In early 2015 Digital Banking took off slowly in Nigeria. Many see Digital Banking as mobile banking or on-line banking. Some see it as an add-on to existing and traditional banking services. Others see Digital Banking as a larger reality for both banks and clients.
What is Digital Banking?
Digital Banking is the application and use of technology to ensure seamless end-to-end processing of banking transactions and operations initiated by the client that ensures maximum utility to the client in terms of availability, usefulness and cost; to the bank in terms of reduced operating costs, zero errors and enhanced services.
What does Digital Banking mean for the future of Nigeria?
Digital Banking is vibrant, alive and exciting in Nigeria. It points the way to a future where banks can really add value and where customers can secure huge benefits in terms of bank products and services that are really, really useful.
What are the benefits of Digital Banking?
Digital banking is safe as long as you use a reputable bank, have a safe internet connection with secure firewall protection against virus attacks and man-made problems such as hackers. Never, ever use digital banking in public areas that offer internet facilities.
Digital banking provides improved services and product offerings to customers include but are not limited to:
- 24/7 bank services and availability through your mobile or personal computer,
- Banking applications that allow all transactions to be completed from the device of your choice, from beginning to end, with clear instructions and fail-safe mechanisms,
- Access to a full range of services; savings, investments, insurance, loans, mortgages, foreign currency, etc.,
- Useful client service notifications on budgeting, expenditure analyses, savings programmes and calculators. The range is endless,
- Lower and cheaper banking,
- Banking that meets the client’s needs and not just the needs of banks.
Only a few years ago Nigeria was perceived to be a not so digital community. This is no longer the truth, Nigerians are amazed and surprised to see how well Digital Banking is operating; they have accepted this new trend in a short time. Acceptance has been excellent and shows Nigerians are open to new things anytime.