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Banking Sector

How Fidelity Bank’s Digital Products are Changing the Face of Banking

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Nneka Onyeali Ikpe, Fidelity Bank CEO - Investors King

The United Nations’ 2019 Revision of World Population Prospects report reveals that about 62 per cent of Nigeria’s population are below the age of 25, and less than 5 per cent are 60years and above. The other 33 per cent is made up of millennials- people born between 1981 and 1996. This means that the bulk of Nigeria’s population falls within the cohort described by Bank of America as the most disruptive generation ever. This generation has compelled older generations to adapt to their technology-savvy lifestyles, causing a rapid increase in internet penetration in Nigeria.

This burgeoning youth population has necessitated institutions going digital with their services. While some are yet to adapt their services to fit this new wave of digital transformation, some others are blazing the trail, transforming the nation’s financial market through innovative digital products. At the fore-font of the trailblazing banks is a leading financial organisation, Fidelity Bank PLC.

Fidelity Bank has modified a range of its offerings and introduced new ones to better serve young people’s needs for digitization of banking. One of the exciting new additions is the Fidelity virtual card. The virtual cards come in handy when customers misplace their physical cards, have not replaced expired cards or realize that their cards are too far away when they need to complete an urgent transaction. These cards can be linked to any of their Fidelity Bank accounts and are 100 per cent secure.

Fidelity Bank is also leading the growing number of foresighted financial institutions partnering with fintech companies to transform the banking landscape. The Bank recently partnered with PayAttitude, a Nigerian fintech company that leverages machine learning and artificial intelligence for seamless payments and financial transactions. With this partnership, Fidelity Bank customers now have the option of carrying out safe and secure transactions using just their phone numbers.

Additionally, the Bank launched a chatbot called Ivy, which helps with customers’ queries and allows them to perform simple banking tasks without visiting the bank. Customers can engage the chatbot to open an account, resolve a complaint, make fixed deposit applications, ask questions, transfer fast funds, pay bills or get in touch with a live agent. So far, this revolutionary chatbot has ticked all the essential boxes of speed, accuracy, efficiency and security, making her the best chatbot the Nigerian banking industry has seen, according to KPMG’s 2020 Digital Channels Scorecard. Added to these commendable qualities is Ivy’s ability to make customers feel like they are interacting with an actual person, giving them a complete banking experience.

Led by its visionary CEO and MD, Nneka Onyeali-Ikpe, Fidelity Bank continues to leverage innovative digital solutions and partnerships to transform banking for its over 5 million customers.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Banking Sector

FirstBank DecemberIssaVybe: Showing Kindness as You Vybe

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The roof is already getting raised with #FirstBankIssaVybe, #DecemberIssaVybe campaigns. With FirstBank, it is always a total experience of being woven into the fabric of society from banking at its finest, to music, fashion, arts, and sports. Across the spectrum of human endeavour, FirstBank stands tall behind its over 32 million customers and counting. 

As FirstBank makes every day a vybe every December, it is also passionate about ensuring that everyone vybes with kindness. This is in sync with the words of Maurice Elias, Professor of Psychology, “without kindness, our communities, families, schools, and classrooms become places of incivility.” As we get the blast of the season, the 127 years strong banking brand in furtherance of its kindness campaign has created a simple calendar to ease your ability to create a SPARK in the lives of people around you.

At FirstBank, SPARK stands for Start Performing Acts of Random Kindness. The SPARK initiative was launched 4 years ago to make a difference in the nation by seeking to inspire and institutionalize kindness. By encouraging kindness, empathy and consideration for others, SPARK is placing FirstBank at the forefront of the social impact space. The unique way FirstBank is amplifying kindness is through its different directorates and departments. This way the Bank is reaching more communities, touching more lives, and spreading kindness.

The FirstBank kindness drive stands on three (3) pillars of compassion, civility, and charity. Compassion and charity readily come tops when we think about kindness, and FirstBank is championing the cause to also promote civility through the SPARK initiative. Civility covers the aspects of kindness that does not cost you anything to use in igniting the world around you. Imagine as you get to the venue of the next FirstBank’s DecemberIssaVybe show, and you give up a parking lot closer to the event hall to the car behind you?

