Democratisation of banking services puts focus on relationships over products
Banks face high costs of maintaining extensive branch networks while having their market share eroded by the ever-growing presence of payments solutions companies and mobile operators providing low-cost alternatives. February 17, 2016 | Farrah BrakeWest Africa’s retail banking industry is growing at a rapid pace, with growing competition in the once under-served retail banking and SME spaces. Banks are now leveraging technology to serve what were once unprofitable market segments. However, non-traditional competitors have grown significantly, providing services traditionally exclusive to banks. These developments require banks to have strategic technology infrastructure in place coupled with strong risk practices to grow a sustainable retail banking businesses. In line with Central Bank of Nigeria’s 2020 vision to develop and modernise the country’s payments system, Nigeria’s financial services industry has put greater emphasis on the neglected unbanked population through technology. Banks face the cost of maintaining extensive branch networks while having their market share encroached upon by the ever-growing presence of payments solutions companies and mobile operators providing low-cost alternatives. Customer service key Democratisation of the banking business means that the business is now defined by customers and the competition and not just the bank. The strongest competition in retail banking is coming not from ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Mobile Banking, Operational Risk Management, Retail Banking, Technology & OperationsMobile banking,Operational Risk Management,retail,technology, Mobile Banking,Operational Risk Management,Retail Banking,Technology & Operations, Keywords:West Africa, Retail, SME, Central Bank Of Nigeria, Financial Services, Channels, Mobile Banking, Digitisation West Africa, retail, SME, Central Bank of Nigeria, financial services, channels, mobile banking, digitisation
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