Cashless Economy: FirstBank Empowers Customers with Alternative Channels

by Mercator Advisory Group 0

As the ‘Cashless Lagos’ scheduled to commence on January 1, 2012 and expected to reduce the cost of managing cash draws near, FirstBank Plc says it has invested huge resources in alternative channels to ensure that customers get the best in service delivery. FirstBank, by virtue of its array of electronic payment channels, has restated its commitment and preparedness to implement CBN’s cashless policy. Some of the solutions include FirstPay, FirstMobile, FirstAlert, and FirstOnline, among others.

BusinessDay gathered that financial institutions are all making significant strides in the area of deploying electronic channels in preparation for the take-off of cashless policy pilot in Lagos. Chuma Ezirim, head of e-Business Group of First Bank told Business Day recently that FirstBank is offering customers these safe, convenient and secure alternative banking channels to facilitate the drive towards a cashless economy, as well as promote financial inclusion. According to him, the bank’s alternative channels will ensure that customers enjoy effective service when the pilot begins.

He said that the FirstBank has various products that enable payments, transfers, cash deposits, and purchases via the Internet, mobile phones, Point of Sale Terminals (Pos) and automated teller machines (ATMs).

“First Bank raised the bar in technology-driven banking through a suite of highly secure electronic banking products and the recent introduction of the biometric ATM. The deployment of the new biometric solution provides convenience and security to the Bank’s diverse customer segments, and aligns with the financial inclusion strategy of the CBN to address the unbanked population.”

More and more financial institutions are embracing a multi-channel approach to servicing their customers. Not only does this provide alternate channel options when customers are in new or unfamiliar locations, such as new or expanded ATM or mobile banking options, but it also offers new ways to interact with a wide variety of customers. This provides opportunities for FIs to better differentiate themselves and foster stronger and deeper relationships with their customers.

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