As quoted by Bill Gates, “Banking is necessary, Banks are not”. This is now a wake-up call, and disruptive FinTech companies have already set the bar high by embracing digital transformation, causing a direct impact on traditional banking. Banks have woken up to this reality and are increasingly embracing the “outside-in” thinking to bridge the gap between what they offer and what jobs their customers actually need to be done.
Some of the key factors driving this change:
Big Data - Capturing new insights such as demographic, product, transactional and behavioural data are important to understand customers at a more granular level to deliver a personalised and targeted offering, resulting into increased satisfaction and customer loyalty.
Application Programming Interfaces (APIs) - APIs are powering the open banking ecosystem the resultant creation of e-commerce platforms. Customers’ banking and lifestyle preferences are evolving rapidly, and this seismic digital wave is generating new revenue streams, while also improving customer experience.
At AfrAsia, we are tailoring our efforts and investments keeping the customer at the heart of every decision taken. This will allow us to provide appropriate solutions to address customer needs by leveraging data analytics to better understand the “job-to-be-done” for our customers and ultimately using technology and innovation as an enabler to enhance their banking experience. At the end of the day, it’s all about giving our customers the power to manage their finances. More important than that, it’s about giving customers back some time – time that can be used to do what they really want to do while the bank works behind the screens.
In this journey, we have recently launched:
As we continue to build a solid foundation to embrace this new digital world, we will work tirelessly to bring solutions to our customers that will make their lives joyful.
Keep watching this space for more!