The managing director of SystemSpecs Technology Services Limited (STSL), Ademola Igbalajobi, has advocated the adoption of tech-driven innovation by financial services and real estate operators to help advance their businesses.
Igbalajobi gave the advice at the AG Mortgage Bank 2024, in a presentation that underscored the critical role of digital transformation in reshaping Nigeria’s mortgage sector.
He challenged traditional practices, urging mortgage providers to prioritise customer empowerment and internal efficiencies to remain relevant in a rapidly evolving market.
During his panel session on the theme “Digital Transformation, Innovation, and Growth,” Igbalajobi drew from his early experiences with mortgages to spotlight persistent inefficiencies in the system.
He observed that today’s customers are increasingly impatient, discerning, and tech-savvy, demanding faster and more inclusive services. He stressed that mortgage providers must rise to these expectations, stating, “If a customer knows within five minutes that they can secure a mortgage offer for a specific amount, you’ve captured their interest.” He underscored the critical role of immediacy and clarity in engaging prospective homeowners effectively.
Igbalajobi observed that high rental costs and low-income levels present significant barriers for many Nigerians.
He urged financial institutions to lower the target age demographic for mortgage products, making homeownership more accessible to younger populations.
He pointed out that many individuals under 35, who struggle to afford rents in urban centers or save for property investments, represent an untapped market segment. Mortgage providers, he suggested, must craft products tailored to this audience, offering affordable solutions that consider Nigeria’s economic realities.
A central theme of his address was the urgent need to create a seamless and efficient customer journey by digitising and simplifying mortgage application processes.
Igbalajobi emphasised the importance of optimising internal operations, advocating for stronger collaboration and improved efficiency across teams.
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