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Tag: Fidelity Bank

  • Fidelity Bank targets the millennial in new identity

    Fidelity Bank targets the millennial in new identity

    Brands pass through various stages. To remain active from one stage to the other, many try to stay connected to market forces. For Fidelity Bank Plc, the unveiling of its new brand identity “Millennial or digital natives”, appears to have been informed by the need to focus on the youth, while retaining its older generation of customers, writes ADEDEJI ADEMIGBUJI.

    There’s no such thing as the millennial – the generation of children born between 1982 and 2002.  This bold proclamation by a global advertising intelligence firm, Exponential Interactive, has continued to elicit responses from brand owners, especially the conservatives who want to maintain their grip on old generation  consumers and capture the market force.

    Hence, every business owner, with foresight on future growth and relevance in a market full of uncertainties, is constantly preparing the ground to carry the demography tailoring product and service design that suit its needs.

    This new thinking is understandable. The baby boom generation (people born during the demographic post–World War II, approximately between the years 1946 and 1964) are ageing, while trend spotters are mapping the millennial as the next target market. This position is further affirmed by a recent market intelligence forecast which stated that the “Millennial” generation is projected to surpass the outsized, as the nation’s largest living generation.

    Exponential analysed data revealed that three major forces have shaped the millennial experience: the economy, globalisation and social media.

    According to the firm, these forces define important millennial populations, and within each of these categories, are several subgroups, each with its own specific needs and preferences. While there is some overlap across categories, marketers find it important to map the groups they want to target, and how to appeal to each one, individually.

    This, perhaps, explains why Fidelity Bank Plc, is changing its conservative market orientation.

    Last week, the bank changed its brand identity-logo and colour to align with the new market realities.

    Established in 1988, the brand’s new identity comes with a block logo with green, deep blue, on two sides and light white line dividing the colours in a diagonal form, making the green and blue form triangles. The bank explained that the deep blue colour is a testimony of its “rich, solid background as a bank. It holds an accommodative path which inspires us to go into the future.” It said, the green colour symbolises fertility, growth and progress to the future, while the white line at the middle signifies safety, purity and a guiding light.

    But beyond the logo and new identity, trend spotters believe the bank is smarting out of its conservatism to connect with the new market forces before it gets cut in the web of market dissonance.  Hence, during the unveiling, the bank explained that the rebranding exercise is to bring about convergence in its services, to suit both the old and new generation customers.

    According to a brand analyst at Brandish, Mr. Ikem Okuhu, banking used to be this conservative. “Change used to be slow and very slow sometimes. And that sometimes explains why it takes some of them, well-schooled in the traditions of money management ample time and caution to change from the authodox ways it is seen by the external community.

    In the Nigerian banking ecosystem, it perhaps remained only a few banks and Fidelity Bank that were yet to refresh their logo and by that token, refocus their marketing dynamics.”

    Chairman of the bank, Dr Christopher Ezeh, said the bank is taking away its old garment for a new one in order to serve the customers better.

    However, the Group Managing Director/CEO, Fidelity Bank, Nnamdi Okonkwo, said the  changing trends mean that “over time brands age and require renewal.

    “For us, the motivation behind our rebranding project is a combination of several factors. Our business environment is changing and we realise that to remain true to the customers we serve, it is imperative that we stay in tune with the times.

    “We are not just giving our brand a new look, more importantly, we are actively changing the way we do business; becoming more focused on our customers’ needs and exceeding their expectations. Rebranding, therefore, makes this contract visible to our stakeholders. Major global brands also constantly evolve to remain relevant with the times and so it became obvious that we needed to reposition our brand as a modern and forward thinking bank,” he stressed.

    While stating that about 43 per cent of Nigeria’s population are youths, Okonkwo said any institution which fails “to connect with the youths today will lose tomorrow.” To connect with the group, the bank has also invested in technology to suit the needs of the new market force whose older generation rely on assistance in accessing digital experience in the banking sector, he stated.

    As a result, Fidelity Bank said it is leveraging on technology to drive into the future market. “We are leveraging technology to improve customer service experience. Your bank has re-positioned its electronic channels and banking products, to not only reflect our refreshed identity and the regulatory mandates of the Central Bank of Nigeria (CBN), but also as a re-affirmation of our commitment to you.

    “We have implemented a bespoke online banking system that offers an improved modern interface and consistent features across all web based platforms. This is in consonance with our commitment to support the Federal Government’s cashless initiative by providing better customer experience and convenience across electronic channels.

    “Beyond that, our improved electronic banking system has drastically reduced the turn-around-time for online customers set up at all touch-points, a clear testament of our resolve to continually surpass customer expectation.

    “Today, customers can conduct bank-to-bank transfers seamlessly via our mobile platform. To support our innovation, we are in the final stage of migrating our core banking platform from Finacle version 7, to Finacle version 10,” said Okonkwo

    This, according to the bank, is meant to enhance its operational efficiency, strengthen innovation capabilities and support scalable growth.

    “Finacle version 10 will enable us to implement services such as enhanced SME banking, management information system reporting, application monitoring, and disaster recovery automation,” he said.

