It is a new dawn in the Nigeria’s technology ecosystem as a TechFest platform by Diamond Bank Plc highlights a new thinking by the bank to add value to the customers.
The two-day event put together by Diamond Bank was in partnership with MTN, Visa, Microsoft, NIBSS, Deloitte and Touche, Interswitch and Beat FM.
The event is showcasing technological solutions for businesses, connect technology providers with new markets and provide access-to-market opportunities for tech start-ups amongst others.
Speaking at the event the Chief Executive Officer, Diamond Bank, Uzoma Dozie, he shared, first, why Diamond Bank ignited TechFest and how the bank is preparing for the future.
Need for infrastructure to leverage Big Data in the Banking Sector
“Today, different parts of the country have different challenges. I believe that where there is Big Data usage it drives decisions. Even in a place like Lagos there were areas without needed infrastructure, but that is already changing.
Big Data For Small Businesses
The aim of TechFest is simple- to spark your curiosity. The whole idea is for people to do things better and not feel uncomfortable with technology any more. Here we are not talking about engineers, developers; rather we are focusing on education, health, food; that is people using technology in a practical way to get about their lives an reach more people. So, all the partners at this event are just showing people “how” to “do it”. It’s about showcasing how we are leveraging technology today to create new opportunities.
The landscape of technology over the last five years
In Nigeria, I think it has grown rapidly. Even as a bank when I look at how we acquire customers it has transformed tremendously. About five years ago, 20% of our customers were using mobile to do transactions, today it is about 80%. Then, people were coming to bank to open account, today, they do it on mobile; people go to shops to buy food, today from the comfort of your room you order and it is delivered. That is also boosting the logistics industry.
What we are trying to do is creating awareness so we can upscale it. Nigeria is a big place which requires that majority of the people should be captured in the technology space.
As a bank, Diamond is passionate about Big Data for Small Businesses, like wise communications- how people are creating contents to teach others. Ours is a country where people speak diverse languages and others have different levels of education, so how do you communicate effectively with them.
Diamond Bank’s Experience with Big Data
Diamond Bank has leverage data to transform the lives of traders at Iddo market in Lagos. Banking is about helping people to solve their problems. We have provided them with solution that makes it convenient for the traders to save money. We noticed that our banking hours weren’t favourable to them to come in and deposit, so we took the solution to their doorsteps and they are really happy about it. It is not just; what if after saving your money and you need it at 2:00am can they deliver it to you? That is where Diamond Bank has created value for these traders. We wouldn’t have done that without leveraging technology. We have created massive customer experience in a very efficient manner.
Moving from physical to digital banking requires a lot education
We have seen three to four million people who open bank account on a mobile phone. They have to be educated to do that. Even among the “learned people”. The literate of the future is not just the one that can speak and write, but the one that can unlearn and relearn. Yes, I have done banking for 20 years, but the new way of banking entails I upskill as the future is about artificial intelligence, machine learning, and you must be ready to unlearn to acquire the right knowledge today.
It is just like 10 years ago, when you approach a doctor he tells you to keep quiet, ‘I am the doctor here’, but today, you first Google about the symptoms you are having even before going to the doctor. Likewise, banking of the future will be determined by what the customers want, not necessarily what you want to offer them as a bank”.
Culled from TechEconomy.ng