“Despite Age, First Bank of Nigeria Limited, Continue To Evolve Technologically, In This Report: Odume Festus, takes a look at the bank strides In Promoting Easy of Doing Business With Electronic Banking For Its Valued Customers”.
No doubt, customers in Nigeria banking sector has passed through different means of carrying out their personal or corporate businesses, from the era of tally number to present technological stage that have turned around how banking transactions are been executed.
As digitalization advances, the internet is becoming even more rapidly, the banking halls of today. Internet banking is taking hold, phasing out the days of heartbreaking long queues, coupled with long hours of trying to make complaints or access basic banking transactions.
For First Bank Of Nigeria Limited, a member of FBN Holdings Plc, listed on the floor of Nigerian Exchange Limited (NGX), reinventing its business model in order to make business of banking transaction easy for existing and prospective customers, has always been the priority of the foremost banking institution that was established in 1894.
FirstBank, being one of the most popular banks in Nigeria and in line with its strides in over 127 years of operations, has developed internet and mobile banking systems in order to make banking easier for its customers. This can be seen in the baskets of electronic banking products it has placed on the door steps of their numerous customers across the globe, while still at the forefront of promoting financial technology, popularly known as Fintech.
No wonder in the past four years, First Bank has been sponsoring its annual Fintech Summit, where key stakeholders converged to discuss issues, challenges and offers solutions on how to grow the emerging Fintech ecosystem. Annually, an average of 1,000 participants, mostly Fintechs and enthusiasts, attend the physical event in Lagos. In 2020, due to the Covid 19 pandemic, the event was completely virtual, hence, it witnessed an attendance of over 6,000 participants from 52 countries globally online.
The 2021 edition of the summit which is the fifth in its series with the themed; “Open Banking And Its Derivative Opportunities For The Financial Ecosystem” that was held on October 7, is still generating conversations among experts, policy influencers, regulatory officials as well as key and leading players in the Nigerian financial, banking and technology climate.
For the Chief Executive Officer of First Bank, Dr Adesola Adeduntan “our annual FinTech Summit in the past four years has been a platform of leading conversations and practices that have impacted the financial technology and electronic banking eco-system which has been integral to bridging the gap and digital divide of modern banking in today’s global village. Participants at our summits have been enlightened on ways to optimally carry out their digital transactions and business activities in safe and seamless ways”.
Apart from the annual fintech engagement, in furtherance of its commitment in spearheading value driven mobile and digital banking in Nigeria, First Bank launched the following applications, LIT Application, created to revolutionize the culture and experience of mobile banking in Nigeria.
The state of the art banking app is the first of its kind in the industry, exposing customers to a wealth of opportunities to promote their safety, convenience, whilst ensuring they are at an edge in today’s digital banking world. It is a mobile banking app developed and owned by the bank and configured with a wide range of exciting features to meet the needs of its dynamic customers.
The LIT application is not just about bills payment, funds transfer or airtime recharge, but also the app is equipped with several other exciting features that reiterate the bank’s resolve to continually expand its digital architecture to modernise its interaction with customers, irrespective of where they may be across the world.
Other features of the LIT app include: multiple transfers which allow customers to select several beneficiaries at once for a single transfer; account opening opportunities for non-customers as well as account management, enabling customers to identify their relationship managers for immediate assistance, should the need arise.
In addition, customers can generate bank statements with options to download as pdf or send an email whilst having receipts generated as far back as one wants. With the LIT app, customers are also able to log and manage their complaints without having to visit the branch. The LIT app is not all about usage but rewards as users are rewarded for using the application.
However, owing to the effect of the Covid-19 pandemic, FirstBank unveiled FastTrack ATM, the premier version of its kind in Africa which has been designed to enhance more financial operations without needing to physically interact with the machine. The FastTrack ATM enables users to perform their regular activities such as transfers and withdrawals without interfacing with the machine.
Popularly regarded as a Touchless Solution, the FastTrack ATM allows users to make use of their mobile phones in executing the required steps for the ATM’s implementation. Making use of their phones, users will perform transactions in advance via First Bank mobile banking option or the USSD. With this development, First Bank customers can leverage this mobile banking capacity to enable quick cash withdrawals.
