The advancement of technology has expanded the scope of the banking industry in Nigeria. This has led to banks in the country rolling out digital innovations that will compete favourably with their contemporaries in the financial sector as Payment Service Bank (PSBs) and Fintechs enter the market.
Digital technology has led to so many swift changes in the financial world, as customers do not need to be within the physical walls of a bank to execute transactions. Beyond the financial world, digitalization transcends other industries across the world, making it easy to deal with businesses across the globe. The advent of technology also makes it easy for other service providers to efficiently conduct their activities digitally pronto.
However, despite the digital initiatives by these financial institutions, services must be tailored to meet the needs of the middle-class. Their digital innovations must have a positive impact on these ones, which in turn will invite more customers.
Stanbic IBTC is one of the ‘new players’ in the banking sector, who has leveraged on the use of digital technology in carrying out its day-to-day operations. Stanbic IBTC Bank has floated digital innovations, tailored towards its customers.
Beyond leveraging on the digital world, Stanbic IBTC has successfully placed its customers at the centre of its digital banking innovations. The Financial institution has built seamless digital products and services, for its customers, targeting its middle-class customers, especially. Most of them are seeing the benefits of the Ease Wallet, a technology developed by the bank for their easy use, as they recognise the advantages of digital options and adapt to new ways of banking.
Speaking on the it’s innovation, Stanbic IBTC’s CEO, Demola Sogunle once said, “we as a bank recognise the future, and we have integrated digital literacy and awareness campaigns in our digital banking services, knowing this had the potential to transform banking.”
Moreover, in the last two years, Stanbic IBTC has invested millions in digital platforms as a way of contributing to the country’s cashless economy. With its digital capabilities, the bank provides clients with instant remote account opening.
With its Online personal banking system, customers can get loans top up via their online banking platform. The bank continues to provide consistently efficient service through its digital channels to its Business bankers and its customers in the Diaspora with fabulous offers such as Internet Banking, the Standard IBTC Bank App, Mobile Banking and ATMs.
Stanbic IBTC, a member of the Standard Bank Group, set up the Ease wallet to deepen its penetration among the underserved community in Nigeria, whom CBN’s financial inclusion programme was established to cater for. The innovation is an application which makes it easy for its customers to achieve their transactions with ease.
Information has it that, Stanbic IBTC account holders with Ease wallet will be able to access various banking services which include interbank transfers, debit card issuance and card-less withdrawals from Automated Teller Machines (ATMs) or the Agent Network, and many more.
According to Demola Sogunle, the Stanbic IBTC Ease wallet is a financial freedom vehicle for all Nigerians to access seamless financial services.
He said, “This service is available to every Nigerian that can legally own a bank account. Following the product launch, there will be a series of Market and Campus Activations starting from the Lagos International Trade Fair, where we will introduce an array of products to visitors and exhibitors at the fair.
“We recognise the daily complexities of living in a fast-paced digital society. Stanbic IBTC Ease Wallet covers a unique range of mobile financial transactions, it is intuitive and designed around the needs of the average Nigerian.”
This effort has expanded the Financial institution’s opportunities for its customers. The COVID-19 pandemic brought out the A-game in the bank, after banks experienced long-term closures and restrictions. So, while staying at home, customers could still bank, despite the outbreak.
The Ease-Wallet has worked for customers, who deemed it fit to align with the Federal Government’s cashless policy. Apart from banks, telecommunication companies and fintechs have also been given approval to participate in the mobile banking operation that also drives the financial inclusion programme.
Ease Wallet works with the last 10 digits of a phone number. This technology provides a range of services to customers. Also, at any location in Nigeria, account holders of Stanbic IBTC can open a Stanbic IBTC Ease Wallet through USSD (Unstructured Supplementary Service Data) Code application: *909#.
These are laudable efforts by the digital-friendly institution, while we can only hope the bank keeps surmounting each challenge it faces, as it strives to satisfy the needs of its customers.
Olamide Adeniji is a member of the editorial board of TheScript Newspaper
