Imagine Opening an Account in 5 Minutes: Filling the Digital Banking Puzzle Couldn’t Be More Interesting
As the famous saying goes, “A journey of 1,000 miles begins with one step.” Well, the banking sector has had an interesting one. It has had to traverse miles to finally reach the digital banking era we are all enjoying with ease today.
Imagine having to move with a passbook where your banking records are kept with the aid of a banking officer. Well, this would not be a scenario that Gen Z would want to be part of, as they prefer real-time activity. Thanks to 21st-century technological advancements, one can open an online account, and the onboarding process can be independently conducted without stepping into a banking hall.
Not having to walk to the bank would be ideal for our tech-savvy young population. Hence, solving the digital banking puzzle couldn’t be more interesting at a time when one can remotely open a bank account within a few minutes.
Today, people crave convenience in everything they do. Whether it is shopping, paying bills, ordering lunch, or buying groceries, they are always looking for the easiest and fastest way to get things done. Thus, this necessitates businesses to rejig their service offering to not only serve their ever-changing customer base but also stay ahead of the competition while retaining and growing their customer base.
One industry where the demand for convenience is particularly high is banking. Customers value access to financial services anytime and anywhere.
In the past, banking in Uganda was characterized by traveling long distances to find a branch, long queues, and tedious paperwork. For something as basic as withdrawing cash, one needed a passbook, which made the transaction process lengthy.
As the banking sector seeks to fill the missing puzzle in the banking journey so that more people are lured into formal banking, which in the long run will close the financial inclusion divide of the banked versus the unbanked, deliberate efforts and investments must be made to enable these advancements.
According to the 2023 FinScope Uganda survey, financial inclusion stood at 81 percent compared to 77 percent in 2018 due to people accessing financial services through alternative banking channels like mobile banking.
Digitization or automation of the banking process is one area where the final puzzle piece in the banking space can be added. With the growth of internet users and an increase in smartphone penetration, among other developments in the banking industry, more people can be ushered into the money economy.
Players in the banking space have resolved to have ATMs, Banking Agents, or mobile money agents almost everywhere, which means timely access to funds for individuals and business owners who prefer bulk transactions at bank premises. They also have the option of physical banking, which still comes in handy for customers who prefer interaction with banking officers.
Coupling the human aspect and automation in the service range offered by the banking sector is crucial not only in attracting new customers but also in providing a much better customer experience for existing customers.
From my perspective, innovations in marketing and communications are integral to delivering results; however, it is essential that while you evolve as a brand, you pay keen attention to how you communicate the development and the new products you are rolling out. These should be in sync with the overall business direction because as we design messages for internal and external consumption, we must factor in what we aim to achieve, consequently affiliating our purpose to all we set out to do.
Recently, we embarked on a journey with a new tagline, Grow Prosper, to foster prosperity for Ugandans so that we remain relevant to our dynamic customers, whose needs change from time to time in pursuit of convenience as they access affordable financial services that will enable them to participate in the country’s social and economic activities.
In light of the new purpose on our product portfolio side, we introduced the ZeroFlex account, which entails a self-registration process conducted online where a customer independently fills in the required information, which includes their biodata, uploading photos of a valid national identity card for nationals, and passports for non-citizens. Once the process is complete, a customer is assigned an account within 5 minutes.
Beyond the products and services, we are implementing initiatives that will enable the business to grow and prosper together with PostBank Uganda customers and the rest of the country.
Looking ahead, the evolution of banking and financial technologies will likely be shaped by ongoing technological advancements and evolving consumer behaviors. As mentioned earlier, physical banking halls or branches will still play a central role in maintaining human interaction with customers. They could take on a more advisory role while other facets of the bank are conducted outside the bank premises.
As artificial intelligence, machine learning, and blockchain redefine industry standards, the potential for innovation in financial services remains immense. These technologies enhance operational efficiencies and enable personalized customer experiences through data-driven insights and predictive analytics. Thus, exciting times are ahead as we add the last puzzle piece to scaling the number of financially included people through alternative banking channels that can be accessed digitally.
