Broadcasting
Boosting Profitability and Enhancing Deeper Customer Engagement with Conversational Banking
By Marina Bolfan, Senior Customer Growth Executive at Infobip Nigeria
Nigeria’s banking sector is becoming increasingly more competitive. This is especially the case within the digital banking space where traditional banks not only have to compete against each other in the use of cutting-edge technology to deliver better financial services, but also having to contend with emerging fintechs driven by the need to accelerate financial inclusion.
For financial institutions to maintain a competitive edge, it is becoming crucial to embark on a deeply rooted customer engagement strategy that will enable them to create strong and long-lasting relationships with their customers. Today, modern customers have various options at their disposal and are willing to switch to another bank should they feel dissatisfied with the Customer Experience (CX) at their current financial institution.
On the other hand, customers who feel connected with their bank are more likely to remain loyal and will even recommend the bank to other users. Loyal customers are also more likely to use banking services regularly and to try out new products and services. This ultimately leads to greater revenue generation and profitability for the financial institution.
As such, key stakeholders within the banking sector have come to the realisation that value innovation from a customer experience perspective is required, where new tactics to improve banking experiences from an end-to-end customer engagement viewpoint should be adopted to facilitate the launch of new business models backed by analytical insights.
New communication channels
Considering the current landscape, banks that continue to use traditional or conventional digital channels of communication such as SMS, USSD, email and mobile apps, are placed at a disadvantage and are less likely to gain a lead in the market. Instead, the rise of digital banking is prompting banks to focus on new communication channels that will tie their customers to them through enhanced experiences, that result in a better CX. While traditional channels will still remain part of the banking landscape, banks must provide additional banking channels and customer engagement platforms to compete in today’s market.
Part of this strategy is for banks to provide conversational or chat banking that takes offline banking online by enabling customers to interact with chatbots, voice assistance systems, human agents, and online chats that can provide personalised advice without customers having to visit a branch. Conversational banking enables banks to shift towards hyper-personalisation, automation and 24/7 availability, which can be harnessed to deliver personalised and seamless experiences while also driving cost efficiency for the business. This results in improved CX and drives business growth, which is ultimately every bank’s main goal.
Rich Communication Services
Rich Communication Services (RCS) is a channel that is becoming integral to conversational banking. While still relatively new to Nigeria, RCS can be seen as an upgraded version of SMS, complete with the rich features of a chat app. Rich features include images, videos, and audio files that can be seen in RCS messages and that provide a more engaging and personalised experience for customers. RCS offers a wide range of features that can improve CX, including interactive functionality that enables customers to make bill payments or balance enquiries, while providing privacy and security through end-to-end encryption.
The main value of incorporating an RCS channel is that it yields better customer engagement, increases trust and builds long-term customer relationships. By sending RCS messages, banks can ensure that customers gain higher visibility of their brand, while also presenting new offers and campaigns in a more effective way, such as information about loans, changing interest rates or new credit cards. Banks can also use RCS to send notifications or useful reminders about card activations or payment instructions.
While RCS is new to the local market, the opportunities it presents are huge and use cases will grow exponentially as the channel gains traction. Conversational banking should ultimately provide a seamless flow of conversation to ensure positive CX and manage a host of complex transactions that will lead to a deeply rooted engagement that translates into a long-term relationship between a bank and its customers.
Broadcasting
51-Year-Old QNET User Breaks World Record with 20 Back Handsprings
QNET, a global wellness and lifestyle company, proudly celebrates the remarkable achievement of Anup Debnath, a 51-year-old fitness enthusiast, ardent user of QNET products, and resident of New Jersey, USA, who recently attempted to set a Guinness World Record as the oldest person to perform continuous back handsprings.
Debnath’s feat underscores the power of balanced health and wellness to maintain peak physical performance at any stage of life.
On October 19th, at the Marlboro Township Recreation Center, Debnath completed 20 continuous back handsprings, a remarkable testament to his strength, stamina, and unwavering discipline.
His journey back into gymnastics after nearly 27 years highlights the potential of a balanced lifestyle supported by QNET’s wellness products, demonstrating that age is no barrier to achieving extraordinary physical goals.
“To accomplish something like this at my age takes intense dedication, a consistent fitness regimen, and harmony of mind, body, and spirit,” Debnath shared.
