Banks used to be banks and just that.
Telecommunication companies (Telcos for short) used to just provide connectivity services and just that.
That has all changed.
Banks are now selling recharge cards, launching online marketplaces, creating online TV stations and a gazillion other things outside their core banking central.
Nigerian Telcos are now in the SMS spamming business (seriously), asides that they are also building apps, trying to sneak into the mobile money arena, partnering with banks, and doing a gazillion other things outside their core operations.
These days, our banks are looking like retail companies with a banking license. Our telcos are looking like app development companies with a GSM license.
We cannot totally blame them for stepping outside, if they do not do these things, they stand a risk of becoming extinct. But now that they are blurring the lines between what a bank/telco should do or not do. So, what happens to us when telcos and banks are invading the territory that we ought to occupy?
The first thing is to ensure that they play fair. They must not use their powers to completely cripple our own offerings. For example, the Wynk music app by Airtel must not be allowed to stream FREE without data charges while our own apps will be billed for data usage, that will NOT be fair and that will cripple us. There is a “Net Neutrality” debate going on right now that is emphasizing and enforcing the need for internet access to be non-partial and allow every developer equal chances, telcos must not be allowed to show favoritism to any app whether they built it or not.
The second thing we can do which might be the only thing completely in our control is to think deeper. We have to create completely new experiences that will render the telco offerings irrelevant. Time and time again, we have seen that the best ideas do not come from the biggest companies, they usually turn up from the most unlikely of places. To prove I might just be right, I am yet to see a completely new (and brilliant) idea from the telcos and banks, they are simply stamping their brand on things already out there. We have to do better, we have to go faster.
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Watching The World
- Airtel Nigeria, has launched Wynk, a premium music app that allows customers to stream, download and create exclusive music playlists across all genres
- IKEA furniture will soon be able to wirelessly charge your mobile device. (IKEA is one of the top furniture making companies in the world)
