As the entire mode of the community’s attention has shifted from brick and mortar to e-commerce, it is essential that financial institutes like banks have their business models changing. The likes of the banks cannot carry out their tasks off-line, evolving to create a technological solution to conduct unlimited transactions and aid financial policies.
The Increased Adoption of Mobile Phones
The Nigerian Communication Commission reported that their number of mobile phone users has increased to 144 million in December, 2017. The number is only going to rise as most major companies enter Nigeria now, thanks to a booming economy. A bet9ja promotion code and a user-friendly website are enough to draw in the audience to the site, and spend money playing their favourite online games.
Statistics from the Nigerian banks also show that the statistics for a total value of the transaction, reflecting the market potential within their economy and their craving for digital solutions. The digital solutions are expected to give an easy way than joining queues in the bank hall.
The digital retailing has seen customers embrace do-it-yourself smoothly. They are conducting banking transactions, opening accounts, in minutes, making payments all over the place. This has been facilitated by the massive huge technological innovation and investment involved in the banking industry to keep up with the business wing of the economy.
The Top Factors That the Banking Industry Needs to Focus On
Transaction safety, speed, convenience and user experience are the major factors that retailing is looking at.
Safety includes the user agreement that deters the bank or any of its databases from mishandling the data.
Speed is about the design of the app. Some apps have too much cookies to be used and hence take up a prolonged time to do a simple transaction.
Convenience and availability. This pertains to the availability of the services and tech and facilities required for any troubleshooting to ensure the user has a smooth experience. In fact, this is the reason that some online casinos like Bet9ja are becoming more popular across Nigeria.
That brings us to our next topic – user Experience or user-friendliness of an app helps more users navigate to go online. It is possible to not use a retailing option after we dislike it the first time.
Nigerians banks keep evolving to deepen financial inclusions, increasing the customer’s likeability to prefer retailing. In a highly competitive market, therefore, a frictionless online experience is essentially important besides the bank policies.
Online eCommerce and Digital Retail – The Mix
Digital retail works too closely with e-commerce, hence the efficient tie-ups would guarantee a better user experience. Zenith Bank, for example, has published about three apps for free to facilitate customer transactions. It has the Scan to Pay and Quick Response features, making it known as the best user-friendly app in Nigeria. These features scan the merchant codes with a working internet connection and voila!
The grail of best customer service has begun for most banks with these developments. And Nigeria seems to be at the forefront of it all.