FinTech Apprise - Leveraging Digital Innovations to Transform Customer Experience...........                          .                                                                                                                  .                                  


Vol. 2 Issue 3. 
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Leveraging Digital Innovation to Transform Customer Experience

Payment technology innovation seem to assume a stale state since the emergence of POS, debit & credit cards, contactless cards, and ATMs. However, a new trend is on the horizon as latest survey from Mastercard states that one-quarter of customers in Europe anticipate the usage of tap-and-go payments with a bracelet, smart watch, or other types of wearable payments.


In a new report, Millennial are topping the group of mobile banking users. But, they continue to file complaints regarding consistent issues being experienced with their banking apps; Consequently, they are the first to unsubscribe from the service due to disappointing user experience. P2P payments, fund transfer and transaction monitoring are the most prevalent transactions. 31% of the responded expressed their negative ordeal with family or friends, opening of accounts with another FI, submit complaints or suddenly ended their subscription. Security and fraud were the top 2 concerns among all respondents; another report states.

However, financial institutions can further provide better experience to customers and drive revenue by adopting an effective social media policy; a new article advised.

Major banks like Bank of America and Wells Fargo in the US are offering cash back benefits on some of their products, for instance credit cards, in order to attract customers and ensure retention; a new study revealed. In the program, customers receive certain percent cash back on all transactions or on some group of purchases. The study also found Millennial to be debit card lovers. However, the reward program does not apply to debit card users. This may lead to loss in some customer segments. The fair approach should entail offering specific rewards to all card customers with appropriate terms and prompt pay-out specification; irrespective of card types.

The Shift in Customer Experience Transformation

In a new report, customers are demanding real-time, self-service experiences, for instance voice-enabled transactions and intricate decision making, are on the rise. Financial Institutions can leverage Artificial Intelligence and Business Intelligence technologies to transform their customer services as though human interactions are limitless, for instance, popular brands have initiated the evaluation of interactive bots like Flo, AI. Furthermore, AI and BI can assist in sound decision making, and suitable product predictions that will receive high responses from customers including sales estimates. Additionally, FIs can use AI and BI to obtain insights about customers on each transaction in order to offer savvy financial advice.

What APP. is Suitable for Customer Financial journey?

Customers are looking for eBanking solutions that can support them in their financial voyage, for instance advice on financial decisions, coaching and much more, as highlighted by a recent report. Consequently, financial institution would need to utilize data analytics to identify patterns in customer preferences, provide best practices, highlight problems to avoid and tools that will support right decision making. A suitable solution utilizes; big data, Artificial Intelligence driven machine learning or deep domain expertize. The solution would provide insights that guides millennial in their financial journey. JETHRO’s jBI Suit is an efficient Business Intelligence Solution for your financial Institution. For more details, please click the link below.


Transformation in African Retail Banking

A recent mckinsey report highlights factors propelling expansion and transformation in African retail banking:

  • Providing irresistible offers to appropriate customer segments.
  • Wide coverage and captivating impression resulting in revenue growth.
  • Adopting an easy and robust banking operation model. This may involve a mix of digital transformation, back-office optimization and sales productivity.
  • Ensuring banking transactions are on digital channels. This may include:
  • Revamping existing operation to expand digital sales and transactions. For instance, Equity Bank of Kenya recently revamped its operations.
  • Banks can partner with FinTechs to offer mobile financial services to customers at marginal cost compared to branch network offering. For instance, MShwari partnered with Commercial Bank of Africa and Safricom, to offer mobile based loans.
  • The third approach is creating a digital bank. For instance, ALAT, Africa’s first full digital bank was lunched in 2017 by Wema Bank of Nigeria.
  • Ensuring risk management transformation:
  • Credit risk management.
  • Partnership with FinTech companies to ensure security management. For instance, JETHRO's jPrivacy - 2 factor Security Authentication System for your enterprise.
  • Using payroll lending to secure repayment.


Congratulations to The BEIGE Bank on becoming a universal Bank

The management of Jethro Limited has commended and congratulated The BEIGE Bank (TBB) for becoming the latest bank to attain universal license status in Ghana’s growing financial industry. It was licensed by Bank of Ghana early last year and after assiduous preparation, The BEIGE Bank was officially outdoored in December 2017.

The relationship between Jethro and The BEIGE Bank began a couple of years ago when the BEIGE Capital Savings and Loans (BSLC), now The BEIGE Bank, contracted Jethro to implement TEMENOS T24, the latest Core Banking Application Software, to aid the financial institution’s drive in technology banking. The project was successful and the Bank now runs on Temenos T24 Universal Banking Suite.



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