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 in our quest to do things electronically, they 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 the KYC policy for e-banking account setting, 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 templates 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 organised by a premium bank for startups that banks can even get involved by simply lending brand-credit to startups, and they can then secure credit 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 the 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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………… Relevance of the ELECTRONIC TRANSACTIONS ACT, 2008
Object of the Act 1.
- The object of this Act is to provide for and facilitate electronic communications and related transactions in the public interest, and to:
(a) remove and prevent barriers to electronic communications and transactions;
(b) promote legal certainty and confidence in electronic communications and transactions;
(c) promote e-government services and electronic communications and transactions with public and private bodies, institutions and citizens;
(d) develop a safe, secure and effective environment for the consumer, business and government to conduct and use electronic transactions.