Nairametrics| Access bank as part of its strategies for the 2017 financial year, has decided to leverage on technology and innovation to meet the needs of its customers. The bank has also decided to enhance its customer service and consolidate on its corporate and retail banking.
Declining revenues from traditional sources of income have compelled banks to explore other sources of income. The success of GT Bank, for instance, with its ‘737’ service has benefited the bank, both in terms of contributing billions to its bottom line as well as brand visibility. Banks are keen on tapping into the youth market, many of whom are opening bank accounts for the first time. By doing so, the banks will have a huge retail base who will most likely remain with them for decades.
The technology is also far cheaper compared to the cost of setting up and running physical branches, thus making the bank more efficient. The use of financial technology – also known as Fintech – has become a global trend. Commercial banks in the country are adapting technology in order not to lose market share to Fintech firms in the country
Access bank has gone beyond releasing its own version of USSD banking service, by creating an office of a Special Adviser who reports directly to the Managing Director. The bank has also embarked on a massive enlightenment campaign for its Pay-with-Capture app where payments can be made by simply scanning with a mobile phone.