First Bank Nigeria Limited has introduced a chat banking on Whatsapp that enables customers to carry out key banking transactions for 24 hours every day.
The bank said the new banking channel would enable customers to open new accounts, receive instant transaction notifications, check their balances on the go, carry out transfers and airtime top up.
Speaking at the unveiling of the banking service in Lagos, the Managing Director/Chief Executive Officer, FBN and subsidiaries, Dr Adesola Adeduntan, said the new platform aimed to effectively and efficiently meet customers’ financial needs.
To ensure the security of transactions on the platform, he said customers would be able to generate a WhatsApp banking PIN and all the transaction authentications would be done using a safe link, thereby ensuring the security of customers’ details.
“First Bank chat banking on WhatsApp is another significant milestone in our mission to provide convenient and fast payment solutions to our customers.
“It is one of the ways First Bank puts You First and enables you to stay connected with your contacts, loved ones, friends and finances all on the go while you chat with them because, at First Bank, we are driven to bolster relationships on all fronts, anywhere and anytime,” he said.
It is a new channel for access to our services; a convenient way to make payment and an easy-to-use banking application. Banking with First Bank on WhatsApp is secure, accessible and convenient. You can now carry out basic banking transactions such as inter and intra-bank funds transfer, pay bills, buy airtime, buy data and check your account balance on your WhatsApp.
According to Adeduntan, the digital banking offerings of the bank have been optimised to ensure ease of banking and convenience via other channels such as FirstMobile app, Firstonline, FirstMonie and USSD banking.
Meanwhile, a multinational indigenous financial technology firm, FinTrak, has upgraded its software solution, called FinTrak Budgeting Software, to address the financial and operational challenges associated with the preparation of budget .
The firm said in a statement that the software, embedded with features such as IFRS- compliant calculations, formula-free technology, budget versioning and scenarios, budget simulation, automated consolidation of multiple units and extensive built-in financial and business intelligence was developed to simplify the work of chief financial officers in organisations.
In the statement, the Group Managing Director, FinTrak, Bimbo Abioye, was quoted as saying that the programme enabled financial officers to concentrate on the financial structure and performance of the company seamlessly without any error.
Abioye said about six commercial banks and two mortgage banks in the country were already on the platform and using the technology to solve their budgeting needs, adding that the solution conforms with global standards.
While explaining the importance of proper and accurate budgeting to any company’s strategic planning and goals, he said if technology was fully deployed in the process, it would ensure futuristic growth of the company.
“Budget has gone past the era of spreadsheet and formulas; this technology has taken budgeting to a new level by introducing a high level of automation. It is time to move beyond manual intensive budgeting using spreadsheets and formulas.
“This solution enables you to concentrate on the structure and performance of your business and not on troubleshooting spreadsheets one cell at a time. FinTrak Budgeting software is developed for confidence, productivity and insight into your financial operations and enables organisations to achieve proper budgeting and controls.”
“This software offers organisations added advantages such as greater ownership of financial performance by all strategic business units and managers. It also avails users an easy adaptation to any structure and reporting requirements or standards and most importantly, Integrated Income Statement, Balance Sheet and Cash Flow Reporting are among many things that organisations stand to gain when the software is deployed.”