ALAT: Technology changing face of banking system

Technology is changing the way banking is done, with lenders becoming more technology savvy to meet customers’ needs, Wema Bank Executive Director of Retail & North Directorate, Moruf Oseni has said.

Speaking during the Digital Pay Expo 2017, a Fintech industry-focused event held in Lagos, he said banks should take steps that will enable them meet customers’ needs better.

He said that customers should be given a priority in designing banking products and services. “Banks must become customer-centric. This is why Wema Bank created ALAT.

We asked customers what they wanted and came back to design a product that addresses customers’ needs,” he said.

Oseni, who represented Wema Bank’s Managing Director, Segun Oloketuyi, noted that the disruption in the banking industry is real. “There are two ways to react to it. Its either we sit down and wait to be protected by the regulators or work with the ecosystem to build the future of banking,” he said.

Wema Bank launched ALAT on May 2nd as the bank celebrated its 72 years of existence, shocking the Nigerian banking industry with an innovation unexpected of an old bank. ALAT is Nigeria’s first fully digital bank which empowers Nigerians to run a bank account online without necessarily having to visit a bank.

With ALAT, account opening/sign-up can be done in five minutes from a mobile phone or personal computer. Holders of the account can also enjoy a simple automated savings plan that will see them earn 10 per cent annual interest – about three times the standard bank rate.

Debit cards are delivered to an account holder’s address in two business days, anywhere in Nigeria, at no cost. Also, after activating a debit card, an account holder can lock it, unlock it and choose where it works. All these can be done from a mobile phone. The ALAT is available for download on Google’s operating system Android and Apple’s iOS.

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