Zone is powering a new age of the digital bank and creating an era where mobile payments are natural, interactive, and universally accepted
A combination of huge fixed costs to Banks and significant inconvenience to customers have signaled to industry analysts that, in an era of digital connectivity, the traditional Bank branch channel for delivering financial services is on its way to obsolescence. Separately but somewhat related, adoption of electronic payments in Nigeria and other developing economies has been quite slow. Mostly because the natural payment behaviors supported by cash have not been catered for by existing e-payment schemes.
Banks have launched, with very little success, multiple initiatives to achieve considerable levels of service delivery via electronic channels as well as significant adoption of electronic payments. On the mobile channel, the in-ability to achieve a complete transition to digital has been due to rigid mobile application architectures and lack of automated processes to fulfil customer requests. These circumstances have combined to limit the scope and dynamism of services on offer thereby ensuring that the mobile channel cannot nearly rival the branch in terms of breadth of services. Also, banks have promoted a few piece-meal mobile payment offerings with limited and typically impractical functionality which unsurprisingly have not gained any traction.