First Bank of Nigeria Limited recently launched LIT App to revolutionise the culture and experience of mobile banking in Nigeria. AMAKA IFEAKANDU looks at the benefits of the novel initiative to the bank’s customers.
First Bank of Nigeria Limited, Nigeria’s leading financial services provider has continued to maintain its leadership position in the area of technology development in the nation’s financial Industry.
The bank has shown her dynamic and innovative streak with the introduction of a new digital-only mobile experience targeted at improving the knowledge of the new and existing customers.
In its determination to spearhead value-driven mobile and digital banking in Nigeria which puts customers first, the financial giant recently launched the LIT Application. The LIT App was created to revolutionise the culture and experience of mobile banking in Nigeria.
The banking application which is the first of its kind in the nation’s banking industry, exposes customers to a wealth of opportunities to promote their safety and guarantee their convenience whilst ensuring they are at an edge in today’s digital banking world.
It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of its dynamic customers.
The LIT application is not just about bills payment, funds transfer or airtime recharge, but also equipped with several other exciting features that reiterate the bank’s resolve to continually expand its digital architecture to modernise its interaction with customers, irrespective of where they may be across the world.
These functions of the LIT app include: multiple transfers which allow customers to select several beneficiaries at once for a single transfer; account opening opportunities for non-customers as well as account management, enabling customers to identify their relationship managers for immediate assistance, should the need arise.
In addition, customers can generate bank statements with options to download as PDF or send an email while having receipts generated as far back as one wants. With the LIT app, customers are also able to log and manage their complaint(s) without having to visit the branch. The LIT app is not all about usage but rewards as users (customers) are rewarded for using the application as they will earn points for every transaction.
The App has scheduled Payments where customers Set-up those planned payments in advance.
Apart from managing complaints, the App has device Management where customers can secure his/her profile on the move and remove any unused devices in one click to create an instant virtual card. The users will as well get instant access to quick loan.
With a sleek interface and loads of exciting features, LIT offers an excellent user experience with safe and secure access to all your banking needs.
The LIT Mobile App allows the user to view his/her accounts and its activities, download account statement and send to email, initiate transfers to your own accounts, FirstBank Accounts and Other banks, request and manage your virtual cards, set up Scheduled payments, View BVN, generate receipt for new and old transactions.
The Application will as well enable customers to initiate and complete multiple transfers, manage beneficiaries, manage profile activities, manage devices, manage your cards on channels With LIT, users will enjoy convenient, secure and reliable banking services.
Lit, the new App, is the result of intensive customer research as well as the expertise of FirstBank’s Digital Innovation Lab, a technology hub dedicated to fostering innovation. Lit adds to the current mobile banking capabilities with a dazzling array of new features. Users can now file complaints directly from their devices, as well as open new bank accounts, make multiple transfers, schedule payments for bills, airtime, and money transfers, print receipts for new and old transactions, create virtual cards, and manage their banking profiles across multiple devices. The Lit App’s future also includes a plethora of additional innovative features.
Maximum amount customer can transfer
The default limits a customer can transfer with PIN only is N500,000 daily. But with a token, the customers will be allowed to transfer N1,000,000 daily.
A customer, according to the bank, needs a token for his/her transaction when the cumulative sum of the transactions has exceeded the configured pin limit for their account. The customer can also extend his transaction limit to N10 million after providing an indemnity to the Bank.
Stating the terms and conditions for using the Lit app for online transactions, First Bank said: “LIT allows you to give us instruction and receive information electronically using your mobile phone to perform the available services. Such services include but are not limited to account balance retrieval, bills payments subject to availability of such bill payment under this service, funds transfer for both interbank and intrabank.
“Others include beneficiary management, airtime top-up and such other services as FirstBank may add from time to time.”
FirstBank further said it may withdraw any of the above listed services from Lit, adding that it does not warrant that the services will be available at all times.
While the users will be required to provide his/her Card PAN and PIN details for registration, the customer will access LIT using username and password to login.
The bank also said that “users of the App must adhere to some mandatory guidelines, adding that failure to comply with these guidelines may lead to FirstBank’s immediate termination of this service to such customers.
“Some of the rules include provision of accurate information: obeying the laws that you will not use the service for illegal purposes, as It is designed for personal usage not for commercial use or resale.”
First Bank warned that violation of any of the rules is a ground for instant discontinuation of the service.
Why First Bank created LIT App
“In keeping with the bank’s strategy of customer-led innovation; the Lit App has been created to offer customers an alternative mobile app to meet their banking needs. The Lit App has been designed to have a youthful appeal while maintaining your safety and security as you Bank on the go,” it further said.
From the bank’s research through First Bank website, Head of Digital Channels, Adebayo Olarewaju said: “During the design thinking and Co-creation processes, we worked closely with them. We listened to the customers, and we’re delighted to report that the initial feedback on the outcome has been really positive.”
He explained that the new offering is also a watershed moment for the FirstBank Digital Innovation Lab, a unit tasked with driving innovation and optimizing the bank’s digital product line.
Product Lead at ‘The Lab.’ John Amusan, also on the website, said: ” With Lit, the bank has marked its place in the minds of the newer generation.”
“Everything from the user interface designed to the user experience has been carefully optimized to be friendly and welcoming, an improvement on FirstMobile’s already strong current offering,” he said.
The digital department also said FirstBank, an institution credited with many groundbreaking innovations in Nigeria’s banking sector over its 127-year history, has once again reaffirmed its commitment to elevating the experience of its more than 20 million customers by putting in the work where it matters.
Lit on the iOS and Android App Store
Commenting on the Application, Chief Exevutive Officer, First Bank of Nigeria Limited, Dr Adesola Adeduntan, said: “The LIT App is designed to strengthen our commitment to our customers, ensuring the continued safety of their funds and providing them with access to renewed transformative and adaptable solutions especially in today’s digital world.
“Developing the application is essential to make certain that our customers have more ways to seamlessly interact with us. The LIT App is the latest addition to the Bank’s robust electronic banking family, with others being the multiple global award-winning FirstMobile, *894# USSD Banking, FirstOnline internet banking, WhatsApp chat banking, amongst many others.”
LIT is FirstBank’s latest mobile banking application that brings the statement. “Your bank in your pocket” to a whole new level. Are you an existing FirstBank customer or are you thinking of opening an account? Do you want to schedule a payment, make a complaint, talk to your account officer, get an instant virtual card, or take a loan?
“Download and join the LIT tribe today, The future is LIT with FirstBank,” it further said.