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Home Companies Company News

Why Access Bank is going Digital

Onome Ohwovoriole by Onome Ohwovoriole
April 3, 2017
in Company News
How Access Bank Leapfrogged Other Lenders In Q1
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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

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Tags: Access Bank Plc NewsBusiness NewsTech
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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