" ITREALMS: AccessDiamond in pursuit of Intelligent Bank says Wigwe - ITREALMS

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Friday, May 17, 2019

AccessDiamond in pursuit of Intelligent Bank says Wigwe - ITREALMS

Leveraging Information and Communication Technologies (ICTs) hold a lot for the future than what the past has ever held, declared the Managing Director, AccessDiamond, Mr. Herbert Wigwe, reports ITREALMS.

AccessDiamond, he also said, is always in pursuit of being the best possible Intelligent Bank.

Speaking at the 2019 African FinTech Foundry (AFF) Disrupt 2018 with the theme: The Future of the Intelligent Bank, which held in Lagos, Thursday, Wigwe said that though banking hs come of age, the future holds lot more than what the past has ever held.

He also noted that by leveraging such technologies as Artificial Intelligence and utilising data analytics in imperative if banks and fintechs are to remain competitive.

“Today, becoming an intelligent bank is not an options, it is a necessity,” he

Wigwe equally said that technology is redefining the way banks operate, stressing that AI and big data, cloud computing, virtual reality, cryptocurrency; all bring enormous opportunities for banks

He cited an instance with the cloud technology saying it has also been a game-changer for banks.

“It reduces server and infrastructure costs which is most appreciated in a country like Nigeria, where power generation is expensive, and its availability is not usually guaranteed,” he said.

Cloud technology, Wigwe said, enables the delivery of work from any location, where programmers could be based in multiple countries yet be working on the same project.

He emphasized that “Intelligent Banks are able to consider the impact of having an active online presence and social media for their business,” stressing that banks can target social media for specific advertising by ensuring they provide the right product and content to the right customer instead of marketing all products to all customers.

“In this sense, banking has become much more tailored and personal,” he asserted.

Intelligent banks, he said, partner with critical stakeholders to expand the frontiers of their business, insisting that opportunities existing from partnering with Fintech’s are enormous.

“Imagine instant cross-country payments between businesses who do not necessarily have a presence in those countries. Imagine third parties connecting to Application Programming Interface (API’s) to open accounts and making instant international payments,” he said.

Wigwe maintained that partnering with Fintechs offers banks an opportunity to earn revenue from transaction sharing.

“At Access Bank, we are acutely aware that Artificial Intelligence is the new cool in banking offering ongoing opportunities to enhance convenience for customers. We are in constant pursuit of being the best possible Intelligent Bank.

He explained that the AccessDiamond applications of intelligent banking range from the review of legal documents, to conversing digitally with customers.

“Our TAMADA system presents a single chatbot experience for all our customers. The services are countless. Imagine getting weather forecasts and sports updates without human intervention. Or applying for a loan and receiving disbursement instantly? What about paying bills from the comfort of your sofa! Or making bank transfers instantly using your web device, knowing your account balance instantly, accessing statements and locating branches by chatting with a bot,” he declared.

While welcoming participants to the 2019 AFF Disrupt Digital Gold Rush, Wigwe noted that most famous disruption really started with the use of this term was when Netflix disrupted blockbuster video in the United States (US).

“Netflix saw the inherent weakness in blockbuster’s business model - late fees. Customers loathed being charged late fees. So, when an alternative service, utilising technology to offer an innovative solution with no late fees came along, customers switched overnight,” he said.

Similarly, Wigwe said, technology-driven financial institutions will disrupt traditionally-run banks by taking advantage of any inherent weaknesses in their business models.

“They will do this by offering better value propositions to their customers. Today, it is our task to brainstorm these weaknesses and uncover opportunities in our current business models that technology will help us solve.

“Today is a gathering of the best technology brains ready to re-define the future of intelligent Banks and Fintechs. I encourage you all to discuss, postulate, imagine, and begin conversations that will create new disruptions for our industry,” he submitted.

Remmy Nweke/DoP

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