BrazilPhillips Consulting to support the integration of CBX in Nigerian banking
Global fintech firm Intellect Design Arena is set to roll out its Contextual Banking Experience (CBX) solution in Nigeria, which it will do in collaboration with Lagos-based management consultancy Phillips Consulting. The new product leverages AI to make digital banking a more intuitive process.
As the largest economy in Africa, Nigeria is a hub of sorts of global trends, the most recent of which is the digitalisation of the financial world. Nevertheless, despite the fact that 96 million people in the country are financially elligble adults, and 92 million people regularly use their smart phones to access the internet, less than half of these people use online platforms for banking and financial transactions.
Indian fintech giant Intellect Design Arena is hoping to bridge this gap by introducing its CB solution in the country. As a platform for digital banking, CBX allows for management of cash and trade transactions, primarily through tools such as machine learning and predictive analytics.
The solution is aimed at simplifying self-service in banking, offering as many as 400 consumer journeys that cover all the complex processes in consumer and corporate banking. The various functions of CBX include contextual cash management, contextual payments, contextual account services, contextual liquidity management, and a whole host of others.
CBX is based on Application Programme Interfaces (APIs), which are, simply speaking, the procedures underlying the software development process, and are central to the increasingly popular concept of open banking. APIs, alongside an emphasis on user-experience, allow CBX to promote digital acceleration.
The product will be rolled out with the help of Phillips Consulting, a local management consultancy with pan-African operations. The firm will leverage its extensive network as well as its body of expertise in strategy development and performance management to support CBX’s integration into the Nigerian market.
“In banking, the digital discourse has shifted from ‘nice to have’, to critical business imperative. Market share will increasingly swing to those banks that can quickly and effectively respond to technology advancements,” said Robert Taiwo, who was appointed Managing Director at Phillips Consulting at the end of last year.
He continued, relating that “the ability to grapple with 4.0 technologies such as AI, Big Data, Robotics and Blockchain, will differentiate the leaders from followers. Superior interconnectivity and system integration will enhance customer-centricity and this, by default, will accelerate first mover advantage.”
“But technology must not become the end in itself. ‘Me too’ strategies will not be effective. CEOs must, therefore, drive business aligned digital strategies which speak directly to the operating models and value propositions of their respective organisations,” he added.
