Terragon Group Africa reveals platform to assist banks in bridging financial inclusion gap

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Terragon Group Africa, a data and marketing technology company has unveiled a platform that can help banks bridge the financial inclusion gap in Nigeria. The new platform called Adrenaline, is an artificial intelligence solution designed to help meet Nigeria’s financial inclusion target.

Adrenaline draws on the advantages of mobile technology by delivering messages to audiences and drawing real-time insights from customer feedback or behaviour. The Artificial Intelligence-enabled platform will also give banks access to Terragon’s database of over 80 million Nigerians, inclusive of Nigerians that are offline.

Terragon also hosted a chat with the Managing Director, Nigeria Inter-Bank Settlement System (NIBSS), Adebisi Shonubi, as well as other top executives of financial institutions in Nigeria, to hold discussions on the theme “Transforming customer experience on digital channels through data science and artificial intelligence”.

The chat was organised to highlight strategies banks and other financial institutions can implement to use data analytics & artificial intelligence to close the financial inclusion gap.

Elo Umeh, the Chief Executive Officer of Terragon said technology was fast evolving and it was imperative for Nigeria to move faster in order not to be left behind. He said Adrenaline can help banks reduce the financial inclusion gap put at about 46 percent in the country, a percentage the Central Bank of Nigeria hopes to reduce to 20 percent by 2020.

Umeh noted that “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”.

Shonubi revealed that “recent discourse on financial inclusion stresses that homogeneity does not exist among financial service consumers”. He said there is the 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.

 

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