Business News of Monday, 22 November 2021
Source: thebftonline.com
2021-11-22
Benjamin Dzoboku
The Chief Operating Officer of Republic Bank (Ghana) PLC, Mr. Benjamin Dzoboku, has touted Republic Bank’s readiness for Digital Transformation through the introduction of innovative services powered by technology. He made this assertion when presenting his keynote address at the 3rd Annual Africa Digital Banking Summit 2021 – Innovation & Excellence Awards, which were held earlier this month.
The COO in his presentation gave a historical trace of digital evolution and the generational cohort theory. According to him, today’s world is driven by data and the need for convenience. Customers now prefer banking away from the bank’s physical structures; the concept of Relationship Banking is gradually moving to the concept of customer experience; Customers are spending more than saving, hence shifting focus of interest on deposit to fees and commission for banks; and Customer Loyalty is also shifting to Customer Satisfaction.
Banks are therefore spending more on building robust technology infrastructure (with the added new cost of investments in cybersecurity) than on branch expansion.
Mr. Dzoboku concluded that the new definition of banking is Customer Experience.
The COO further elaborated Republic Bank’s preparedness for this shift in banking, by enumerating various measures and initiatives taken by the bank with regard to technology and digital transformation.
Republic Bank has just launched its new and improved digital suite of services to provide convenience for both customers and non-customers of the bank. The suites include a Mobile App (RepublicMobile Ghana), USSD application (RepublicUSSD*414#) and Internet service (RepublicOnline).
The bank has improved upon its information security systems, and is now certified by ISO/IEC and PCIDSS. Republic Bank last year introduced its Seven Service Elements, and continues to invest in building the capacity of staff to deliver superior service. This is to ensure that stepping into any Republic Bank portal means stepping into True Success, either on the bank’s digital platforms or at any branch nationwide.