Terragon recently hosted the Deputy Governor of the Central Bank of Nigeria, Mr. Adebisi Shonubi alongside top financial institution executives at its offices.
The discussion was centered on how banks and other financial institutions can use data analytics & artificial intelligence to close the financial inclusion gap.
Here are 7 key insights from Ade Shonubi at the event:
- It is important to distinguish between the unbanked, underserved and the financially excluded. Banks need to bundle their offerings to meet the unique needs of each category as their needs and requirement differ.
- The unbanked carry out some form of commercial activity, outside the formal banking system. The task for banks is to develop offerings that get these categories into the formal financial sector.
- The underserved are those captured in one aspect of the formal financial sector but do not use the full spectrum of offerings available. This is where data & artificial intelligence can help banks effectively cross-sell & upsell.
- It is important to understand that the financially excluded are usually people who have no ‘commercial’ activity. This category of people requires philanthropic interventions from bodies like NGOs to empower them first.
- The current recapitalization drive within the microfinance space will see microfinance banks play a big role in bridging the financial inclusion gap.
- With Data, Artificial Intelligence & Machine Learning, banks can quickly bridge the financial inclusion gap in Nigeria & Africa. The onus is on financial institutions to optimize the data available to them, in partnership with organizations like Terragon, to deliver value to customers & spur the economy.
- On data and privacy concerns, banks should simply adopt the telco approach by requesting consent from customers in exchange for new value offerings.
Terragon’s marketing technology, Adrenaline helps banks optimize customer data & channel dynamic messaging to them – in financial services.
Here is a success story shared at the event which involved growing customer retention and transactions for a savings & investment product.
Adrenaline currently has a reach of over 80 million unique people online & offline. For more information please visit – https://terragongroup.com/fsi-offerings/