How commercial banks are adapting to digital banks

When Wema Bank launched its digital bank, ALAT, in 2017, it signaled that Nigerian commercial banks had awakened to the age of fintech products. Industry experts expected other commercial banks to follow suit with their own fintech products.

Four years later, most banks haven’t launched their own digital bank. Instead, commercial banks are launching financial products that compete with various digital banking offerings, from easy loans to payments.

But beyond functionality, digital banks appeal to the younger generation due to the simple design of the user interface of their digital platforms. Commercial banks such as UBA, Providus Bank and Globus Bank have developed strong digital platforms; they also offer simpler user experiences for their digital banking products to better compete with digital banks.

Digital banks vs digital products

There is a difference between a digital banking product and a digital bank. Typically, they both imply that users

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