Yusuf: The Alternative Bank Will Leverage Technology for Efficiency

Managing Director of The Alternative Bank, Hassan Yusuf, speaks about how his bank is leveraging emerging technologies like AI, IoTs to drive the future of banking in Nigeria and beyond, with the purpose of achieving quicker, improved and cost-effective banking services. Emma Okonji presents the excerpts:

The Alternative Bank is being positioned as the future bank. What are its unique banking propositions that differentiate it from the regular banks?

The Alternative Bank is positioning itself as the bank of the future. Distinguishing itself from traditional banks, we embrace a ‘Banktech’ approach. This involves leveraging our expertise, simplifying operations for quicker, improved, and more cost-effective services. Additionally, we utilise our commercial bank balance sheet for innovative customer service and efficient capital deployment. Our commitment to combining these ideologies is how we plan to not just meet but exceed expectations.

As a digital bank, how are you leveraging emerging technologies like Artificial

Intelligence (AI) Internet of Things (IoTs) to enhance operations?

As a digital bank, we prioritise efficiency and effectiveness through technology. With a customer-centric focus, we harness the power of modern technologies like Artificial Intelligence and Internet of Things. Our commitment lies in proactively addressing challenges before they are apparent to our customers and partners. This approach aligns with our ‘Banktech’ strategy, ensuring a proactive and innovative banking experience.

What are the digital banking options and services available to customers?

Customers have access to digital banking options and services, including Altbank, Altpro, and USSD.

You are entering the financial sector at a time when some Nigerians are discouraged to save their money with any bank because of the rising level of online fraud that is hitting hard on the banks. How do you intend to address cyber threat, especially with insider collusion?

We have put control measures in place to address this as a bank. We are in business because of our customers and safeguarding their assets is our top priority. We have a unit that ensures that all customer information and data are secured.

The Central Bank of Nigeria is keen about the safety of bank customers and has enforced several policies on digital banks. How well is your bank positioned to comply with CBN’s policy and what are your views about regulation of digital banks like The Alternative Bank?

As a compliant bank, we are in tune with the CBNs policies and regulations and have put in place processes to ensure that the bank always adheres.

As a new entrant into the Nigerian financial space, how will you deal with existing competition in the sector?

The Alternative Bank aims to stay competitive through a focus on ongoing innovation and adaptability. In addition, the bank will cultivate an innovative culture, encouraging employees to propose service enhancements and embrace emerging technologies. By swiftly adapting to market changes, introducing inventive financial products, and sharing benefits with customers, we intend to set ourselves apart in this dynamic financial landscape.

What are some of the packages in terms of service offerings that will attract customers to The Alternative Bank?

We offer enticing service packages, including account products like Swift, Savings, Current, and Corporate, along with unique bank products such as Altdrive, Altmall, Althome, Altpower, Wastebanc, Altinvest, etc. Our offering at The Alternative Bank is designed for the discerning customer, combining practicality with innovation. For instance, AltHomes facilitates a smooth transition into homeownership, while AltDrive turns the aspiration of a new vehicle into reality. AltInvest allows for strategic growth of personal wealth. In line with sustainable practices, AltPower connects customers to clean energy, and WasteBanc rewards eco-friendly recycling habits. Altmall complements this suite with a zero-interest marketplace, ensuring our customers enjoy comprehensive and conscientious banking experience.

What are the processes of opening an account with The Alternative Bank and how easy and simplified is your banking interface?

Opening an account with The Alternative Bank is a breeze through either the online platform or the Altbank app, providing a user-friendly experience with account numbers generated within minutes. Alternatively, by completing a form and submitting all necessary documents, account numbers are generated within 24 hours.

The Emir of Kano recently endorsed The Alternative Bank. How did the people of Kano receive the bank and what are your plans to expand the footprint to other northern states?

The warm reception by the people of Kano, inspired by the Emir’s endorsement, speaks volumes about the alignment between The Alternative Bank's values and the community’s aspirations. The bank’s ethical approach and investment in long-term economic prosperity are not just welcomed but celebrated as a precursor of progressive and inclusive banking. As we look to the future, our vision includes bringing this model of banking to more northern states, adapting to local needs, and enriching communities with our unique blend of ethical and profit-sharing principles. We are excited to pave new roads for banking in the north, fostering partnerships and financial solutions that resonate well with the people’s values and needs.

Tell us more about the relationship with Sterling Bank as many still do not understand the uniqueness of both organisations

The Alternative Bank started in 2014 as Sterling Alternative Finance, after the Central Bank of Nigeria licensed then Sterling Bank Plc to operate a non-interest banking business and has since grown to become one of the largest ethical banks in Nigeria’s non-interest banking sector.

With the recent completion of Sterling’s transition to a full-fledged financial holdings company, The Alternative Bank will operate as the non-interest banking subsidiary of the Group, while Sterling Bank Limited will continue to provide conventional banking services.

QUOTES

“As a digital bank, we prioritise efficiency and effectiveness through technology. With a customer-centric focus, we harness the power of modern technologies like Artificial Intelligence and Internet of Things. Our commitment lies in proactively addressing challenges before they are apparent to our customers and partners. This approach aligns with our ‘Banktech’ strategy, ensuring a proactive and innovative banking experience.”

“The bank’s ethical approach and investment in long-term economic prosperity are not just welcomed but celebrated as a precursor of progressive and inclusive banking. As we look to the future, our vision includes bringing this model of banking to more northern states, adapting to local needs, and enriching communities with our unique blend of ethical and profit-sharing principles. We are excited to pave new roads for banking in the north, fostering partnerships and financial solutions that resonate well with the people’s values and needs.”