Axxend Corporation, a technology and business consulting firm has held a stakeholders meeting with the aim of intensifying customer satisfaction using technology.
The stakeholders were made up of financial and insurance institutions such as Fidelity Bank, Agric Development Bank, Republic Bank, Consolidated Bank Ghana, Universal Merchant Bank and GLICO.
Held last week Tuesday in Accra, the meeting was also geared towards the creation of innovative ways to transform financial businesses using digitalisation.
Additionally, it touched on how these institutions can deepen relationships with their customers and maximise profit.
The guest speaker, who is the Acting Dean of Engineering and Computer Science at Ashesi University, Dr Nathan Amankwah, stated that technology had made transactions and banking easier over the past years with the use of electronic statements, mobile money, SMS, among others.
“With the introduction of all these innovations, it is evident that transformation is important to make customers happy and solve their problems”, he stressed.
Dr Amankwah highlighted customer categorisation and engagement as an opportunity to transform by gathering data of customers and building up on them to identify their patterns to improve the response service as service providers.
He added that taking advantage of new technologies would make most of the institutions go ahead of their competitors.
However, he called for a deeper collaboration of Axxend and the institutions present to improve on the adoption of new technology to understand the needs of the client and solve them.
The Head of Digital Transformation for Axxend Consult, Daniel Sowah, in a presentation stated that research indicated four pillars to digital transformation in the midst of global disruption.
The pillars, he said, were engaging customers to explore their new experiences and interests, empowering customers to reinvent productivity and enable a data-driven culture, optimising operations by portfolio and transforming processes and transforming products by developing innovative products and new business modules.
Innovations Strategist at Axxend, Russell Xorse Damali, disclosed that the firm through a survey in Ghana and Benin had developed a better way to improve on services of the customers.
Some of these innovations to improve on customer service are the smart cheque and cash withdrawal which he emphasised was an intelligent banking assistance that would aid customers to withdraw and deposit cheques at the bank without joining long queues for validation.
The rest include self service forex exchange, eontactless deposits, contactless visa issuance and intelligent help desk.
At the end of the discussion session, it was agreed that certain factors hindered banks from moving at the speed of digitalisation.
The factors included the inability to convince management of financial institutions about new technologies to effectively deliver services.
Another concern was cost; the participants stated that the amount of money involved in using new technologies was high, therefore, the institutions preferred maintaining and protecting what they already had.