The COVID-19 pandemic, among other things, has highlighted the unsustainable nature of the brick and mortar (traditional) banking system. As a result, Nigerian banks are racing to get their products and services to customers through contactless means. Before the COVID-19 pandemic, however, leading financial institution, Fidelity Bank, with keen foresight into the times, aptly launched the pioneering USSD (Unstructured Supplementary Service Data) code *770*airtimeamount# in 2014 – a flawless instant banking product that allowed customers to buy airtime directly from their bank accounts.
This innovation transformed the lives of millions of Nigerians living in both urban and rural areas, expanded financial inclusion to unprecedented levels, and ushered in a new era of instant banking. Since then, Fidelity Bank has stayed ahead of the competition by promoting the services available through the code from just airtime recharge to a plethora of services.
In 2017, the bank took its resolve to continuously improve financial services further with the launch of their Instant Banking product (*770#), allowing Fidelity Bank customers to perform 14 types of transactions/requests. This flagship product also has some advanced security features like instant blocking, enabling customers to automatically disable the service from any phone by sending a short code if their phone goes missing. The *770# code has become a unique code that Fidelity bank customers cannot do without because it assists them with a variety of services such as airtime transfer, account opening, funds transfer, cardless withdrawal, bill payment, block ATM cards, update BVN, balance enquiry, changing account pin, and so much more.
This pioneering initiative has seamlessly ushered in other successful digital banking services. Most recently, the bank, under the audacious leadership of its Managing Director and CEO, Nneka Onyeali-Ikpe, revolutionised payday for salary earners and SMEs through the novel “Pay Yourself” digital service. This groundbreaking digital product puts customers in charge of their finances by letting them determine when they want to get paid- anytime from midnight on their official payday and the last day of the month. This new digital offering, amongst others, lead the industry in innovative features, with close to 90 per cent of transactions now handled outside their brick-and-mortar branch network.
As a forward-thinking institution, the bank carried out a significant review of its business culture over the past few years to improve operational efficiency and expand market share. Their digital transformation initiatives have positioned it as one of Nigeria’s leading banks leveraging automation and robotics to replace manual and repetitive processes. Fidelity Bank will continue to soar higher and lead the industry in leveraging innovative digital solutions to serve Nigerians better.