“For the past two years, I’ve relied on the Amezcua Chi Pendant 4 with Amezcua Resonance Technology (ART) to keep me centered and energized.
Paired with other Amezcua products, like the Bio Disc 3, which energizes my food and structures the water I consume, giving me mental and physical balance, and the Bio Light 3, which aids in recovery by alleviating pain and discomfort after intense training, these products enhance my overall well-being and empower me to push my limits.”
QNET’s Chief Marketing Officer, Trevor Kuna, extended his heartfelt congratulations: “Anup’s achievement is extraordinary, and we are incredibly proud to have played a part in his journey.
“His belief in QNET’s Amezcua products reflects our mission—helping people achieve balance and wellness in every aspect of their lives.
“Anup’s story is a testament to discipline, resilience, and holistic well-being. We celebrate his inspiring feat and his commitment to greatness.”
QNET’s Amezcua Chi Pendant 4, which utilizes ART, is designed to support wearers in achieving holistic well-being by harmonizing physical, emotional, and mental energies.
Through Debnath’s achievement, QNET encourages individuals to explore how Amezcua technology can support their wellness journey at any stage in life, empowering them to achieve their own physical and mental potential.
Broadcasting
House of Reps Calls for N500bn Recapitalization of DisCos
House of Representatives has called on the Federal Government to enforce a minimum capital base of N500 billion for electricity distribution companies (DisCos) to continue operations.
The lawmakers argue that only financially robust DisCos can ensure efficient service delivery and maximum consumer satisfaction.
This resolution was passed during Wednesday’s plenary following a motion by Ibrahim Isiaka, a representative from Ogun State.
Isiaka criticized the current operations of DisCos, describing their actions as a threat to the economic stability and welfare of Nigerians.
He highlighted consumer complaints regarding the replacement of electricity meters, noting that DisCos often demand additional payments despite consumers already financing the installation of meters.
Isiaka expressed concern over the financial burden this places on households and businesses struggling with economic challenges.
The motion also raised issues of consumer trust, alleging that DisCos operate with impunity and disregard for consumer rights, despite oversight from the regulatory authorities and the House Committee on Power.
The lawmakers unanimously adopted the motion through a voice vote conducted by Speaker Tajudeen Abbas.
They urged the Ministry of Power to take immediate steps to address the “reckless actions” of DisCos, labeling them as non-state actors threatening Nigeria’s economy.
The House further mandated the recapitalization of DisCos to a minimum of N500 billion, insisting that only financially capable operators should be allowed to continue providing electricity services.
Additionally, the House Committee on Power was directed to investigate the activities of DisCos to ensure accountability and protect consumer rights.
Broadcasting
Chinenye Anuforo of The Sun Newspaper Honored for Excellence in ICT Journalism
Chinenye Anuforo, a distinguished journalist from The Sun Newspaper, has been recognized for her exceptional contributions to ICT journalism in Nigeria.
Last week, she received the ICT Innovation Storyteller Award at the Africa Tech Alliance Excellence (ATAEx) Awards, celebrating her ability to craft compelling narratives that highlight the complexities and potential of the ICT sector.
“Chinenye’s dedication to her craft is evident in her insightful analysis and engaging storytelling,” said Mr. Chike Onwuegbuchi, co-convener of the ATAEx Awards.
“Her work has consistently illuminated the significant impact of technology on society, making her a deserving recipient of this award.”
The accolades continued as Anuforo was named the ICT Reporter of the Year at the Africa Digital Awards (ADA) just a week later.
This prestigious award further cements her status as a leading voice in the ICT industry.
Mr. Tayo Adewusi, Publisher/Coordinator of NIICF & ADA, who presented the award, praised Anuforo’s role in shaping public discourse on ICT issues.
“Her reports have not only informed but also inspired, making her a true champion of digital innovation,” he said.
Expressing her gratitude, Chinenye Anuforo stated, “I am deeply honored and humbled to receive these awards.
“I am grateful to my editors at The Sun Newspapers for their unwavering support and to the organizers of the ATAEx Awards and Africa Digital Awards for recognizing my work.
“It is a privilege to contribute to the growth of the ICT sector in Nigeria through journalism.”
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