"Even our data centre is outsourced"

They are not in control of their data in a technology driven banking, too risky.

Not sure I'm ready to bank with this type of bank, as a country we're not there yet, tech wise. The risks aside, if internet services go bad, they get completely crippled and customers will suffer the downtime

Is this affiliated to the same American SunTrust Bank?

bamosagie:
"Even our data centre is outsourced"

They are not in control of their data in a technology driven banking, too risky.

You are right. It's too risky.

The data centre is the core of their business model so I do not understand why they should outsource that.

That said, it's an interesting business model. It will be interesting to see how it works and how successful (or not) it will be.

Kaydeexotic:

Bro how u take do am

Very easy, Just turn your laptop upside down or stand on your head, whichever is easier for you to do

UrennaNkoli:
˙ʞsıɹ uʍo ɹnoʎ ʇɐ ɯәɥʇ ɥʇıʍ uoıʇɔɐsuɐɹʇ ʎuɐ op ɹo ɯәɥʇ ɥʇıʍ ʞuɐq

You wan wound person abi. Shey if u write like normal something go happen to you abi. Na wa ooo... See as just twist my neck now

Financial Apocalypse! That’s the only thing that can break our financial chains and save us all. Release us finally from the continuous slavery. Everything old will burn in its fire and the new will appear. The Fed will be removed from power and will no longer develop social inequality. The banks as they are now will simply disappear. They will stop robbing the people. In fact the banks do not produce anything useful. What useful can they do? Give credits at plundering interests? As a result all the population is burdened with debts.

Why do the banks get interests for the credit at all? Have you ever thought about it? Usury was always despised by all nations, and now it is legalized. Why? If a person takes a loan in the bank, then not for nothing, but to do something good, to realize some project. But he applies his efforts for the welfare of the society including bankers. Making something useful for all of us. We should encourage such people, making discounts but not collecting from them huge interests!

Nevertheless, modern banks were created for other purposes. They aren’t interested in the society but in their own goals. People aren’t important for them. Modern banks are loyal servants of the Fed, hypocritical agents, misusing the products of labor of common people. The current financial system is merely destructing us. And it will continue attacking us, and then our children and grandchildren. It will get even worse if nothing changes. We will destroy the existing financial system and build new — fair and honest! We have no other choice. We are not slaves. We are people. And we choose freedom!

And this freedom is almost here already. Now, thanks to MMM financial Apocalypse is inevitable. Unavoidable! Since now it’s just the question of time. The seed was dropped. And it would grow. It’s already growing. Right now, at this moment! It will not perish!

What does MMM stand for?

MMM is a Global Mutual Aid Fund, World people's Bank, Financial Social Network — or any definition whatsoever. The point is not in the title. The bottom line is that this is a voluntary informal association of millions and millions of people throughout the Earth, rebelled against the financial slavery, chose to declare war against the Fed and banks. (And to win this war!!) And for this aim they have consolidated their capital — even though there are small amounts, owing to a great number, that is millions of people, it's already the power. Awesome and invincible power, growing every day!

Well how do banks exist? Thanks to bankers? Billionaires? No, due to the same ordinary people who deposit their modest savings there. MMM takes the wind out of banks' sails making people see the reality. Why do the people bring their money to the banks at the exorbitant interests? Because they have no other choice. Banks are monopolists: there is no other place to bring money to. All banks are just the same, and controlled by the FED. They simply destroy ordinary people.

4nobody4every1:
This might work in a country with fast internet & 24/7 electricity, moreover, did they factor the millions of Nigerians who might not have access to internet services and epileptic power supply? hope this is not another wonder bank that will swallow the masses money and go moribund, fingers crossed, smoking my weed while watching as the drama un-folds 8)

If Jumia and Konga depend on how many Nigerians have access to internet service and if Nigerians are ready for an online trade, they wouldn't move an inch let alone getting to where they are now.

When are they advertising?

veekid:
Scam alert

Did you not read the part which says they were granted a commercial banking license by CBN? Don't just talk without thinking.

emonkey:


Very easy, Just turn your laptop upside down or stand on your head, whichever is easier for you to do

Loool abeg joo

Branchless, but you're talking about opening branches

Hadeyeancah:
No pishure

No branch. so no pishur.......

what are this kind of bank that they are trying to introduce to us. hmmmmmmmmmmmmm. its well oooo

bolabolabo:
innovation.. I like that

People are thinking and making money, u are there criticising.. Kwontinu.

Don't mind them. Lots of people get caught up in the wind of change because they don't like to change.

This is cool.

You don't need to bank with them if you are avast to change. They will have less expenditure to handle, customer care problem to resolve because of people who refuse to go cashless.

