Inlaks Nigeria hosted a Digital Summit on Friday 18th October 2019 at the Lagos Continental hotel. The event was attended by various banks, Inlaks partners and several other personalities. The title of the digital summit was “The Digital Banking Age”.
With over 38 years of experience in the Tech industry, Inlaks has proven itself to be a master at forming strong partnerships with other innovation financial powerhouses. Ik Hyun Oh, General Manager, Global Sales Team of Hyosung TNS Inc.; a partner of Inlaks stated that Inlaks has proven countless times to be great partners with Hyosung TNS. They have also partnered with banks to produce ATM cards for a period of 8years.
Mr. Adeyotin speaking on: Future of Technology and Banking said that data is the new oil, so there is a need for banks and Fintech bodies to collaborate towards a better banking experience for customers. He stated that digital transformation is not a destination, but a journey therefore, humanity would become stronger as it leans more towards technology.
Mr. Ade Shonubi, Deputy Governor CBN, spoke on: Bank Branches and The Future: The Regulators Perspective. According to him, regulators are not technical. They are concerned about people not about technology, and he defined a bank branch as a face to face and or automated service through which banks can attend to their customers. The physical bank branches are not going away for a while to come, but activities must change and the design drivers would be the interface and consumer activities.
Mr. Ade also noted that trust issues are one of the major problems in financial houses or banks or Fintech start-ups, as a result, trust is very fundamental and needs to be established for their users. Complexity and social considerations influence customer choice and so, acceptability remains critical in the customer’s decision which may be influenced by available infrastructure and culture. Being social is not only about being on Facebook, Instagram, and other available social media platforms; it’s also about relating with people around you.
Francis Shobo from First Bank Nigeria spoke on the topic: Branch Transformation and Digitalization: A Case Study. He presented a case study of First Bank. In 2014, they had decided that the cash coming into their branch was overwhelming. So they created a cash dropbox to receive money from customers. Cash deposits from #40,000 and below were placed in the dropbox to be posted later by the teller personnel in order to reduce the standing in the banking hall. But there were still issues like counterfeit notes, wrong account numbers, incomplete money deposited by the customers, and some other problems. After months of discussions and deliberations with Inlaks Nigeria, the TCR machine was introduced to them. With the TCR, fraud reduced, the issues with the wrong account number ended. Customers also enjoyed the process of depositing money with the machine and they receive the tellers from the machine immediately. The TCR improved customer experience, reduction in fraudulent transactions, and transactions were done with speed and accuracy. With it, the average daily transactions were 144 and counting.
Mr. Tope Dare, Executive Director Inlaks introduced the newly produced TCR (Teller Cash Recycler) machine at the event.
Other innovative inventions were launched in the summit like the new ATM machine that enables users to make withdrawals with their phones that uses EMC communication.
Also, a machine that automatically dispenses cards to customers was launched.
The future endeavor is automating Customer experience in the banks.
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