Thursday, 19 December 2024
Access Bank wins Best Digital Bank in Africa Award for leading the way in e-payments dispute resolution and banking innovations 2020
- The bank leveraged advanced technology to provide seamless transition and usage of digital banking
- It implemented a proper framework to address e-payment disputes and drive adoption of digital banking
- The bank’s customer-centric approach resulted in rising volume and value of digital products
5 November 2020, Singapore — Access Bank received the award for Best Digital Bank in Africa at the Middle East and Africa Regional Awards Virtual Ceremony 2020 presented by The Asian Banker.
The bank leveraged advanced technology to provide seamless transition and usage of digital banking
The bank leveraged technologies including advanced analytics, cloud computing, artificial intelligence, machine learning, and robotics process automation to reshape its operations and scale the business. Through these technologies, the bank provided more solutions such as WhatsApp banking to make services more convenient and accessible to customers. As a result, the bank’s transaction count rose to 73% while its transaction value increased to 83% in 2019.
It implemented a proper framework to address e-payment disputes and drive adoption of digital banking
Digital banking comes with a higher risk of payment disputes and is one of factors that deter customers from fully adopting digital banking. Access Bank built a contact centre to improve time taken in resolving customer’s complaints. Even after the merger with Diamond Bank, Access Bank was able to scale its solution to a larger volume of complaints by amending its policy. The initiative helped reduce the friction in adopting digital channels for payments.
The bank’s customer-centric approach resulted in rising volume and value of digital products
Access Bank was able to form a strong foundation for adoption and usage of digital banking services through its customer-centric initiatives. Digital products have risen in value and volume from 2019 to 2020. Usage and value of digital loans have increased by 287% and 305%, respectively. The number of mobile and internet banking users has increased by 60%. The bank recorded 23 million registered digital users in 2019 and onboarded about 500,000 customers monthly.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145
