Banking in today’s digital age: the user is king

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Tolulope Ibukunoluwa

It is a new era for banking in Nigeria, given the disruptive changes in the banking landscape. Ours is an era of data-driven information, the value for banks now lies in the quality of their data. To stay afloat in today’s digital landscape, banks now need to integrate their products / features with unique customer life moments to interact with them in a more meaningful way. It has become essential for banks to invest in reusable technical assets and to continue to bring new proposals to the market.

In the years leading up to 2017, banking services in Nigeria were predetermined – based on capital adequacy, branch network, products, and rates – no one could have imagined that the time would come when to do so. a banking transaction could be done on their mobile device. 2017,

Wema Bank Plc, determined to redefine banking for us all, chose a life of speed, access, partnership and trust for its consumers by launching Nigeria’s first fully digital bank – ALAT by Wema. One thing became immediately clear: banking at the speed of thought and desire had never been impossible; we just believed it wasn’t.

So, Wema Bank Plc took matters into its own hands and led the “Bank of the Future” movement in Nigeria by creating Nigeria’s first fully digital bank, ALAT. He broke down barriers and gave a taste of what is possible. After this bold and innovative initiative from Wema Bank, we have witnessed the launch of digital banks every year since then.

A month ago, Polaris Bank announced the launch of its digital banking platform, VULTe. In March 2020, V Bank, a product of VFD Microfinance Bank was launched. In June 2020, Uzoma Dozie, former CEO of Diamond Bank and tech entrepreneur, launched Sparkle, a digital banking startup. Sterling Bank Plc. has also launched a new, simple banking app that its customers can use for all banking and payment transactions. In 2019, QuCoon, a financial technology and consulting company, launched Rubies Digital Bank. Eyowo, which had been a mobile money service for two years, was also relaunched as a digital bank. In 2018, the online savings and lending platform, Kudimoney, became Kuda Bank.

Many tech experts have argued that Kuda Bank is the first truly digital bank in Nigeria because, when launched, Kuda Bank did not have any traditional bank affiliation, unlike ALAT which was affiliated with Wema. the Nigerian banking sector.
This disruption of banking and digital services has accelerated with a simple assumption: banking is no longer a place you go, but something you do. And the client who was king will become a very impatient, skeptical and cynical dictator.

Since its inception, ALAT by Wema has shown that the future of banking will depend on how well banks take advantage of the unique opportunities they have, how they use the wealth of information at their disposal, how in which they capitalize on the knowledge they hold, the innovation they can generate, and the extent to which their strategy, processes and activities revolve around the daily lives of consumers. User orientation has played a critical role in the success of ALAT by Wema. An obsession with the user, completely immersing themselves in the user’s issues and thinking of the user from start to finish has been an integral part of their processes.

In a nutshell, whatever users go through when trying to use the ALAT app is relevant to them. And that’s great news, especially when user habits and preferences quickly adapt to a world where speed, efficiency and multiplicity are the new normal. Users now want a bank that provides solutions to their problems and answers to their questions instantly on their mobile devices. They want financial information and the ability to transact at the push of a button.
This is what ALAT by Wema has represented for 4 years. A bank that does not just take money from users, but partners with them to make their money grow, as is the case with the ongoing “earn on the go” program – an opportunity for customers earn money by referring the ALAT app to others. A bank that users can access at the speed of their choice. A bank that allows users to carry out their banking transactions on their terms. A bank that understands users, their uniqueness, preferences, biases and individual expressions. ALAT is just getting started and will continue to push harder and faster in the future.

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