Can banks succeed in this new world of electronic-commerce? ........Pt.3
Banks that want to be successful in the electronic era should no longer see themselves as gatekeepers but as gateways offering variety of products via multiple channels
Electronic Ecosystem Participation by Banks
As banks continuously strive to better serve us all on our quest to do things electronically; banks can take cues from some of the following proposed ways by John Wenniger.
Online Portals: I clearly remember a similar effort like this in the past by a certain bank in Ghana. The bank attempted to do this with a tech giant. The aim then was to bring together sellers of various goods on the platform, where buyers were expected to visit and make purchases. This platform as far I know no longer exists. This is because sellers mostly did not fully comprehend the model and were not seeing any value from it.
If this can be done properly the next time, it will be very successful. As buyers come online to see what to buy, banking products can be offered to aid transactions on such platforms.
ID Authentication: As an Internet entrepreneur myself, and understanding the unique working e-commerce environment here in Ghana, I can relate to the need for us to move to authenticate identities of people or entities involved in online transactions.
As part of KYC policy for e-banking signings are concerned, banks can help authenticate the IDs of buyers and sellers who get involved in electronic transactions.
Supporting E-commerce Entrants: Simply, hosting an e-commerce template is not the business. To have the site maintained and marketable through the life of the business is critical.
There is also some cost of procuring products from vendors to sell. Most vendors as the case is, are not ready to offer credit to start-ups in this industry. In some cases, getting electronic brands which are highly preferred on-line at very good discounts is difficult. I mentioned recently at a forum organized by Premium bank for startups,that banks can even get involved by simply lending brand-credit to startups and they can secure credits from big wholesalers.
Electronic billing and collection: Approach a bank for help in collections as you start out into e-commerce and they slap you with some complicated requirements which discourage startups to even engage. Banks have to make available their interbank payment networks to startups for free to aid e-commerce here in Ghana and also get the best out of it too.
B2B e-commerce facilitation: Banks can equally have platforms that allow for e-b2b work flow. So right from information gathering and dissemination plus cash management of participating companies can be handled by banks. This allows companies to concentrate on their core responsibilities and become productive.
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