Data and Marketing Technology Company, Terragon Group, Africa, has unveiled a platform that can help banks bridge financial inclusion gap in Nigeria.
The new platform called “Adrenaline”, is an Artificial Intelligence solution, which is right at the heart of banks’ digital transformation, required to meet Nigeria’s financial inclusion target.
It draws on the advantages of mobile technology, where messages can reach the last mile, as long as there is a mobile phone.
The Artificial Intelligence-enabled platform is able to deliver messages to audiences and draw real-time insights from customer feedback or behaviour; whilst also giving banks access to Terragon’s database of over 80 million Nigerians, inclusive of Nigerians that are offline.
Meanwhile, the firm hosted a fireside chat with the Managing Director, Nigeria Inter-Bank Settlement System (NIBSS), Adebisi Shonubi, and top executives of financial institutions in Nigeria, on the theme “Transforming customer experience on digital channels through data science and artificial intelligence”.
The discussions centred on how banks and other financial institutions can use Data Analytics & Artificial Intelligence to close the Financial Inclusion gap.
According to the Chief Executive Officer of Terragon, Elo Umeh, who spoke more about the Adrenaline solution, said technology was fast evolving and critical that Nigeria move faster in order not be left behind.
Umeh said the solution can help banks reduce strategically the financial inclusion gap put at about 46 per cent in the country, which the Central Bank of Nigeria hoped to reduce to 20 per cent by 2020.
To Shonubi: “recent discourse on financial inclusion stresses that homogeneity does not exist among financial service consumers.
Thus, there is a need to properly identify, understand and predict the lifestyles, habits, and challenges of the target market to better inform product design, which would lead to better adoption.
“Terragon’s Adrenaline makes this home-grown technology solution capability available to Financial Institutions today. This is a timely development as we push towards closing the financial inclusion gap.”
Umeh added: “The solution also takes cognizance of low literacy levels, which has been identified as an impediment in reaching the unserved; and makes it possible to reach audiences in other formats through audio and video.”
Source: G Business