Digital experience adapting to the constant shifting customer - - PowerPoint PPT Presentation
Digital experience adapting to the constant shifting customer expectations Lola Ekugo Head, Digital Innovation Lab Future of Finance West Africa 2019 April 25 th , 2019 www.firstbanknigeria.com Cont ntent nts Introduction Shifting
www.firstbanknigeria.com
April 25th, 2019
www.firstbanknigeria.com 2
(The What, The Constants, The How)
Incorporated and headquartered in Marina, Lagos, Nigeria, West Africa's commercial nerve centre.
First listing on the Nigerian Stock Exchange (NSE).
First Automated Teller Machine (ATM) introduced at 35 Marina as part of convenient, online real time banking.
Launched state of the art mobile banking platform - FirstMobile
FirstBills pay was Introduced. Launched FirstBank Digital Innovation Lab to rapidly stimulate Digital transformation and product innovation.
Launched the revamped online banking platform - FirstOnline
Revamped its 894 USSD Quick Banking service as part
inclusion drive
www. www.firstbanknigeria.com
Today’s customers have grown up surrounded by digital interactions (Digital natives). Their perception of the world and the products and services that make the world go round is completely different from that of previous generation (Generation X and the baby boomers). Companies struggling to understand this generation end up delivering sub-par or irrelevant solutions.
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As customers increasingly exercise their right to choose, organizations must adapt to offer more personalized, 1:1 services Consumers expect banks to consistently introduce new products and services based on customer needs and new technologies. Immediacy has become vital (occasioned by growth in conversational interactions with brands). Customers expect companies to respond to and interact with them in real time. Ability for the company to deliver a seamless experience for the customer. Consumers expect a consistent experiences across multiple channels (web, mobile, in-person, social)
Personalized Service Innovation Responsive Service Omni-Channel Experience To acquire and retain the new generation of customers, organizations must re-imagine their offering, integrating the needs of the customer with their digital lives using digital channels. Organizations must transform their businesses and services in a way that it responds to the ever-changing customer expectations. These Include: Companies need to build trusted relationships, while respecting privacy. Companies must develop strong privacy policies and demonstrate a commitment to safeguarding data to show that they have customer’s best interest at heart.
www. www.firstbanknigeria.com
98.39 39 mi million
Nigerian in internet us users, 54 54% ac access the the in internet on a daily basis while only 12 12% (24 24 mi million
have ac activ ive so social me media ac
found that 3 hours 17 minutes is the average amount of time Nigerians spend using on social media. This is higher than the global average which is 3 hours 14 minutes.
WhatsApp is is the the mos most ac activ ive so social me media pl platform in the country with 85 85% of
us
FB Messenger at 54% and YouTube at 53%. (The Global State of Digital in 2019
report)
a value proposition
convenience, FirstBank implemented the WhatsApp Banking solution to provide financial services by interacting/engaging with customers where they are.
Brings Banking Services to where Customers are Social media Leverages the Social grasp of the biggest messenger platform Adapts AI & Natural Language Processing through the use of simple pre-defined keywords to perform desired actions Leverages the capability of Social media Platforms for payments to reimagine banking and enhance customer experience Opportunity to deploy conversational bots for Customer support and issue resolution
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Bl Blockchain an and th the Di Distributed Le Ledger Te Technology: Blockchain is a distributed public ledger that is decentralized in nature and has key characteristics of being incorruptible, immutable and admirably transparent.
Banking has changed significantly over the past 10 with newer players including Fintechs, Telcos and TechFins. The below will play an increasing role in the future:
In Intern rnet of
Things (I (IOT): Like all new technology, the Internet of Things brings both a beneficial and disruptive
implementation of products and services related to IoT. Ba Banking as as a Ser Service (B (BaaS) Growing demands have produced the need for industry-specific services and platform such as BaaS (Banking-as-a- Service). BaaS helps banks to accelerate their time to market into new environments and rapidly meet the needs and expectations of digital consumers. BaaS is not easily implemented though, banks must be willing to unlock their data and application services to partners, such as FinTechs and
Bi Biometrics (F (Face, Fi Fing nger, Vo Voice, Ir Iris) is another area of technology that companies seeking to meet or enhance their customer expectations can explore to provide the assumed experience. Biometric technology is becoming a crucial component in providing a frictionless experience for customers now and in the future Ar Artificial al In Intelligence: Customer-facing uses of AI include chatbots that improve communication between banks and their customers, advanced analytics that can offer proactive advice to consumers and take simple financial decisions on their behalf, and facial recognition that improves onboarding and makes it easier for consumers to log into their accounts. Back-office AI implementations include algorithms that can identify and block cases of fraud and money laundering, and analysis of non-traditional data to assess the creditworthiness of borrowers who lack standard credit records.
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