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Disruptive technologies continue to find their way to Nigeria where technology has redefined life as we know it from several years ago, this week, the launch of ALAT, described as the first fully Digital Bank in Nigeria further highlights the role of technology in this 21st century.
Wema Bank Plc, a leading bank in Nigeria which prides itself as the surviving oldest indigenous bank in the country announced the launch of ALAT at an event which coincided with its 72nd anniversary.
Segun Oloketuyi, managing director, Wema Bank Plc while speaking at the launch of ALAT, expressed delight owing to the prospects of ALAT to redefine banking (and use of technology) in the country.
“ALAT is the bank for the future and it redefines the seamless relationship we have with our customers. This is an offering to the young professionals, entrepreneurs and students who are tech savvy and always on the move. It is an opportunity to integrate banking into their lifestyle without hassles, by offering them real value, as they desire,” Oloketuyi said.
ALAT will be accessed via app and web, which is targeting all existing and prospective customers who are tech-savvy and upwardly mobile and it is an app-only, no-physical-contact bank, which became available to customers immediately after the formal launch.
Oloketuyi also noted that ALAT offers customers many benefits that include a generous interest on their savings account, seamless and fully automated processes, and dedicated 24/7 support channels. This initiative according to him, accentuates Wema Bank as an innovative market leader that listens to its customers and meets their lifestyle and technology needs.
Folake Sanu, executive director, Lagos Business Directorate, Wema Bank Plc remarked that “Over the last decade, we have witnessed how technology has revolutionized the financial sector. Indeed, many products out there in the financial market claiming to redefine the customer’s banking experience are simply making things more cumbersome.
“Presently, there isn’t that product that really captures the need of the millennial – the digitally savvy generation (Generation Y as they are fondly called) that are becoming the fastest growing segment in the world and in effect impacting economies and industries across the globe. The millennials live in a digital world and are used to digital channels and social media to meet their digital lifestyle. They are in constant need of a 24-hour banking service that would fit into their lifestyles; a bank they can take with them, one without borders that offers them the opportunity to transact business anytime, anywhere and any day.”
Sanu added that “The response of most banks to the digital revolution is the making of considerable investment in digital enterprises to maintain a competitive edge, creating gains out of technology space, with the hope that they will serve their customers seamlessly. What we decided at WEMA was to create something more than a product, something that not only meets the need of our customers, but fits perfectly into their daily routine. We decided to create a lifestyle and this is why today we have ALAT.”
While ALAT powered by Wema Bank is driven by smart phones, it is not considered to be a digital product. Officials at Wema Bank opine that it is Nigeria’s first fully functional Digital Bank that will totally eliminate the need to visit a physical branch. It is integrated with a responsive contact center and a seamless back-office process. With ALAT, customers can do all their banking transactions, including account opening, document submission and all other banking transactions – financial and non-financial without ever having to enter into any physical branch.
The ALAT app redefines the banking experience for customers, helping them to manage their finances better and even offering an incentive on its savings platform.
Customers can open their account by downloading the app which is available on Google Play Store (for Android users), Apple’s App Store (for Apple Users) and available on the web for Blackberry and Window’s phone users.
ALAT offers a simple ‘onboarding’ process without the hassles of filling forms, huge interest on savings, in-app card services (such as card request, activation and control) ability to schedule recurring transfers and bill payments as well as seamless profile settings. All these made possible by an automated Back-office process including a 24-hour state-of-the-art Contact Centre, automated Know Your Customer (KYC) process, automated card production and delivery as well as automated Settlement and Reconciliation processes.
CALEB OJEWALE