The global head of marketing and corporate communication of FirstBank, Folake Ani-Mumuney says “At FirstBank, we spend every waking moment working to create meaning in the lives of our customers and publics. We are inspiring kindness because it brings meaning to lives and creates a happier society. So, as you vybe this Yuletide, vybe with kindness.”

Kindness does not have to cost you a kobo, so click here to download and share your kindness calendar for those simple tips to start performing acts of random kindness every day this December.

The need to promote kindness in our homes, schools, fun places, and the society at large cannot be over-emphasized especially with the increased incidence of bullying prevalent around us. In promoting the need for kindness in education and ‘cyber kindness’, FirstBank sponsored two impactful webinars during its corporate responsibility & sustainability week in July 2021. You can click here to access the Zoom recordings of the webinars.

Kindness should be a way of life, and FirstBank is at the forefront. Join the kindness train, vybe with kindness this Yuletide and always!

 

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Banking Sector

Stanbic IBTC Emerges Most Outstanding Commercial Bank Brand in Nigeria

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Stanbic IBTC - investorsking.com

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, was named the “Most Outstanding Commercial Bank Brand in Nigeria” at the 2021 edition of the BrandCom Awards which was held recently.

The awards, organised by Brand Communicator Magazine recognised brands, organisations and personalities. It took cognisance of their outstanding contributions to the growth and development of the Nigerian economy.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, appreciated the organisers for the award, and noted that Stanbic IBTC Bank has over the years provided unparalleled services and designed products tailored explicitly towards meeting the needs of its customers. 

Wole noted that the award would spur the organisation to continue providing excellent services to its clients. The awards reaffirm the organisation’s commitment to providing world-class financial services to its network of clients.

The Stanbic IBTC Bank Chief Executive said: “We are delighted to have emerged the Most Outstanding Commercial Bank Brand” at the BrandCom Awards. This award confirms that we prioritise our customers’ interests because they are the reason we are in business. We pledge to continue developing innovative products and services that are customer-centric, just as we are committed in our quest to continue fulfilling the financial needs of our customers at all times.”

Wole added that Stanbic IBTC would strive to continue exceeding its customers’ expectations.

Stanbic IBTC remains committed to providing a simplified customer-friendly experience that enhances customer satisfaction and exposes them to new trends in the financial services industry.

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Banking Sector

Australia Welcomes 6 World-Leading Crypto Reforms

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Central Bank Digital Currency (CBDC)

The Australian government is considering the launch of a Central bank Digital Currency (CBDC), and has supported several forward-facing regulatory cryptocurrency proposals as part of an all new “payments and crypto reform plan.”

The government’s Treasurer, Josh Frydenberg stated that the reforms will give Australia a seat among some leading countries across the globe.

This crypto reform plan is set to be the largest reshuffle of the Australian payments system since as far back as the 1990s, as part of the crypto-related preparations will be set by the innovative proposals brought forward by an Australian Senate Committee back in September.

According to the Australian Financial Review, the government looks to be backing six out of nine crypto reforms proposed by the Senate Committee, as well as a licensing regime for cryptocurrency exchanges, laws to oversee decentralised autonomous organisations and an access regime for newer payment platforms.

Two proposals which are related to taxes and financial compliance have been forwarded to their respective government agencies for consideration, while the government has knocked back a new proposal related to discounts on tax on renewable energy Bitcoin mining.

Frydenberg gave out the government’s plans for regulating crypto, taxation as well as CBDCs in a speech delivered on Wednesday at rhe Australia-Israel Chamber of Commerce (AICC). He stated that embracing the new developments would provide Australia a huge opportunity to capitalise on the recent convergence between technology and finance.

Speaking on CBDCs, a senior government source mentioned that a retail scale RBA (Reserve Bank of Australia) supported Bitcoin or cryptocurrency is being considered at the moment, and will be a vital part of the governmen’s regulatory reform on digital payments.

During his speech at AICC, Frydenberg was bullish on the crypto asset reform. He said that for businesses, the reforms would address the ambiguity that is possible concerning the regulatory and tax treatment of crypto assets and new payments.

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