Banks should see fintech as friend, not foe

Bigtech is embedded in every facet of modern life. Acting as concierge services, platforms such as Netflix, Uber, Amazon, and Google set the standard for how consumers interact with the world around them. These companies have set high benchmarks for consumer expectations — benchmarks that consumers also want from their financial institution. To compete and stay relevant in the face of change, financial institutions must look to revolutionize the types of services they offer consumers. This can come in the form of lifestyle banking, AI-driven, smart offers and predictive next-best-action. However, in the face of mounting competition, financial institutions must go a step further to stand out from the crowd.

Impossible as it may seem, this is a feat that can be accomplished by leveraging contextual intelligence and layering it on to proprietary data to deliver hyper-personalized customer experiences. To achieve this in a timely manner, banks need to partner with fintech and leverage their capabilities to revolutionize banking and combat big tech. When banks and fintech collaborate A collaboration between fintech and legacy banks has the potential to thwart any attempt made by big tech to take over the financial services space.

Envision a bank with better customer service than Amazon and better personalization than Netflix. By joining forces with fintech, banks can make this a reality in the not-so-distant future. Predictive, personalized products and services will lie at the heart of the elevated banking experience. Imagine if you could surprise and delight a customer with an offer based on their proximity to a shop they frequent, identify that a customer is traveling and provide suggestions and discounts on local attractions or popular restaurants, and even provide non-traditional services like proactively notifying consumers of delays in their commutes.

Technology that can read and act on data in real time can do that and more. From recommending investment products to customers with rising incomes to recognizing optimal times to directly engage with customers, banks have a world of possibilities ahead. Technological innovation is the banking battleground of the present and near future. Consumers want new and better services more specifically tailored to their needs and goals.

To provide this, banks must explore the possibilities of smarter technology. Daunting as it may seem, making this technological shift doesn’t necessitate a full-scale infrastructure revamp. Rather, it requires careful consideration of the fintech partnerships that are made in the process. Specifically, solutions that can work with your organization by plugging directly into your bank’s existing infrastructure ensure a quicker time to market, allowing you to provide better customer experiences and see improved ROI sooner.

JTB Grows Nigeria Taxpayer Database to 45 million from 6 million

Nigeria’s taxpayer roll hugs 45 million as database integration nears completion Nigerian taxpayer roll will soon hit 45 million, going by the efforts of the Joint Tax Board led by its Chairman, Tunde Fowler. Fowler who is also the Executive Chairman, Federal Inland Revenue Service, has fostered an uncommon collaboration between the States Internal Revenue Services, SIRSs and the FIRS resulting in several collaborative projects in the last five years.

The ongoing integration of databases will fetch the nation a total of 45 million individual and corporate taxpayers, Executive Secretary, Joint Tax Board, (JTB), Oseni Elamah said in Abuja today. Elamah said this on Monday when he presented a report on the new Taxpayer Identification Number (TIN) Registration System to the Executive Chairman of the Federal Inland Revenue Service (FIRS) Tunde Fowler, in Abuja. Elamah also said that the JTB has completed the building of a new TIN Registration System which is an integration of TIN numbers of various organisations in Nigeria, adding that the growth of the taxpayers’ database is a major flank of the goals of the JTB in collaboration with the apex tax authority, the FIRS.

“When the integration of the new TIN Registration System is launched, it will afford prospective taxpayers the opportunity to register for tax from the comfort of their homes and print their registration certificate” Fowler said. Fowler expressed happiness over the completion of the new TIN Registration System and said that the system would encourage transparency, efficiency and convenience in tax administration in Nigeria. “I congratulate the JTB for finalising the new TIN Registration System in record time. We now have a consolidated database for all taxpayers in Nigeria. If you (a taxpayer) go to any other country or visit another state in Nigeria and they want to check your tax status, what this means is that they can check your tax status by a touch of a button. We want to assure all taxpayers that we are ready to serve them more with technology, convenience and accountability”, said Fowler.