When compared with other industries, the financial services sector has been relatively slow in its adoption of digital innovation. For most financial service providers, digital transformation has been slowed down by the costs of shifting away from conservative practices. However, customers’ needs are ever-changing, and there is a need for financial service providers to meet these needs. This factor is responsible for the increased attention and spending on digital transformation.
The finance sector has undergone digital transformation in terms of the widespread adoption of digital banking, which has replaced traditional banking practices. Through the power of technology, the finance sector is now at the forefront of digitalisation and innovation.
The benefits of this digital transformation journey are numerous. The opportunities abound exist for individuals, small businesses, and large corporations including banks. Digital transformation gives organisations access to emerging technologies such as blockchain, data science and analytics, complex algorithms, Artificial Intelligence and Machine Learning, which facilitate industry-altering growth. In addition, these advanced digital technologies allow for financial processes to be completed with minimal human intervention.
Artificial intelligence, robotic process automation, and other software solutions have made automation of business processes such as invoice payments, account reconciliation, management of online accounts, online assistants, and payroll possible so humans can dedicate time to more productive tasks. Digital innovations have undeniably aided in the enhancement of customer experience. For example, big data allows for aspects of a customer’s profile and account to be accessible. Also, customers can seamlessly conduct transactions without having to visit a physical bank. The speed and ease at which customers perform tasks has also been increased.
With increased digitization, there are associated risks. Therefore, banking organisations have a heavy responsibility for security. It’s crucial to ensure the safety of the company’s information and assets and those of its internal and external customers. As a result of widespread threats to the financial system, numerous digital solutions and safeguards have been developed to counteract them.
The customer base is an essential component of every business, particularly financial services. Customer satisfaction can be increased by further maximising the potential of digital innovations. Thanks to digital solutions, there is less constraint in communicating, collaborating, and transacting with consumers. Digital solutions have reduced banking institutions’ issues with location and time. Inside and outside physical offices, it is now possible to connect with customers and perform necessary operations 24 hours a day, including the weekends and holidays. The transition from a rigid banking model to branchless and on-the-go banking models shows the usage of more flexible processes.
Access Bank’s Digital Transformation Post COVID-19
The COVID-19 pandemic affected every facet of life, evidenced by the efforts to settle into normal life post-pandemic. Before the pandemic, the standard order of business in financial industries involved physical interaction, which COVID-19 disrupted. As the world watched, only a few financial service providers could get past the limitations and tribulations brought about by the pandemic. Through digital solutions and a mandate as a digitally-led international organisation, Access Bank was able to soar above the challenges of the pandemic.
The pandemic opened up the realisation that a lot could be done outside the walls of physical buildings and offices. This factor prompted many financial institutions to begin their digital transformation journey, and to accelerate the journey for those who have already started. Access Bank has tested and incorporated digital tools in every business area. While the physical operations are still important, there has been a clear adaptation to digital processes and more intensive use of technology which promotes collaboration and innovation. In a bid to think ahead, the bank has also invested in emerging technologies and other ground-breaking tools and models, to enable business operations to be carried out in new, flexible, and improved ways.
In 2022, Access Bank has further transformed existing digital applications and services. The bank has also developed new digital products and services, in line with our commitment to maintain our top position as a digitally-led financial provider in Africa and the world. We achieve this by staying abreast of the needs of our clients and the market, which are constantly changing.
Access More is the bank’s mobile banking super application, unlike any other banking app on the market. By incorporating state-of-the-art features for modern living as well as analytical tools and technologies, Access More has given our 40 million-plus customers the best mobile banking experience possible. We have also deployed Access More to our African subsidiaries such as Zambia, Kenya, South Africa, Sierra Leone, Guinea, Rwanda, The Gambia, Cameroon, and Ghana. The Super App is constantly being updated and improved upon, in order to increase ease, speed, convenience and value for our large customer base. Below are example of some additional features made this year alone:
- Amex Loyalty
- Account Officer Rating Enhancement
- Customer Information Update
- Account Status View
- ATM Cardless Opt-In
- Digital Reference Letter
Being a digitally-led bank, we developed Access Africa, Africa’s Payment Gateway, a funds transfer product intended to streamline international payments made by Person-to-Person (P2P), Business-to-Business (B2B), Person to Business (P2B), Government to Person (G2P), and any other payment activities/flows. In addition to instant transfer to nations where we have subsidiaries, we have expanded our reach to roughly 15 nations, including the UK, France, Germany, China, Benin, and others, by utilising its wide partner network. By supporting fast Pan-African payments and enabling cross-continental transfers, this promotes borderless digital interaction across Africa.
