Like everything else around us, banks and banking as an industry is witnessing huge changes everyday. With the ever growing digital footprint it was universally believed that the banking industry would still be playing ‘catch-up,’ and that the potential to be left behind or consolidated would increase as consumer expectations escalate and margins remain thin. With a storm brewing up as competition increases, shifts in technology and changing consumer behavior it only becomes more necessary to flip our perspectives and start adopting new technology and working practices. Therefore, I strongly believe in going beyond the banking that we’ve known. Beyond Banking therefore, is not just a term but a mindset and culture that I believe will shape Diamond Bank’s future.
Customer is the key. Always. Providing a plain sailing customer journey at every point is extremely crucial to strengthen the relationship; especially now since their lives are increasingly oriented around mobile phones. It is no longer adequate to wait until the customer or member walks into a branch for solutions as most of the decisions customers make are informed by the quality of their experiences all along their journey. For instance, at Diamond Bank, our Digital marketing strategy is planned around consumer buying journeys as consumer shopping behavior for financial services continues to evolve.
Most of my work is based on concrete facts. I consider data and its analysis an incredibly powerful tool. What with big data coming up in a massive way, making decisions based on accurate data couldn’t have been easier. This largely applies to our industry in order to follow consumer trends and pick up insights; thereby creating an edge over competition. In fact, CapGemini found that over 60% of financial services institutions in North America considered data analytics to be a source of a significant competitive advantage. Taking it a step further, big data can provide real time recommendations to their customers based on changes in their financial profile. With our customer base, we can get loads of data to dig insights for us and our customers.
As a strong advocate for entrepreneurship and SMEs, we at Diamond Bank provide support through various channels. However, in my opinion, in order for their business to succeed access to funds is not enough. There has to be an ecosystem involving various shareholders that could enhance growth. Through technology a common platform which provides banking facilities, access to markets and advisory services. This holistic ecosystem will not just grow business and economy but also valued relationships. Through BET5, an annual program from Diamond Bank and several training seminars across Nigeria we are moving closer to this vision.
For those of you who’ve been following my blog, Diamond TV is an initiative of Diamond Bank to provide Edutainment for our customers and potential clients. Through this, we intend to develop an online channel which audience loves to engage with. There will be many more services on this app in the future and I am very excited about it, to me this is truly a step forward towards beyond banking.
In the years to come, Diamond will be a platform offering several services – and Banking will be one of them. The future looks very exciting and we are getting geared up for the ‘beyond banking era’.