creating an environment where employees are encouraged to
embrace new technologies, to think outside the box and take on new roles. By fostering a
culture of innovation, Guaranty Trust Bank PLC can help ensure that employees are motivated
to acquire new skills and take on new challenges (Ohiwerei & Emakpor, 2019). This can also
help create a more engaged, motivated workforce, as employees feel that their ideas and
contributions are valued by their employer.

 Offering Employee Incentives: Guaranty Trust Bank PLC can enhance the positive effects of
technological innovations on its employability by offering incentives to employees who acquire
new skills and take on new roles. This can include bonuses, promotions, or other forms of
recognition that motivate employees to upgrade and update their skillset. By offering these
incentives, we believe, the bank can help ensure that employees are encouraged to acquire new
skills and take on new challenges. This will in turn produce a bank with a formidable workforce
that is equipped with the necessary skills to succeed in a rapidly changing, technology-driven
banking industry.

5.2 POSSIBLE SOLUTIONS

These are likely solutions that can be implemented to check or control the negative effects of
technological innovations on employability in Guaranty Trust Bank PLC's banking system:

 Redeployment and Retraining: One solution to mitigate the negative effects of technological
innovations on employability into Guaranty Trust Bank PLC is to redeploy and retrain
employees whose jobs are at risk due to technological advancements. This involves identifying
areas where employees can be reassigned and reskilled to take on new roles that are in demand.
The bank can invest in training and development programs to help employees acquire new skills
and knowledge that are needed for the new roles. This approach can help retain skilled
employees and drastically reduce the negative effects of job displacement.

 Providing Severance Packages: In cases where job losses are inevitable due to progressive
technological innovations, Guaranty Trust Bank PLC can offer severance packages to
employees who are affected. This can include financial compensation, extended health benefits,
and other support services that help employees transition to new employment opportunities.
Providing severance packages can help mitigate the negative impact of job loss and provide a
safety net, though temporarily, for affected employees (Ohiwerei & Emakpor, 2019).

 Implementing Social Responsibility Programs: Guaranty Trust Bank PLC can also
implement social responsibility programs to support the communities in which it operates. This
can include investing in education and training programs for disadvantaged groups, providing
grants to small and medium-sized businesses, and supporting workforce development initiatives
(Umar, 2019). By doing so, the bank can help create new employment opportunities and support
economic growth, which can offset the negative effects of job displacement.

 Implementing Ethical and Responsible AI Practices: The adoption of technology or

technological solutions in any instance makes no sense when it is not done in accordance with
the mind of God, the Creator. This, in actual fact, is the “morality of technology” (Oladipo &
Adedeji, 2007) and it involves creating or implementing technological innovations (e.g.
Artificial Intelligence, Machine Learning) in a way that is constructive, humane and beneficial.
Guaranty Trust Bank PLC should ensure that the implementation of new technologies is done in
an ethical and responsible manner. The bank should also prioritize transparency and
 accountability in its AI practices to ensure that employees or its customers are not unfairly
impacted in any way.

 Active Communication with Employees: Guaranty Trust Bank PLC can engage in active
communication with its employees about the changes that are taking place in the bank due to
technological innovations. This can involve providing systems for regular updates and
opportunities for feedback to ensure that employees are aware of the changes and understand
the implications for their jobs. By engaging in active communication with its employees, the
bank can reduce the challenges of anxiety and uncertainty, and help employees adapt to new
roles and responsibilities.
7.0 APPENDICES

In other to gather data required in studying the topic of this paper, a two-page questionnaire was
designed and distributed to the employees of Guaranty Trust Bank PLC, FUTA Branch. With a 62.5%
response rate, the data gathered was used in studying the effects of technology on employability into
Guaranty Trust Bank PLC’s banking system. A copy of the questionnaire and the details of the
respondents are found below:

Questionnaire respondents:

Mr. Adesheye David,

Business Manager
adesheye@[Link]

Mr. Idowu Abass,

Customer Service Manager,
highdeeabass@[Link]

Miss Anifowose Abimbola,

Transaction Manager,
anifowosea123@[Link]

Miss Folorunsho Dende,

Transaction Manager,
fd4real@[Link]

Mr. Tunde Folahanmi,

Chief Security Officer,
folahanmitunde@[Link]
 GENERAL STUDIES DEPARTMENT,
FEDERAL UNIVERSITY OF TECHNOLOGY, AKURE
PMB 107, Akure, Ondo State, Nigeria

A questionnaire presented to the employees at Guaranty Trust Bank PLC, FUTA Branch with the aim
of collecting data required in studying the positive and negative impacts of technological innovations
on employability into the bank’s banking system.

Please fill all spaces, and tick where appropriate.

Bank Name: _________________________________________________________

Name: ______________________________________________________________
Post Held: ___________________________________________________________
Email Address: _______________________________________________________

Has technology affected your job responsibilities in Guaranty Trust Bank PLC?
____________________________________________________________________________

State and explain the reasons(s) for your answer

___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________

Highlight some technological innovations, tools or systems that have been adopted into Guaranty Trust
Bank PLC’s banking systems in the last one decade
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________

Have you experienced challenge(s) in adapting to technological changes in your work?

___________________________________________________________________________________

State and explain the reasons(s) for your answer

___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________

Have you received any upskilling or training to help you adapt to technological changes in your work?
___________________________________________________________________________________

If yes, describe your experience and how it has been helpful to your service delivery:
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________

Do you feel that the technological innovation(s) adopted by Guaranty Trust Bank PLC are beneficial
and advantageous as far as your employability, unparalleled service delivery and absolute customer
satisfaction are concerned?
___________________________________________________________________________________

Whether yes or no, explain the reason(s) for your answer.

___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________

Have you witnessed any instances of unfair or biased use of technology in Guaranty Trust Bank PLC?
__________________________________________________________________________________

Do you feel that Guaranty Trust Bank PLC prioritizes the well-being of its employees and the
satisfaction of its customers when implementing technological innovations in business processes?
___________________________________________________________________________________

Do you think that the management of Guaranty Trust Bank PLC has institutionalized working systems
to manage and sustain the technological innovations they have adopted?
___________________________________________________________________________________

Whether yes or no, state reason(s) for your answer

__________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________

What improvements do you suggest Guaranty Trust Bank PLC can make to ensure that its employees
are equipped with the skills needed to adapt to technological changes?
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
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[Link]

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[Link]

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