In a bid to make transactions more streamlined, Access Bank designed and developed a biometric payment solution called FacePay. As the name suggests, FacePay uses AI and ML to carry out transactions using facial recognition. With FacePay, customers at physical branches and merchant locations no longer need to wait in line for service. This digital service allows customers to transact with an innovative face authentication mechanism in the form of a selfie.
Access Bank also provides Business to Business (B2B) digital solutions. Our leading initiative in this realm is known as PrimusPlus, a web application that simplifies cash and cheque payments across multiple banks for corporate users. The ability of users to monitor their accounts and make changes in real time over the internet is a distinctive feature of this product. These corporate users can also access single or bulk local and international payments, forex biddings, account statements, customs duty payments, and other financial services.
Tamada is another digital product that exemplifies our commitment to simplifying financial transactions wherever possible through the implementation of digital solutions. Tamada is an online digital assistant (chatbot) built on AI technology. Tamada supports basic banking activities such as bills payment, account opening and other activities which are within the customer’s reach. In addition to the basic capabilities, Tamada also offers more sophisticated functions such as live conversations, live traffic updates, news, weather forecasts, and more.
AFF and Its Products
Access bank is still rapidly improving its digital solutions as the future of digital banking transformation is constantly evolving. The Africa Fintech Foundry (AFF) is one of Access Bank’s initiatives to maximise the opportunities of digital technology and contribute to the development of FinTech across Africa.
AFF fosters and accelerates the development of FinTech startups in Africa through the Foundry’s renowned annual Accelerator Program. The Foundry has a key mandate to assist start-ups to scale, and to reach a level of maturity where they can provide market-ready solutions that will increase the availability of financial services for the continent’s economically marginalised populations. AFF is an industry leader in innovation, financial technology, and entrepreneurship.
AFF boasts of industry leading digital products, most of which have been implemented and some still in the pipeline. An example is Fast Pay, a digital solution that creates a novel, convenient, and cutting-edge method of making digital payments possible for all clients by employing Unique Code Generation Technology in the form of a contactless digital payment solution. The Supply Chain Platform is an automated platform designed by AFF and Access Bank to enable corporate customers to manage their vendors and supply chains, keeping tabs on invoices, controlling the company’s payables and working capital. The Bank To Broker project is another initiative of AFF, however going beyond FinTech. This solution involves partnership with investment providers to bring the capital market to customers’ fingertips. To make it easier, the digitalised investment opportunities have been integrated on the Access More Super App. AFF also organises tech events to contribute to the wider community and encourage new startups. Examples are the Women In Tech conference, Ecosystem Roundtable and many more. Finally, AFF partnered with the Central Bank of Nigeria (CBN) in August 2022, to deliver the first ever E-Naira Hackathon, based on Africa’s first Central Bank Digital Currency launched last year by the CBN.
Access Bank has embraced digital innovation because of its commitment to continuously seek innovative methods to meet the needs of consumers. As an organisation, we are dedicated to positively impacting and transforming the banking sector in Nigeria, Africa and beyond. We have only scratched the surface of what can be done with digital technology. Moreover, as we develop and grow, we expose and deploy more disruptive digital solutions. We are excited to share the digital projects in the pipeline, which are being refined and getting ready for market.
Our goal is to improve upon our prior successes by developing ever more creative approaches to serving our clients’ ever-changing requirements. We are on a mission to provide unrivalled value to our existing clientele and to attract new ones by building on our success by increasing the scope of our products and platforms and making extensive use of technologies like Artificial Intelligence, Machine Learning, Robotic Process Automation, Data Science and Analytics.
