New technology to increase bank’s revenue sources, cut costs

The cost of banking may soon be reduced and other channels of income harnessed with new electronic banking options introduced into the country.

The software banking option, which was introduced by global banking software giant, Cr2 in partnership with GlobalInfoswift intends to Nigeria, achieve its cashless society.

Speaking last week at a media parley in Lagos to unveil the plan, the Chief Operations Officer of Cr2 Mike Brady said it was high time for all commercial banks across the country to explore new revenue channels and reduce costs with E-banking.

“It is essential for banks to choose a solution which can help deliver the right product, in the right place, at the right time and we are excited to continue to work with Nigerian Banks to enable them to deliver innovative and advanced banking to customers.” Brady said.

He said the banking sector could do more to satisfy their customise by increasing self service channels and as well reduce branches.

Brady added that its organisation’s innovative device, which has been in the country for about 10 years, has improved banking experience of partner banks.

“CR2 has a strong presence and history in the Nigerian market, which is currently seeing an unprecedented shift towards self-service channels. ATM numbers in the country have rocketed from 865 to over 12,700 in the past 10 years, with an increase of 19 per cent from end of 2012 to end of 2013 alone. As such, Cr2’s existing clients such as Diamond Bank have benefited greatly from adopting Cr2’s integrated self-service management platform and adopting to these market trends”, he added.

According to him, Nigeria remains a very dynamic market as banking customers continue to embrace innovative and unique banking services.

The Managing Director of GlobalInfoswift, Solomon Edun who also spoke at the event said banks must utilise the new age technologies to reduce the cost of doing business.

He said the integrated option would leverage banking experience with a single point of contact alternative.

Edun also revealed that the innovation would to solve frauds and resolve failure in transactions while using ATM machines.