I've been doing international transactions without seeing anybody. No wonder Techbased financial institutions choose South Africa and actually bar Nigeria. Just check criticisms above. Shows you many don't like to change.

bamosagie:
"Even our data centre is outsourced"

They are not in control of their data in a technology driven banking, too risky.

this simply shows how secured and private their data is, the term is "cloud computing " were a private company builds and manage the server farm possibly in Germany or Asis or India theirs is sole administration, its a new tech in Nigeria of which many companies are already on the platform and majority are yet to benefit from this technology with reference to data privacy, security, cost efficiency and optimal productivity

I will like to open an account with this bank, I love there concept & innovation.

a good hide out for our polythiefcians. na so dem go dem wire d money. No more Panama

Ok na dem sabi

I have some question for the new bank management..

1. Will they bring in a different internet service provider or are they going to rely on the same available ones in the country other banks are using.
2. Will they change the service culture in CBN to ensure they meet up with the technocentric approach or will they follow the norm.
3. Will their staff be sourced from the existing banks in Nigeria or will they import some from somewhere else.
4. Will they rely on the available electricity power or permanently on generator.
5. Will they not be dealing with cash at all such that they dont need any physical security.
6. Will they utilise the same banking applications other banks are using or will they introduce a totally new one.

So many questions indeed but I know at the beginning with so much money it all seems so good but at the end reality sets in, you cant build castles in the air, the infrastruture is not there so begin to imagine the impossible. As far as I am concerned only Interswitch has been able to operate successfully in delivering and online real-time business model that seems to defile the infrastructural challenges but that is not to say they don't face deep challenges because sometimes too the network is down.
If I were to suggest the bank should only ensure that they provide quality and best service all the time and on time. This can be achieved by investing rightly, best technology, best people and best products. Do the normal simple things in and extra ordinary way. They must open branches or ensure their services can be accessed nationwide otherwise only victoria island customers will use them.

it's a good idea but no matter how good the tech is you need branches in all 36 state of the federation else put your money there at your own risk when there is downtime transaction error leading to partial or no dispense complaining via email will not be the best solution especially when the transaction is an urgent one even the bank with branches all over can't satisfy her entire customer but a good innovation no branches also mean no employment so they save all the huge profit and share it among themselves since there is very little salary to pay not a good thing for now since there are many grad out there who need jobs even interswitch is not a bank but a platform that link all the bank for payment solution

livenletlive:
How do we deposit cash? Our economy is still heavily depenent on physical cash txns. Nice intro though

GTBank has been accepting deposit thru most of their ATM terminals since 4yrs ago.
Catch up

bamosagie:
"Even our data centre is outsourced"

They are not in control of their data in a technology driven banking, too risky.

Have you heard about cloud services known Amazon Web Services - AWS. It's extremely reliable to the point that they have govt cloud in the US to secure US government sensitive data. Outsourcing the data centre is the best strategic decision for 100 % availability. Did you read part where they emphasise much effort put into cybersecurity?

NCAN Nsukka Chapter.., Jibrin? Well we might give him a Chance Aboki only kills he does not need Money Much sha

Excercise extreme caution with this bank if you want to transact with them. That is all i can say!

Adesiji77:


http://businessdayonline.com/suntrust-the-branchless-bank-opens/

Sun Trust bank is even where in Maryland, Washington DC & Virginia areas of the United States. It's a very good bank.

Kaydeexotic:

Bro how u take do am

¿ʞool oʇ ǝɹǝɥʍ ʍouʞ noʎ op sı ɯǝlqoɹd ǝɥʇ ˙ǝɟıl sıɥʇ uı ʞǝǝs noʎ ƃuıɥʇʎɹǝʌǝ oʇ ɹǝʍsuɐ ǝɥʇ sɐɥ ʇǝuɹǝʇuı ǝɥʇ

Coldfeets:


¿ʞool oʇ ǝɹǝɥʍ ʍouʞ noʎ op sı ɯǝlqoɹd ǝɥʇ ˙ǝɟıl sıɥʇ uı ʞǝǝs noʎ ƃuıɥʇʎɹǝʌǝ oʇ ɹǝʍsuɐ ǝɥʇ sɐɥ ʇǝuɹǝʇuı ǝɥʇ

ʍou puɐʇsɹǝpun I ʞuᴉɥʇ I ɥO

clydedaniels:
Na just to avoid fight jare...

So no customer service person to halla... no acc officer to fight??

Lol.
I find this comment of yours hilarious

You didn't see innovation but an excuse by the bank to avoid fight... Lol.
E be like you dey sabi halla and fight for bank?

Nigerians and their pessimistic way of reasoning.




This is 2016, technology has to break into the nook and crannies of the Nigerian system.


Kudos to the brains behind the branch.