The digital space is rapidly taking over the traditional space and leaving nothing left out. Over the years, we have seen competition grow in the financial space
With over 100 financial institutions in the country, new ones keep emerging daily with the digital world taking over.
The NIBSS (Nigeria Inter-Bank Settlement System) was established in 1993. This marked the beginning of the fintech revolution in Nigeria.
Since the emergence of smartphones in the country in 2015, many youths dumped the “Nokia/Sony Ericson world” while rushing the Android version with smart features. The smartphone’s features are so enticing that it became an addict to the youths.
The financial/fintech industry was also not left out as their old ways of banking and doing things were becoming outdated.
They understood that smartphone and digital devices are not mainly for just keeping in touch with families and friends, it has gone beyond that, with their ever-increasing capacities.
Not wanting to be behind, they started offering online services, wherein people do not need to be present before engaging in any of its services. Hence it’s an integral part of our everyday life.
Just as robots are beginning to take over most jobs in the world, the digital world will soon wipe out some oldies from their positions as people can access their mobile banking and other worked related purposes on their mobile phones.
According to a study by Facebook, over 100 million Facebook users are managing their accounts with their phones.
Smartphones now have become very personalized minicomputers that occupy lesser space than paper works. It also changes the way we associate with one another.
Digital Final Take Over
The old part way is already fading out. People are now adapting to the use of digital tools to get things done due to convenience and flexibility.
What the Digital World Holds for the Financial/Fintech
Although many do not trust the online services of financial/fintech institutions, due to fraudulent activities. However, this will not stop the fintech/financial institutions world from evolving to make services more convenient and flexible for users.
As it seems now, (Artificial Intelligence) is taking over real quick. Recall UBA’s Leo, a financial assistant by UBA Group who help you send money to any UBA bank account, any bank.
Many financial institutions are also jumping on this trend, as AI is helping them get the job done more easily and speedily.