Blog

Follow the latest talks on major self-service banking topics: omnichannel, product strategy, compliance, regulation and more.

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Digital Financial Inclusion - The ability to bank the unbanked

digital financial inclusion

It is clear, innovative solutions are needed for banks to reach people who today remain limited in terms of their access to financial services. Digital financial inclusion (DFI) offers a unique opportunity for banks to avail of a digital leapfrogging phenomenon in these emerging and high growth regions. As a banking technology enthusiast, this is a really exciting thing to watch.

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Taking a bite of the Apple: Keeping the customer at the heart of retail banking

In this blog post, we hope to address how developing a customer-centric strategy similar to tech whizz Apple can help banks to overcome these very real hurdles. By giving customers a truly personalised service and only presenting them with products and services which are meaningful to them, banks can look to reflect the online-retail experiences which customers have become so in-tune with and foster positive and lucrative relationships with their customers. By giving customers exactly what they need in exactly the right place, banks will be able to make real strides in improving their product-per-customer ratio with cross-selling and up-selling opportunities which are mutually beneficial for both bank and customer.

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Are branch systems the biggest silo and the most significant impediment to seamless customer interaction?

Teller

Branch productivity has declined by 17.9% since 1992 while costs labour cost per transaction have increased by 123.6%. A major challenge when it comes to refocusing the branch is - how to deal with cash transactions to allow “Tellers become Sellers”. This gives rise to two challenges; finding a way to deal reliably with teller transactions and provide a system which supports the selling and service process. The combination of smart ATMs and online banking in the branch could prove to be a powerful addition to the current branch infrastructure, facilitating branch transformation and increasing cross-sell ratios.

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Equity Bank competes directly with Safaricom

Mpesa

Africa is leading the way in mobile money transfer with Kenya’s Mpesa from Safaricom being the outstanding success. A turning point has been reached in the market whereby Equity bank has secured a license to operate as a virtual mobile network operator, putting the bank in a position to compete directly with Safaricom for mobile money and data services. How Kenyan banks & telco will respond to this whole new level of competition?

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