Deposit money banks in the country have been urged to leverage omni-channel banking solution to hedge against shrinking revenue.
Banks’ streams of income are shrinking following regulatory tightening measures and declining oil prices in addition to other huge transactional costs they are facing currently.
Solomon Edun, managing director, GlobalInfoSwift, who gave the challenge in Lagos while in discussion with some journalists, also said CR2 Omni-channel banking solution had come to their rescue.
“What they need to do is to leverage omni-channel banking to grow their customer’s base that will in turn bring about new businesses. For example, when the banks leverage omni-channel banking, it means you can now do person-to-person payment much more and when you do that there is a small charge in providing this kind of services,” he said.
Mike Brady, chief operating officer of CR2, an Ireland firm, was concerned that cost of transaction was very expensive for the banking sector, saying there was need for them to reduce the cost, saying “it is good they increase their self service which include Automated Teller Machine (ATM), internet banking, mobile banking Point of Sale (PoS) and that is really where the opportunity is.”
GlobalInfoSwift and CR2 have come together to bring two things to the market, Omi2, which is targeted at helping the banks bring down their cost and to create new channels of revenue where they make more money.
“We are making huge investment to make sure that as the banks commit to these solutions, enjoy the value. What we are doing is one massive engine that works together with the core banking to deliver all of these things. What we are doing is to make sure that the banks enjoy the value of having a local presence,” Edun said.
Explaining further, he said “you can take your ATM, your internet, mobile, PoS, pull everything together and it will be seen as one single point of contact, meaning if you are banking using your ATM, you can start a process there and finish it on the internet.”
HOPE MOSES-ASHIKE
