Abbey Mortgage Bank launches mobile application, focuses on seamless onboarding
Nigeria’s topmost mortgage bank, Abbey Mortgage Bank Plc, has launched its mobile application recently. The bank has taken the initiative to ease financial transactions for its customers, such that the need to physically visit the bank is completely eliminated while the mobile app is engaged optimally to meet the transaction needs of the bank’s existing and new customers.
The mobile app can be downloaded on the IOS store and Google playstore.
The Group Head, Retail sale and E-business, Felix Omodayo-Owotuga, elaborated on the features of the mobile app and its distinguishing features stating that the mobile app is “a menu-driven solution that allows you to access it even from the comfort of your home,” to reach customers and enable them to transact from wherever they are.
The mobile app allows for ease of onboarding, with a one-stage interface that permits new customers to get onboarded without Bank Verification Number (BVN) or NIN. New customers who do not remember their BVN can simply provide a bank account number linked to their BVN, through which the application can obtain the necessary details for registration.
Following onboarding or registration, there is an app feature which allows customers to login with either fingerprint or face Identification (ID) to enhance the security of individual accounts.
Also, the mobile app has a “Save to Own” feature, a target product to assist customers in saving up to meet financial obligations aimed towards building their own home. The Save to Own feature allows customers save periodically, weekly or monthly.
Customers can also request for mortgage loans, open a fixed deposit account via the app instead of visiting a physical branch.
The plan for the mobile app is to feature all financial services open to individuals and corporate bodies as well as salary and non-salary earners.
The management explained that the bank’s products are channelled towards salary and non-salary earners as the bank has a structure that has been perfected over the years — on banking and offering mortgage support to these classes of people, by working with trade unions and co-operatives.
Very importantly, the bank also took the initiative to provide a panic code for emergency purposes. In situations where customers lose their devices and need to block their Abbey account, the panic code *5103*911# has been created to meet such service.
Speaking of how the mobile app could drive the company’s long-term profitability, Mr. Felix Omodayo-Owotuga said, “The first goal for the app is not profitability, but customer satisfaction, ease of transaction for customers to ensure we can move our customers from the branches to a place where they can do transactions with ease.
“While we cannot eliminate profitability when customers are initiating a transaction, the goal of the mobile application is actually from the customers’ angle and perspective,” he said.
He emphasised the bank’s plans on integrating the mobile app with the e-naira wallet. He stated that, “We are going to integrate with the e-naira wallet. We have started the engagement with CBN and by the time we release our [mobile app] Version 2, the e-naira wallet is also going to be on the application.”
He further told Nairametrics representatives saying, “The Director of Payments, Central Bank of Nigeria, Mr. Jimoh gave us a contact that we should start talking and start discussions with respect to the e-naira wallet. So, we are hopeful that we should be able to complete that before we release the Version 2.0.”
Mrs. Lolita Ejiofor, responding to questions on what distinguishes the Abbey mobile app from other banking application said, “The onboarding process makes the Abbey app stand out as it is very easy and quite secure. The app can be transferred from one phone to the other, without having to visit the bank. Abbey mortgage is moving towards being a fully-tech bank.”
