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Introducing the first fully digital bank in nigeria- ALAT by Wema Bank. This is Nigeria’s first fully digital bank. As opposed to the regular banking system, everything is done from the comfort of your mobile phone through an app.
But before i go deep on how to register and ALAT banking system, I thought is worth noting to explain what digital banking is.
WHAT IS DIGITAL BANKING
Digital banking is part of the focused context for the move to online banking, where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual and remains ongoing, and is constituted by differing degrees of banking service digitization. Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile and ATM services.
digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels and the middleware that connects these nodes.
Ultimately, a digital bank should facilitate all functional levels of banking on all service delivery platforms. In other words, it should have all the same functions as a head office, branch office, online service, bank cards, ATM and point of sale machines, services such as:
- Account holders documentation
- Money Deposits, Withdrawals and Transfers Management of account
- Applying for Financial Products
- Loan Management
- Bill Payment
- Account Services.
The reason digital banking is more than just a mobile or online platform is that it includes middleware solutions. Middleware is software that bridges operating systems or databases with other applications. Financial industry departments such as risk management, product development and marketing must also be included in the middle and back end to truly be considered a complete digital bank. Financial institutions must be at the forefront of the latest technology to ensure security and compliance with government regulations.
REASON WHY YOU HAVE TO USE DIGITAL BANKING
The major benefits of digital banking are:
- Business efficiency – Not only do digital platforms improve interaction with customers and deliver their needs more quickly, they also provide methods for making internal functions more efficient.
- cost savings – One of the keys for banks to cut costs is automated applications that replace redundant manual labor. Traditional bank processing is costly, slow and prone to human error, according to McKinsey & Company. Relying on people and paper also takes up office space, which runs up energy and storage costs. Digital platforms can future reduce costs through the synergies of more qualitative data and faster response to market changes.
- Increases accuracy– Taditional banks that rely mainly on paper processing can have an error rate of up to 40%, which requires reworking. Coupled with lack of IT integration between branch and back office personnel, this problem reduces business efficiency. By simplifying the verification process, it’s easier to implement IT solutions with business software, leading to more accurate accounting. Financial accuracy is crucial for banks to comply with government regulations.
- improved competitiveness – Digital solutions help manage marketing lists, allowing banks to reach broader markets and build closer relationships with tech savvy consumers. CRM platforms can track customer history and provide quick access to email and other forms of online communication. It’s effective for executing customer rewards programs that can improve loyalty and satisfaction.
- greater agility – The use of automation can speed up both external and internal processes, both of which can improve customer satisfaction. Following the collapse of financial markets in 2008, an increased emphasis was placed on risk management. Instead of banks hiring and training risk management professionals, it’s possible for risk management software to detect and respond to market changes more quickly than even seasoned professionals.
- enhanced security – All businesses big or small face a growing number of cyber threats that can damage reputations. In February 2016 the Internal Revenue Service announced it had been hacked the previous year, as did several big tech companies. Banks can benefit from extra layers of security to protect data.
In addition we all know how stressful banking in Nigeria can be, from the long banking hall lines to the numerous charges and sometimes the long procedures involved in opening a new account.
ALAT is here and promises to be the change we’ve all been waiting for. Digital banking is the future and we are ready for it now! Digital banking has the capacity to understand and quickly build a very good user experience to improve efficiency and decrease costs.
Now Let Discuss ALAT How Mode Of Operation
ALAT By Wema Bank
ALAT is Nigeria’s first fully functional digital bank. With ALAT, you can do all your banking transactions without being physically present at a bank.
Creating An Account
Open an ALAT account from your phone with your BVN and phone number, no paperwork required. The account currently available on ALAT is the standard savings account, though they promise to have more account options in the future
To have your account fully activated, You will need to upload a photo of a valid means of identification (a government-approved ID card), a photo of a utility bill (not older than 3 months) and your passport photograph.
Getting Your ALAT Debit Card
Pick one of three bank card designs available and it will be delivered to you in about two business days, anywhere in Nigeria, at no cost. You can activate your debit card, lock it, unlock it and choose where it works all from your phone.
Funding Your Account
You can fund your Account via a Wema Bank Current or Savings Account (If you are an existing Wema Bank customer) or via other local or foreign card from any bank. You could also make a direct cash deposit via any Wema Bank branch.
How To Make A Cool N10,000 With ALAT By Wema Bank
Create Your Account
Download ALAT from Google Play or the Apple App Store, sign up with your BVN and phone number, then upload a couple of basic documents to activate your account.
Refer your friends
Open the ALAT app, sign in and click Refer a Friend on the menu to get your unique referral code. Share this code with your friends by chat, SMS, email or on social media.
For every friend who joins ALAT with your referral code and funds their ALAT account with N500, ALAT will give you a token of N500 in return. When you refer up to ten friends who fund their ALAT accounts with N500 each and upload required documents, an extra N5,000 will be added to your account.
Advantages Of Having An ALAT Account
ALAT By Wema Bank will save you time with a simple account opening process.
- It will help you put money away easily by automating your savings.
- It will make sure your bills are paid on time with its scheduled payments feature.
- They deliver a free debit card you can activate, lock and unlock from your phone to you anywhere in Nigeria.
- You can also use your card abroad. All you have to do is click Card Control in the Cards menu, set the channels your card will work on and the country/countries where you will use it.
- You can withdraw money from your ALAT account via an ATM without using your debit card.
How To withdraw money from an ATM without a card
Log into the ALAT app, click Send Money on the menu then click ATM Cardless Transfer.
Fill in the required details and authenticate the transfer with your ALAT PIN. You will receive a pay code by email.
To withdraw your money, go to any cardless-enabled or pay code-enabled ATM and follow these instructions:
Press ENTER to clear the ATM screen.
Select CashOut Paycode.
Type the reference number and the cashout PIN.
Type the amount of money you want to withdraw.
For more info on ALAT, check them out on www.alat.ng, email – firstname.lastname@example.org or call: 070022552528
Future Of Digital Banking
In conclusion, the decision for banks to add more digital solutions at all operational levels will have a major impact on their financial stability and improves their services provision.