Tolulope Ibukunoluwa

It is a new era for banking in Nigeria in the face of disruptive changes in the banking landscape. Nowadays, the value of banks depends on the quality of their information. To stay afloat in today’s digital landscape, banks need to integrate their products with their customers’ unique lifestyles to engage with them in a more meaningful way. It is critical that banks continue to invest in reusable technical assets and continue to innovate.

In the years leading up to 2017, banking services in Nigeria were predetermined – based on capital efficiency, branch network, products and rates – and no one could have imagined that banking would happen on a single mobile device. 2017,

Wemma Bank Plc, the second largest digital banking company in the world, has launched a life of speed, access, partnership and trust for its users. One thing immediately became clear – it was impossible to bank with the speed of thought and interest. We simply believed that it was not.

So Wema Bank Plc took over the responsibility of leading the “Future Bank” movement in Nigeria by creating the first fully-fledged digital bank, ALAT. He broke down barriers and provided a possible preview. After this bold and innovative movement at Wema Bank, we have seen digital banks open every year since then.

Polaris Bank announced the launch of VULTe digital banking platform a month ago. VFD Microfinance Bank began production in March 2020. In June 2020, former Diamond Bank CEO and technology entrepreneur, Uzoma Dozi, launched Digital Bank Sparkle. Sterling Bank Plc. Also, a new but simple banking application that their customers can use for all banking and payment transactions. In 2019, QuCoon – a fintech and consulting company – started Rubis Digital Bank. Iowa, a two-year mobile money service, was also re-launched as a digital bank. A.D. In 2018, Online Savings and Loans Forum – Kudimini – was transformed into Kuda Bank.

Many technologists have argued that Kuda Bank is the first real digital bank in Nigeria because at the time it was launched, Kuda Bank had nothing to do with traditional banking, unlike ALAT, which is affiliated with Wema. Bank of Nigeria Industry.
This disruption in banking and digital services has been fueled by a straightforward hypothesis: Banking is no longer where you go, but what you do. And the client of the former king becomes a very impatient, skeptical and cruel dictator.

Since its inception in Wema, Alat has shown that the extent to which banks are taking advantage of their unique opportunities depends on how well they use information resources and how much they focus on their assessments. They capture, innovate, and their strategies, processes, and activities revolve around consumers’ daily lives. User-focused focus has played a key role in the success of Wema. The focus on the user was to immerse themselves in the user’s problems and think about the user from start to finish.

In short, when you try to use the ALAT app, all users pass by them. And this is great news, especially when user experiences and preferences are rapidly adapting to the new world of speed, efficiency and duplication. Users now need a bank that provides solutions to their problems and answers to their questions immediately on their mobile devices. They need financial information and the ability to trade under one key pressure.
This is what Alma has represented in Wema over the last 4 years. A bank that not only takes money from users but also partners with them to raise their money, just as it does in the ongoing “on-the-go” program – customers have the opportunity to earn money to apply for the ALAT application. A bank that users can quickly access. A bank that empowers users to bank on user terms. A bank that helps users, their differences, their preferences, prejudices and personal statements. ALAT has just begun and will continue to push forward and fast forward