Banking
Digital Transformation Solutions for Banking
Digital transformation is a hot topic in banking. Banks are looking for ways to become more agile, to better serve their customers, and compete in a digital world. In this article, we’ll discuss the digital transformation solution for banking. Keep reading to learn more about digital transformation and how it can help the banking industry.
What is digital transformation?
Digital transformation is the process of transforming how an organization operates to better meet the needs of its customers and employees. It includes changes to organizational structures, processes, and practices that allow the business to take advantage of digital technologies and channels to improve performance and outcomes. Digital transformation can be applied in any industry, but it’s particularly relevant for businesses in highly regulated industries like banking, where there are large legacy systems that need to be modernized.
Banks are under pressure from both consumers and regulators to upgrade their technology infrastructure. Consumer demand for new services like mobile banking and payments has put pressure on banks to offer digital experiences that are fast, convenient, and secure. At the same time, regulators are increasingly focused on ensuring that banks have robust cyber security measures in place to protect customer data. Digital transformation can help banks address both of these challenges by helping them modernize their technology infrastructure and improve their cyber security posture.
What factors should banks consider when digitally transforming?
There are a number of factors that banks must take into account when planning their digital transformation. One of the most important is to ensure that the new architecture can support multiple channels and devices. This will allow customers to interact with the bank in the way that is most convenient for them. They may want to use the bank’s website on their computer, their mobile phone, or even a tablet. They may also want to use the bank’s services through social media, such as Facebook or Twitter.
Another important factor to consider is the range of services that the bank offers. The architecture must be able to support not only traditional banking services but also new services that are being developed specifically for the digital age. These may include things like mobile payments and money transfers.
The final factor to consider is the security of the new system. Banks must ensure that their customers’ data is protected at all times. This includes both the data that is being transmitted through the various channels and devices, as well as the data that is being stored.
Developing an architecture that can accommodate multiple channels and devices is essential for banks that want to undergo a successful digital transformation. It will allow them to provide a range of services that meets the needs of their customers, and it will ensure that their data is always protected.
What benefits will be seen once the solution is implemented?
The banking sector is under pressure to invest in digital transformation to remain competitive and meet the needs of customers, who are increasingly using mobile devices and online channels to conduct transactions.
There are several benefits that banks can expect to see once they implement digital transformation. First, banks can improve customer experience by making it easier for customers to conduct transactions through convenient online and mobile channels. In addition, banks can reduce costs by automating processes that were previously done manually. This will allow banks to operate more efficiently and make more money available to invest in other areas such as product development and customer service. Finally, digital transformation can help banks stay ahead of the competition by enabling them to offer new services that cater to the needs of modern consumers.
Cloud migration is a popular digital transformation solution for banks.
Cloud Migration is one of the many digital transformation solutions for banking. It is the process of moving enterprise applications and data to the cloud. The benefits of cloud migration include improved efficiency, scalability, and agility. Cloud migration can also help reduce costs and improve security.
There are many factors to consider when deciding whether or not to migrate to the cloud. One of the most important is the business case. The benefits of cloud migration need to outweigh the costs. Another consideration is the readiness of the organization to move to the cloud. The organization must have the right infrastructure, processes, and culture in place to be successful.
The cloud can be a complex environment and not all applications are suitable for migration. Applications need to be evaluated to see if they are cloud-friendly. They need to be able to run in a cloud environment and be able to scale up and down as needed.
Once the decision to migrate to the cloud has been made, the organization needs to develop a plan. The plan should include the steps needed to migrate the applications and data. It should also include the resources needed and the estimated time to completion.
The cloud migration process can be complex but there are also many benefits to be gained. Organizations that are able to successfully migrate to the cloud can improve their efficiency, agility, and scalability. They can also reduce their costs and improve their security.
Banks can use big data analytics to digitally transform their organizations.
Big data analytics is one of the solutions that banks are turning to in order to stay ahead of the curve.
The use of big data analytics can help banks to gain a better understanding of their customers, and to identify and understand potential risks. It can also help banks to improve their customer service, and to develop new products and services.
Big data analytics can help banks to make better decisions by providing them with insights that would not be possible to obtain using traditional methods. It can also help to improve the efficiency of banking processes and to reduce costs.
The use of big data analytics is becoming increasingly important, and banks that don’t embrace it will likely find themselves at a disadvantage. Those that do adopt big data analytics will be in a better position to take advantage of the opportunities that digital transformation solutions present.
Digitally transform your banking business.
Digital transformation solutions are important for banking because they can help organizations to improve customer experience, increase efficiency and agility, and reduce costs. Overall, these solutions can help banks to compete in the digital age and provide better services to their customers.
By Aduragbemi Omiyale
President Bola Tinubu has showered praises on Wema Bank Plc for standing strong in the financial services industry in Nigeria at 80.
On Friday, May 2, 2025, the lender rolled out drums to celebrate its eight decades of existence, having been established in 1945 Agbonmagbe Bank Limited to pave the way for indigenous banking to thrive in Nigeria, challenging colonial monopoly of the banking industry to become a provider of financial services tailored to the needs of indigenous Nigerians and businesses.
In his message, Mr Tinubu commended Wema Bank for its unwavering resilience and technological innovations, which have set it apart among Nigeria’s banks.
