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’.
Good day Sir,
I will like to commend your write up on beyond banking. I toll along with your ideas and thoughts on the use of innovation and technology to advance banking beyond the usual banking room, which i feel your bank and other DMBs in the country are initiated already. This is something commendable. However, there is a need for DMBs to get it right in other areas like stronger credit controls, driving of the real sector of the economy which is SMEs, more structural governance into their service delivery etc.
All this issues and more raised are what has engulfed Nigerian banks, Skype bank management is one of the latest victim of this casualty and i know that there are others who are on the same standing with them, but enjoy Federal power or familiarity grace.
All this issue can be solved with simple employment of innovation and technology and i feel its high-time DMBs in Nigeria should create a platform where the creditworthiness of both individuals and corporate organizations can be verified and assessed. Not just that, there should be a financial limit or benchmark on assessing or giving out credit facilities by banks. There is need for more governance and austerity measure in the strengthening of the operations of banks in Nigeria.
I believe we will get there but structures and innovation should be put in place so as to make it easier and faster. And Diamond bank under your leadership has been doing a splendid job.
I appreciate your strives, even if it is more money and customers to you but making things easier and stronger is for the betterment of everyone.
Gomez Michael B.