Polaris Bank is about to launch a new digital bank in a bid to harness global increase in the e-payment systems.
Polaris Bank is targeting to grow its market share by carving a niche within a new generation of digital natives and immigrants who are socially and financially aware of innovations in self-service and stress-free transactions.
As part of its enterprise transformation initiatives, the bank had overhauled its information technology (IT) infrastructure within the last two years and upgraded its digital capability.
Polaris’ digital bank will offer a suite of services not readily provided by competitors including access to instant loans, accessing the platform service without being a prior customer of the bank, and end-to-end account opening without entering a physical bank.
One of the competitive benefits of the bank is its creation of a collaborative ecosystem that enables Application Programming Interface (API) banking, which refers to a system that makes a bank’s services available to other third-party companies via APIs. API banking helps both banks and third-party companies augment their complementary specialties and offerings more than they can provide to their customers by themselves.
Through its API, Polaris Bank had on-boarded new business start-ups, improved their market access, and ensured profit sharing with partners within the financial technology space. The agro-businesses, educational institutions, e-commerce, are all set to benefit from the bank’s platform.
Managing Director, Polaris Bank, Mr. Innocent Ike said investment in technology has seen the bank growing to earn the confidence of the banking publics, as it has been able to offer quality banking services at the cutting edge of technology