“Over the last eight decades, the bank has focused on the vision of its founding fathers to support Nigerian businesses across all the key economic sectors with strategic business advisory and financial support, which are vital for sustainable growth,” he remarked.
Further commending the bank’s leadership for staying the course and steering the ship in the right direction, the President underscored the company’s 80 years of impact in the Nigerian financial services sector, expressing his confidence in the lender’s brighter future.
Also, the Governors of Ogun, Oyo, and Ondo States, Mr Dapo Abiodun, Mr Seyi Makind, and Mr Lucky Aitedatiwa, respectively, lauded the financial institution for remaining strong in the industry after 80 years.
In his remarks, the chief executive of Wema Bank, Mr Moruf Oseni, pledged the continued commitment of the firm to digital innovation, inclusive banking, and customer-focused service.
He thanked the government, as well as the bank’s partners, customers, shareholders, employees and other stakeholders, for their support and contributions to Wema Bank’s 80-year journey of transformation.
“Corporate longevity in Nigeria is not very common. Many banks, institutions and household names from the 1900s are no longer in existence, and now only live in our memories and industry folklore.
“Against this bleak backdrop, Wema Bank’s story shines. The fact that this great bank is even older than our beloved nation and is still thriving at 80, is a thing of pride and worthy of celebration,” he stated.
“Wema Bank is 80 years strong—and still driven by purpose, innovation and people. We have a big and bold vision for the bank.
“The most imminent milestone is our return to the top tier of banking in Nigeria, and as we look to the future of possibilities ahead, we will remain committed to the time-tested principles that have brought us this far—creativity, innovation and an incurable obsession with our customers,” Mr Oseni said.
By Aduragbemi Omiyale
This news will surely excite small business owners in Lagos State as the state government has concluded plans to sign a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) and Sterling Bank to enable them have access to funds to scale up their ventures.
It was learned that the deal would be signed on Wednesday, May 7, 2025, at the Adeyemi Bero Hall in Alausa, Ikeja, Lagos, as part of activities for the launch of a new initiative tagged Lagos State Access to Finance for SMEs through Co-operatives (LASMECO).
The Commissioner for Commerce, Cooperatives, Trade and Investment in Lagos, Ms Folashade Ambrose, described LASMECO as a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to Small and Medium Enterprises (SMEs) across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.
She noted that the Access to Finance for SMEs initiative, which is to be launched by Governor Babajide Sanwo-Olu at the event, would be witnessed by key stakeholders in both public and private sectors, including the Managing Director of BoI, Mr Olasupo Olusi; his counterpart at Sterling Bank, Mr Abubakar Suleiman; the president of the Manufacturers Association of Nigeria (MAN), Mr Francis Meshioye; and the president of the Lagos Chambers of Commerce and Industry (LCCI), Mr Gabriel Idahosa, among others.
The Commissioner stated that this initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to N10 million at a 9 per cent interest rate for two to three years without a collateral, with 50 per cent guaranteed by Sterling Bank.
By Modupe Gbadeyanka
A gamified banking platform known as GenFi, coined from Generation Finance, has been launched by Unity Bank Plc to bridge the financial literacy gap among children from 8 and 18 years old.
The new digital banking platform will empower kids and teenagers by teaching them how to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.
Unity Bank in a statement explained that it introduced this app following a report by the Central Bank of Nigeria (CBN), which found that only 38 per cent of Nigerian adults are financially literate.
The acting chief executive of Unity Bank, Mr Ebenezer Kolawola, while speaking at the official launch event in Lagos, said Genfi was inspired by the desire to nurture a financially savvy generation, and empower them to make smarter financial choices.
He stated that Genfi App represents a significant milestone since Unity Bank’s foray into retail banking started several years ago, adding that “as the bank continues to evolve, the institution is constantly innovating with technology to enable us drive more financial inclusiveness in different segments of the market.”
“With this app, the bank is pioneering solution designed to empower children, teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a personal finance management solution.
“GenFi is a market proposition that helps us address a critical knowledge gap among our kids and teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy,” Mr Kolawole added.
Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs Adenike Abimbola, described GenFi as a financial product that goes beyond banking: hence a financial literacy ecosystem designed to inculcate financial literacy skills amongst Nigerian children through an engaging and gamified platform.
“Financial literacy is not a luxury. It’s a life skill. And like most life skills, the best time to learn is from childhood. That’s why we created GenFi, not just as a banking app, but as an interactive experience that nurtures discipline, planning, and financial independence from an early age,” Mrs Abimbola explained.
The Genfi platform leverages behavioural science and gamification to make financial learning fun and practical. Parents can monitor transactions, guide financial behaviours, and initiate real-life conversations around money management, thereby promoting not just financial skills, but also stronger family bonds.
“Imagine a 12-year-old setting a goal to save for a bicycle, not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” Mrs Abimbola added.
Speaking after the launch, one of the students who attended the launch event, Master Ajayi Favour of Victoria Island Junior Secondary School, described Genfi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.”
Also, a guest at the launch and school proprietor, Sylvia Ezeora, described the Genfi app as “user-friendly, educational, and motivational for children”. She noted that beyond teaching financial literacy, “the app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility”.
Another guest and parent, Genevieve Adindu, commended Unity Bank for the innovative solution, tailored for children aged 8 to 18, and noted that Genfi “provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education”.
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