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| E-Banking |
American entrepreneur and inventor, late Steven Paul Jobs
was unequivocal when he said “Innovation distinguishes between a leader and a
follower”. For financial institutions operating in today’s complex environment,
this maxim is merely stating the obvious. Innovation is exceptionally valuable
as it offers new and compelling ways to capture new business and grow loyalty
from consumers. To this end, Banks must continually deploy ground-breaking initiatives
aimed at improving service delivery for customers around the world.
Today, a Deposit Money Bank (DMB) in Brazil which was
encumbered by market restrictions has expanded well beyond traditional banking
to provide customers concierge-type services, such as hotel booking or
restaurant reservations. In Indonesia, 'floating banks' are capturing new
customers by traveling to island populations. In Poland, clients can use a
smartphone app to request a 'mobile Automated Teller Machine (ATM)' – housed
within an electric BMW i3 – to come to them at a specified place and time.
On the other hand, Kenyan Banks are currently partnering
with Mobile Network Operators (MNOs) to access credit risks of first-time bank
customers. Unencumbered by market restrictions, a lender in Brazil has expanded
well beyond traditional banking to provide customers concierge-type services,
such as hotel booking or restaurant reservations. For Nigerian Banks to remain
competitive, they must utilise technology to evolve into an inclusive lender
offering innovative solutions well beyond mundane banking services.
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