By Jeph Ajobaju, Chief Copy Editor
Fidelity Bank is pitching innovations such as Fidelity Insight, Fidelity Virtual Cards, the Pay Yourself initiative for corporates, Fidelity Loan Against Turnover (FLOAT), and a feature that enables customers to generate a stamped statement of accounts.
This is part of strategy by the 2-tier bank to position itself as a leader in technology that addresses transactional hitches experienced by bank customers.
It is common to find employees on edge about their salary at the end of the month. Oftentimes, payment is delayed while organisations struggle to complete payment processes.
This the headache Fidelity Bank has removed with Pay Yourself, according to a document issued by the bank, published by Nairametrics.
With it, employees can decide when to receive their salaries via USSD between the ‘official’ payday and the last day of the month – meaning salary earners can to pay themselves whenever they want, within their employer’s schedule.
The pandemic brought with it new challenges of reduced physical interactions and prompted organisations to adopt Work From Home (WFH) policy.
Other people find long queues at Automated Teller Machines (ATMs) repulsive. Fidelity Bank solves this problem with Fidelity Virtual Card, which can be used to shop on local or international online stores, pay bills, subscribe to services, among other things.
An impressive characteristic of Fidelity Virtual Card, best described as another secure payment option similar to physical payment cards, is the ease with which the bank’s customers can generate their cards.
Obtaining loan from financial institutions can be tedious, with many Nigerians finding the processes and requirements too much hassle to follow through.
Fidelity Bank bridges this gap with Fidelity Loan On Account Turnover (FLOAT) that has easy terms and attributes, and is without requirement collateral, guarantor or hidden fees.
Fidelity Insight provides customers with an insight into their spending patterns. For those casual with tracking their spendings, Fidelity Insight helps monitor financial dealings and make strategic spending plans.
A new, fast-paced world of digitalisation means banking institutions have to be on their toes in adopting efficient service delivery technologies to satisfy customer thirst for smoother processes and innovative products in day-to-day financial dealings.
Adopting inclusive digital culture encourages remodeling or replacing existing models in the development of service delivery by banking institutions. This leads to the creation of competitive intelligence or advantage among players in the sector.
Other positives that can be attributed to digital innovations include continuous process improvement, improvement in brand recognition and value, establishment of new partnerships and relationships, and increase in profitability.
The Central Bank of Nigeria (CBN) targets 95 per cent financial inclusion by 2024, and banks owe a lot to their customers in terms of innovative products and services.
With its bouquet of innovative solutions, Fidelity Bank says it is ready and willing to help the CBN realise this objective.