Banking has evolved over the years to a point where it has moved from essential services to the beginning of extinction
The position of the bank has been very important over the years especially in terms of trade and international business. The bank has been the most important tool in trade and international business for some time now. But the avalanche of service providers who are offering the same kind of services the bank is offering at a cheaper and convenient ways is gradually sending the bank into slow death. To the extent that if the banks do not start innovating to move along with the times, they will eventually die
Basic banking services include a payment account with basic features and an instrument for using the account example credit or debit cards or checks.
Whilst the basic services has been taken over by the mobile money wallet capabilities, the internal and international trade aspects have also been taken over by service providers who are offering capabilities of international transfers and tools without the hassle and troubles that comes with banking transactions.
Meanwhile, the banks are still doing the same things with the same limitations and procedures they have been using over the years. For instance, I do not understand the logic behind a scenario where I will have a bank issued debit card expired, then I will go to the bank to renew it, then the bank will decline to do the renewal simply because my ID has expired. The fact that my renewable national ID has expired does not mean I have expired as a person. It only means I have to go and renew it.Whilst the bank is refusing to renew my debit card because of my ID, I could seat in the comfort of an office somewhere and do all sort of MOMO transactions and even more without any ID
The biggest limitation to the growth of the bank is the regulators. Regulation is good but regulation should not be rigid and detrimental to the growth of an organization. The banks must start thinking outside the box in terms of services and things they can offer otherwise it will get to a point where without bonds or forex trade business, they will have nothing to offer
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