Another product is FirstBank Chat Banking, which is for customers who are on the messaging platform, with theChat Banking, customers can check account balance, transfer money, purchase airtime and internet bundles, and also get help. Highlighting some of its features, First Bank head of eBusiness, Chuma Ezirim, explained that the WhatsApp channel is the most secure in Nigeria as it provides more security outside the end to end encryption that the Facebook messenger provides.
While the head of First Bank’s Digital Lab, Lola Ekugo, went on to state the authentication process. According to her “for us security is key, we have a lot of customers and we cannot afford to compromise on that. Aside from the WhatsApp end to end encryption, there is an authentication via a secure browser hosted by First Bank for on boarding where you will be required to answer questions, put in your pin, digits from your debit card and also required to create a pin”
FirstOnline, is another interesting package, it’s the bank’s internet banking platform that provides unrestricted and secure access to customers account anytime and anywhere through any internet enabled device. This platform comes with classy features, impeccable user experience, convenience and is easy to use.
Its unique attributes are in line with FirstBank’s brand vision, which is, to be the partner of first choice in building your future and deliver the ultimate gold standard of value and excellence, and position customers first in every respect. As of June 2021, FirstOnline was able to boasts of an impressive 597,466 customers, a 17% growth on the previous year and 578,292 transactions per month averaging a value of 388 billion per month.
Not forgetting FirstMobile, the official mobile banking, that provides convenient access to both financial and non-financial transactions by FirstBank account holders via their mobile devices. It is sleek and convenient to use with its easy enrolment process as all FirstBank customers with Verve and Naira MasterCards can begin using the App without having cause to visit a FirstBank branch.
It also offers FirstBank customers unique access to the latest articles and videos across a wide variety of categories, including technology and gadgets, life and travel, the economy, local news, luxury goods, business, health, sports, entertainment, shopping and more. FirstMobile remains yet another obvious step towards leveraging evolving technologies to bring fast and convenient financial services closer to Nigerians, in line with the bank’s digital banking strategy.
As of June 2021, First Bank, boasts 4,596,203 users on the FirstMobile App which is a 9% growth of the total users in the previous year and an average of 27,730,830 transactions every month. With such large patronage and dedicated platform that allows customers to conveniently make transactions with their mobile phones, Tablets and Pc is always within customers’ fingertips.
FirstMobile is also embedded with a card protection service for customers to enable and disable cards on channels, account switch off as well as second factor authentication and device registration. Customers can remotely initiate the request for a new debit card as well as the replacement of a lost or damaged one, whilst managing activities on their card and account.
FirstMobile takes into cognizance the security of customers and their funds. The biometric for transactions is an innovative security upgrade on the application to validate transactions. This feature includes fingerprint for transactions, allowing the customer to use his or her fingerprint to consummate all transactions. Other features of the FirstMobile App include frequent transactions; dashboard flexibility and personalisation.
In need of a loan to meet that pressing need, FirstMobile also has you covered and puts you at an advantage with the FirstAdvance, a product designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries and also Nano Loan features. It is indeed an overall exciting App that ensures financial happiness.
On the flip side, the bank today owns, Firstmonie Agent which is the foremost financial inclusion service platform in the country. This network has over 130,000 agents which is the largest bank led agent network in Africa. The network has achieved over 750 million transactions worth N15 trillion, about $30 billion processed from inception to date. The Firstmonie agency banking scheme has empowered agents across all local government areas in the country, providing employment to thousands of people. These agents are the true heroes as they are the bank’s ambassadors in their various communities.
With these technological platforms and still counting, First Bank has been able to place all its retails / individual customers, SMEs and all corporate customers on the map of global easy of doing business through the introduction of electronic banking in Nigeria.
First Bank is Nigeria’s premier and most valuable banking brand, and largest financial inclusion services institution by total assets and gross earnings. With more than 30 million customer accounts, First Bank has over 750 branches providing a comprehensive range of retail and corporate financial services. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
