ALAT by Wema: Charting roadmap for digital banks, fintech - Punch Newspapers

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Banking is a lot different today than it was at the start of my career over 30 years ago, and I am grateful for that. More innovations and creativity have led to more growth and opportunities, which in turn open the door to more innovations and creativity. On and on, the virtuous cycle goes.

However, what young people have today that we didn’t have before is the abundance of choice fueled by the rapid penetration of the Internet and digital technology. These two factors have introduced new dimensions to how we do business and make money. Today, young Nigerians have more career choices, with technology replacing some jobs with new ones. In addition, there are also more options for communication.

Today, some of the most popular “banks” are simply apps that offer financial services to young Nigerians, who make up most of Nigeria’s population. But, because of their sheer size and cultural influence, every other generation is having to adapt. This means banks have to upgrade their systems and services to deliver online and around the clock. This also means banks have to become more creative with their services and embrace convenience as a competitive advantage.

These factors influenced our introduction of ALAT by Wema Bank, long before other banks caught up and long before the fintech bug bit our ecosystem. We saw the inevitable future coming, and we have positioned ourselves to play a massive role in bringing it to fruition. We introduced ALAT in 2017 as a bank that is flexible and intuitive, a perfect match for Nigerians who value their time and enjoy the convenience that technology brings.

 

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