Nigeria’s fintech industry continues to show significant growth and mobile payment has become a major revenue source for payment service providers. Fintech is improving a lot of areas within the industry including customer banking experiences, data security and the automation of key processes.
Below, are some of the key trends that will drive not only the payments business in Nigeria but also play a huge role in narrowing the gap between the banked and unbanked population.
Artificial Intelligence and digital conversational banking
The rise of artificial intelligence and conversational banking creates an enabling environment where people can communicate with a chatbot as if it were a real person. Bots can perform tasks such as telling the customer how much money is in their account, or what expenses they have incurred for particular services and possibly make a budget. Bots can even serve as financial advisors for each customer, helping them make better financial choices.
In 2019, more financial institutions will rely on artificial intelligence to better understand their customers. This will build greater customer engagement and provide access to valuable data about what customers really care about. Future product offerings will be a lot easier to define with data collected from AI.
Large Investments in FinTech Innovations
Increase in digital and mobile payment solutions
Mobile payment is now gaining popularity among millennials as they can receive services at the comfort of their homes or offices, and no longer have to visit banks. The adoption of Fintech products will continue to expand to other strata of society in 2019 and so visits to bank branches are expected to drop considerably while mobile transactions are expected to grow rapidly. Soon it’ll be safe to say that cash is very much a thing of the past as mobile money takes the Centre stage in finance.
NowNow Nigeria is a mobile payment solution whose mission is innovating and creating the largest fintech ecosystem in Africa. NowNow seeks to bridge the gap between the banked and unbanked and to see that the use of cash and leather wallets are completely eliminated. NowNow is advocating and re-enforcing the need to use e-wallets as the wallet for the future.
Improvements in data and cybersecurity
The role of Machine learning will be seen in intelligence gathering, such that machines will have the ability to start making their own decisions and implement changes themselves in order to minimize cyber-risk, based on this intelligence.
In conclusion, as technology keeps evolving, Fintech is set to make the financial sector more efficient and convenient as well as reduce inaccuracies and solidify security.