The Record - Issue 20: Spring 2021

96 www. t e c h n o l o g y r e c o r d . c om I NT E R V I EW B efore the dawn of digital banking, custom- ers were restricted to certain banks based on their proximity to physical branches or the location of ATMs. Today, they have thou- sands of financial institutions and banking ser- vices available at their fingertips, which makes it easy for them to select the best bank for dif- ferent products. Consequently, if banks want to become the primary financial institution (PFI) for their customers, they must identify how they can capture consumers and nurture those rela- tionships to build loyalty. However, becoming a PFI involves much more than persuading cus- tomers to open an account, says Zubair Ahmed, executive vice president and general manager of Middle East and Africa at VeriPark. “It’s about building the emotional connection that makes an institution their trusted first point of contact for everything from savings and loans to longer term financial planning, such as mort- gages and investments,” he explains. “To improve customer retention and increase profitability, banks must remain top of mind and become an invaluable daily resource for their customers. They must become an important part of a cus- tomers’ lifestyle rather than simply offering an app, website or venue where customers can go just to do their banking.” This has become even more important in the wake of the Covid-19 pandemic, which has forced many people to reconsider how and where they access financial services. VeriPark’s Zubair Ahmed outlines how banks can become the primary financial institution for customers Becoming the bank of choice BY R E B E CCA G I B SON Customers want a super app that will support all of their financial needs and can be accessed via any device at any time