For banks in Ghana, many payments are transacted through mobile apps controlled by online-payments specialists and digital merchants. Payments represent the foothold for the entire banking relationship, and this base is under attack. Offering a strong Payment- Plan as part of a holistic strategy for digital banking is therefore an imperative for banks.
But to compete in this emerging arena, banks must meet the expectations of digital natives, delivering diverse tools to help customers make smart decisions across a range of financial services. They should begin by capturing their customers’ most frequent transactions with the new mobile channel and then proceed toward a fully digital relationship.
The banking industry’s efforts to shift to digital channels have been staggered, at best. Given the industry’s financial pressures and global economic uncertainties, there is increased urgency — and opportunity — to adopt an all-inclusive approach to going digital and integrating that strategy across the banking ecosystem. Embracing a fully digital strategy requires end-to-end modernization of a bank’s infrastructure. Equally important, it requires a transition from an account-based view of banking customers to one that knows them as individuals and enhances the customer experience with relevant, convenient and personalized products and service.