Banks must seize the financial inclusion opportunity by focusing on key action points:
Define a clear strategy to serve the mass market segment as long-term commercially viable business.
Create a simple, needs-based product set—transact, save, borrow, invest and protect. Multiple customer use cases built on an open platform that are affordable, transparent and include activity-based pricing.
Build low-cost branches, taking advantage of hub and spoke servicing. Extend agent network with correspondent branches and agents.
Create simple banking processes. Focus on customer needs and financial education. Enable customer self-servicing and instant/rapid customer fulfillment.
Target straight-through processing with zero back office. Automate controls and risk decision-making. Introduce digital customer credit and identification analytics.
Extend customer reach through third-party partner and agent management.
Digitize and automate processes. Ensure mobile and digital-first enablement. Create a just-in-time model with flexible, low-cost, managed services. Use big data and analytics extensively.
One of the banks in Nigeria that are currently leaders in this industry is Polaris Bank.