ADB MD Calls for Investment in Banks’ Cybersecurity to Protect Customer Details

Banks across the country have been advised to invest in cybersecurity to protect customer information and ensure aggressive marketing of mobile technology products.

Speaking at the Mobile Technology for Development Conference, the Managing Director of the Agricultural Development Bank (ADB), Dr. John Kofi Mensah, he said digital banking remains a game-changer in the banking industry_ a move by ADB to remain committed to exploring new products and services, placing the bank ahead of the competition to attract more customers.

According to him, as more people get access to mobile phones, innovation in technology should also intensify to ensure satisfactory consumer information distribution and customer feedback.

What Already Exist?

Using ADB as an example, he said the bank has a flow in online banking with about 60 per cent of customers signing onto the bank’s mobile banking app and acting their interaction via mobile phones.

“With the ADB Mobile Banking app or by dialling *767#, a customer can transfer money into other bank accounts, pay utility bills, buy airtime, perform mobile money transfers and perform other personal transactions like checking account balance and also finding the nearest ATM locations. The provision of these apps, as well as other Mobile Banking platforms, has enabled customers to view payments requested by retailers and instruct banks to make the related payments, and create a secure channel that doesn’t necessitate third-party validation or authentication,” he stated.

The Managing Director believes the introduction of all these products and services are aimed at offering customers of the bank best digital banking services for speed, reliability and safety.