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Wema Bank sets 3m digital customer base target by 2020, upgrades systems

To key into the trending digitization of operations which translates to branchless, paperless and boundless transactions, Wema Bank Plc has said it is targeting three million millennial customers by 2020.

Giving more insights to the development in Lagos during the 72nd birthday of the bank and the launch of Alat, a digital platform that will address digital lifestyle, Managing Director, Mr. Segun Oloketuyi, explained that Alat is a consistent need of 24 hours banking transactions.

He argued that it would not displace the brick and morter banking system because as at June 2016, Wema Bank recorded over 1.75 million accounts, a staff strength of 1,008, 245 automated teller machines (ATM) across the country, 4,500 Point of Sales (PoS) and 142 branches.

The bank chief noted that between 2012 and 2016, the bank recorded over N225 billion that had been capitalised, stressing that with the past successful records of the bank, Alat has more capability including loan process, 24/7 contact centre, solving issues with a mindset to leverage on digital platform as well as raking in $3 million revenue in the next three years.

According to him, “Alat is the bank for the future and it redefines the seamless relationship we have with our customers. This is an offering to young professionals, entrepreneurs and students who are tech savvy and always on the move. It is an opportunity to integrate banking into their lifestyle without hassles, by offering them real value, as they desire.

“Alat customers will enjoy on-boarding process without the hassles of filling forms, huge interest on savings, in-app card services (card request, activation and control), ability to schedule recurring transfers and bill payments as well as seamless profile settings. All these made possible by an automated back-office processes including a 24-hour state-of-the-art contact centre, automated Know Your Customer (KYC) process, automated card production and delivery as well as automated settlement and reconciliation processes.”

Oloketuyi noted that the bank was happy to power Alat as the first digital bank in Nigeria and was committed to satisfying its current and prospective customers by offering them an optimal banking experience through innovative digital technology.

He said “This is why it is essential to enunciate that this is not a digital product or just a mobile app, it is a complete bank. We have placed the bank in the palm of the customer and it is convenient, safe, reliable and personalised. We are indeed proud to be presenting Nigeria’s first fully digital bank to Nigerians and offering our customers ease in their daily lives with financial services that meet their way of life”.

In his remarks, the Digital Officer of the bank, Mr. Dele Adeyinka, said Alat ‎cards can’t be compromised because only the customer controls his card with secured codes.