When pundits say the future of banking is technology, many people seem not to fully appreciate this posturing. Such people critique the assertion based on either the time it took the industry to migrate from the manual banking operations to online service provision or the challenges of transiting the customers, who are hugely analogue in orientation, to becoming technology or internet savvy. These joined with some of the challenges that come with technology-based operations – proneness to frauds, connectivity issues and so on convince such naysayers that such future is still far away.
From all indications, it seems the “future” in the industry is now. The coming on board of internet banking is redefining the way customers bank today in such a way they never thought possible. Today prospective customers can open bank accounts and carry out transactions even without going to any of the physical branches of a bank. What’s more? The digital banks seem to be taking the role of technology in banking many notches higher.
Recently, Kuda, the money app for Africans, introduced a set of new features that allow its existing and prospective customers to perform their individual bank transactions with ease. These features are nothing short of revolutionary, going by the power these features repose in the hands of its customers.
Chief among these features in the personal banking category is the use of selfies for authentication – sign-in confirmation, to reset passwords and for revamping bank verification numbers (BVN). With this feature, customers can use their selfies to confirm their sign-in on a new device. Also, by comparing the selfie taken at BVN registration with the selfie captured at onboarding, customers can confirm true ownership of a BVN and reduce impersonation attempts.
Also in the personal banking category, Kuda customers who don’t have a BVN or a valid ID can send money within the Kuda community with a username instead of an account number. They can also pay bills and buy airtime on the Kuda app.
Kuda also recently launched a self-help portal for its customers to block and unblock their account without human intervention, another step in the company’s efforts to increase account security.
The fintech’s customers can also buy gift cards on the Kuda app to shop globally, and buy JAMB and Direct Entry PINs. Also, customers without access to the phone number on their account can change their phone numbers on the web.
Babs Ogundeyi, the Chief Executive Officer (CEO) of Kuda says these features are in line with the fintech’overarching mission of improving the banking experience of its customers by conveniently meeting them at the various points of their banking needs.
“Our goal is to deliver the future of financial services to our customers today and we are happy to be delivering this future one aspect at a time. Most of the things no one thought were possible in banking are unfolding before our eyes, thanks to our dedication to innovation.,” he quipped.
I need my overdraft please