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 Customer Expectations (The What, The Constants, The How) FirstBank WhatsApp Case Future of Banking Predictions www.firstbanknigeria.com 2
Introduction 2018 FirstBills pay was Introduced. Launched FirstBank 2017 Digital Innovation Lab to rapidly Launched the stimulate Digital revamped online transformation and banking platform - 2016 product innovation. FirstOnline Revamped its 894 USSD 2015 Quick Banking service as part Launched of its financial 1991 state of the inclusion drive art mobile First Automated Teller banking Machine (ATM) platform - introduced at 35 1971 FirstMobile Marina as part of convenient, online real First listing on the 1894 time banking. Nigerian Stock Exchange (NSE). Incorporated and headquartered in Marina, Lagos, Nigeria, West Africa's commercial nerve centre.
Shifting Customer Expectations 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. www. www.firstbanknigeria.com
Shifting Customer Expectations 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: Personalized Service Innovation Responsive Service Omni-Channel Experience As customers increasingly Immediacy has become Ability for the company to Consumers expect banks exercise their right to vital (occasioned by growth deliver a seamless to consistently introduce choose, organizations new products and services in conversational experience for the based on customer needs must adapt to offer more interactions with brands). customer. and new technologies. personalized, 1:1 services Customers expect Consumers expect a companies to respond to consistent experiences and interact with them in across multiple channels real time. (web, mobile, in-person, social) 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.firstbanknigeria.com www.
Case - FirstBank Chat Banking Solution 98 98.39 39 mi million on Ni 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 on) ha have ac activ ive so social me media ac accounts . The report 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. Wh WhatsApp is is the the mos most ac activ ive so social me media pl platform in the country with 85 85% of of • users . The second is Facebook at 78%, Instagram is third at 57%, followed by us FB Messenger at 54% and YouTube at 53 %. (The Global State of Digital in 2019 report) With a value proposition of convenience, FirstBank implemented the • WhatsApp Banking solution to provide financial services by interacting/engaging with customers where they are. Leverages the Social grasp of the Opportunity to deploy biggest messenger Brings Banking Services to conversational bots for platform where Customers are Customer support and Social media issue resolution Leverages the capability of Adapts AI & Natural Language Social media Platforms for Processing through the use of payments to reimagine simple pre-defined keywords to banking and enhance perform desired actions customer experience www.firstbanknigeria.com www.
Future of Banking Predictions 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: Artificial Ar 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. 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. Iris) is another area of technology that companies seeking to meet or enhance Bi Biometrics (F (Face, Fi Fing nger, Vo Voice, Ir 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 (IOT): Like all new technology, the Internet of Things brings both a beneficial and disruptive Intern In rnet of of Th Things (I element. With the concept of “always-on”, such technology will require a change in mindset when considering implementation of products and services related to IoT. (BaaS) Growing demands have produced the need for industry-specific services and Ba Banking as as a Ser Service (B 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 other third party developers, through standardized and open APIs (Application Programming Interfaces). www.firstbanknigeria.com www.
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