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CR2 strategizes to reduce bank’s operational cost in Nigeria


Chief Operations Officer of Cr2 Mike Brady. Image source cr2

Chief Operations Officer of Cr2 Mike Brady. Image source cr2

CR2, a broad banking software developer said it is strategizing to improve quality of personalise customer services, reduce operational cost and help Nigerian banks boost revenue sources.

Disclosing the plan in Lagos on Tuesday, Chief Commercial Officer and member of the Executive Board of the Irish firm who was on a trade mission to Nigeria, Kieran Kilcullen said there was need for Nigerian banking sector to leverage on the growing internet penetration to deploy technologies that would enhance operations, reduce cost and make customers an integral part of the banking system.

According to him the development will boost banks’ capability to serve broader range of customers.

Kilcullen said: “It is hard for banks to generate money by servicing customers purely through branch activities, since branches are expensive to build and maintain. The more transactions customers can do through devices, the more the bank expands and bring more people inside the banking and financial community”.

Currently working with some top commercial banks in the country, the organisation maintained that its omni-channel banking solutions, which allows users to operate a synchronised service would create lasting satisfaction for banks and their customers.

Kulcullen said that the organisation has developed product portfolio, which include BankWorld integration self-service platform, BankWorld ATM and Kiosk, BankWorld Internet, mobile app, carworld, fraud management, as well as POS solutions to proffer solutions to customer focused banks.

He explained further that the solutions would enhance responsive sales campaign channels, segment and help personalised capacities, offer easy management and create unique experience for customers to manage their money.

He noted that the organisation was aware of the infrastructure challenge in the country, which has doubled the cost of doing business and as such has made adequate plans by supporting its technologies with alternative power sources to reduce infrastructure challenges.

Lamenting that bank operations in the country is more difficult and expensive, Kulcullen said that banks must discourage traditional banking by concentrating on personalise services to deliver convenient and easy banking.

He said the pressure of shrinking oil revenue and currency depreciation should make banks focus on offering real services which will broaden customer base and simplify retail banking to increase and support customers thereby reducing the cost of maintaining branches.

“By increasing online transaction it makes it more profitable. It helps to generate new revenue by selling products that target specific customers. The products needs to be personalised so that customers can be offered specific products which suit them,” he stressed.

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