Phillips Consulting to support the integration of CBX in Nigerian banking

08 August 2018

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.Phillips Consulting to support the integration of CBX in Nigerian bankingCBX 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.

Market trends that are emerging in a post-digital African economy

15 April 2019

The discourse is now moving to a post-digital world, where the differentiating factor among a sea of digitalised firms will become the capacity to deliver personalised services based on individual customer needs – among other things – according to a new report from global management consultancy Accenture.

Businesses in Africa have been navigating a period of rapid digitalisation recently. The continent is set to have as many as 1 billion internet connections over the next two years, which means that the population is set to be wired in. The business environment has been looking to capitalise on this digital market.

While the bigger firms have been quick to adopt digital technology within their operations, smaller businesses were initially weary due to the high costs involved in digital transformation. Nevertheless, a number of these firms are realising the value of digital integration, and Accenture is looking towards the next step.

As per a new report from the firm, most businesses are on their way to digitalisation, which is restoring a certain uniformity to the market. In this context, digitalisation is no longer the differentiating factor. Businesses must now focus on developing mechanisms for customer relationships, among other enhancements.

Market trends that are emerging in a post-digital African economy

The technology that will take centre stage in the new scenario includes distributed ledger technology, artificial intelligence, extended reality and quantum computing (DARQ). Such technologies allow firms to “reimagine entire industries”, as per the firm’s analysis, and nearly 90% of firms are already experimenting with such technology.

Another key trend that is emerging in the post-digital world is the need for cyber security. According to Accenture, cyber security is no longer an individual effort from companies, but must be a collaborative effort across all stakeholders in any given sector that has digitally integrated.

“Ecosystem-driven business connections increase companies’ exposure to risks. Leaders recognise that just as they collaborate with entire ecosystems to deliver best- in-class products, services, and experiences, security must join that e­ffort as well,” says the firm.

“Technology is creating a world of intensely customised and on demand experiences, and companies must reinvent their organisations to find and capture those opportunities as they come,” adds the firm, urging that meeting customer needs is now more about speed than about service.