'ALAT' is the name of Nigeria's first fully digital bank by WEMA, which makes it incredibly easy for consumers to manage their finances straight from their smartphone.
The digital-first bank promises that signing up with one's phone is just a five-minute process that completely eliminates paperwork and only requires one's BVN and phone number. Within just a few days, ALAT bank customers are able re receive a free bank card after opening an account. When it comes to changing one's personal information, the bank promises that one can take a "DIY" approach using just a phone's camera.
With the ALAT app, customers are also able to schedule payments and transfers, as well as effortlessly look after their local and international cards. To further entice consumers to join this digital bank, ALAT offers rates that rival traditional brick-and-mortar financial institutions.
Phone-Friendly Digital Banks
Nigeria's Fully Digital Bank, ALAT by WEMA, Emphasizes Ease of Use
Trend Themes
1. Digital Banking - The trend towards fully digital banks like ALAT by WEMA in Nigeria presents an opportunity for disruptive innovation in the financial industry.
2. Mobile Banking - The rise of smartphone-based banking apps, such as ALAT, opens up new possibilities for disruptive innovation in mobile banking technology.
3. Paperless Banking - ALAT's emphasis on eliminating paperwork in the account sign-up process reflects a growing trend towards paperless banking, creating opportunities for disruptive innovation in streamlining administrative processes.
Industry Implications
1. Banking - The digital-first approach of banks like ALAT highlights the potential for disruptive innovation in the traditional banking industry.
2. Fintech - The success of ALAT and other digital banks paves the way for disruptive innovation in the fintech industry, particularly in mobile banking and digital payment solutions.
3. Technology - The emergence of digital-first banks demonstrates the need for disruptive innovation in technology, particularly in developing secure and user-friendly mobile banking apps.