    Meanwhile, the bank has enjoyed strong performance in the last 27 years. The 2014 FYE, gross earnings of the bank grew by 4.3 per cent to N132.4 billion from N126.9 billion in 2013 while the Profit Before Tax increased by 71.9 per cent to N15.5 billion from N9 billion.

    By the first half (HYR1) of this year, the bank consolidated on its performance momentum of 2014 by recording a modest growth in critical indices despite the challenging operating environment.

    “Our operating income increased by 14.1 percent to N42 billion from N36.8 billion in HYR1 of 2014.”

    With the change in brand identity, Okonkwo assured that the bank’s promise and commitment to customers, whether old or young, remains strong.

  • ‘Why Fidelity Bank changes brand identity’

    FIDELITY Bank Plc’s newly unveiled corporate brand identity is aimed at strengthening its operations and deliver superior customer satisfaction.
    The bank at the unveiling of its new brand architecture last Thursday, said the exercise was to bring about convergence in its services to suit both the old and new generation of customers.
    The Group Managing Director/Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, said while the financial institution’s commitment towards customer service is unflinching, the bank is also focusing on the youth population.
    He said with the new brand identity’s properties such as the deep blue colour, the banks is reminded of its “rich, solid background as a bank”, adding: “It holds that there is an accommodative path, which inspires us to go into the future.”
    Okonkwo said the green colour stands for fertility, growth and progress to the future, while the white line at the middle stands for safety, purity and a guiding light.
    According to the bank chief, the new identity took the bank months of strategising, planning and execution, saying that it needed the rebranding to be in touch with the changing realities of the modern time.
    “Our business environment is changing and we realise that to remain true to the customers we serve, it is imperative that we stay in tune with the times. We are not just giving our brand a new look, more importantly, we are actively changing the way we do business; becoming more focused on our customers’ needs and exceeding their expectations from us. Rebranding, therefore, makes this contract visible to our stakeholders. “
    “Like any other global brand that is constantly evolving, we must make sure that our brand means something to every stakeholder,” Okonkwo said.
    While banking on about 43 per cent of Nigeria’s population made up of youths, Okonkwo said any institution, which fails “to connect with the youths today will lose tomorrow”.

  • Fidelity Bank lists N30 billion bond on Stock Exchange

    Investors in the N30 billion bond floated in May by Fidelity Bank Plc now have opportunity to trade on their investments as the Nigerian Stock Exchange (NSE) admitted the bond to its daily official list.

    Fidelity Bank had earlier in May this year issued N30 billion, 16.48 percent fixed rate domestic-currency-denominated bonds. The bond is a seven-year fixed rate subordinated unsecured debt instrument due in 2022. The bonds, which are callable with a call protection period of five years and issued at par, qualify as securities because Pension Fund Assets could be invested under the Pensions Reforms Act 2014. The implication of this is that the bonds also qualify as securities in which Trustees can invest under the Trustees Investments Act, Cap T22, LFN, 2004. The bond issuance was fully underwritten and the basis of allotment was approved by the Securities and Exchange Commission (SEC) in June 2015.

    The listing marked the completion of the issuance process. Parties to the issue said all investors have been credited through their Central Securities Clearing System (CSCS )’ accounts and trading has now commenced in earnest in the secondary market.

    Managing Director, Fidelity Bank Plc, Mr Nnamdi Okonkwo, said by the listing, the bank’s quest to raise fresh capital to expand its support to the Small and Medium Enterprise (SME) segment of the country’s monolithic economy is headed in the right direction.

    He said the bank has already earmarked 80 per cent of the proceeds of the bond for SME financing in recognition of the importance of SMEs as the engine room of the economy.

    “We are a very strong SME bank. So, we have raised this bond to channel it to our SME banking and to improve our retail infrastructure,” Okonkwo said.

    He explained that the growth trajectory the bank witnessed in the SME sector last year is a pointer to the potentials of the sector, adding  that if Nigeria properly provide the right infrastructure to that segment, it should be the new frontier to help the nation face the difficult environment that it is now operating in.

    According to him, with the conclusion of the issuance of the bonds and its subsequent listing, Fidelity Bank will reach out more in the SME banking space. The remaining 20 per cent of the net proceeds will be used in financing retail lending and retail infrastructure, to the tune of 15 per cent and 5 per cent respectively.

    He pointed out that Fidelity Bank Plc is a fully integrated commercial bank focused on building and maintaining a well-respected brand that caters for the needs of its growing corporate, commercial and consumer banking clientele.

    According to him, Fidelity Bank has continued to maintain its leadership position in SME banking as the bank has won numerous prestigious awards over the years latest of which was the Lagos Chamber of Commerce & Industry SME Bank of the year 2015.

  • Fidelity Bank gives N53m to loyalty savings scheme winners

    Fidelity Bank Plc has given out N53 million cash rewards to its Sweeta and Fidelity Personal Savings Scheme (FPSS) account holders, who emerged winners in its ongoing Fidelity Loyalty Savings Scheme held in Lagos at the weekend.

    For the Lagos market, the lender presented cash rewards of N500, 000 each to 13 customers, who save under the FPSS account holders and N150, 000 to one Sweeta account holder.

    One of the winners in the N500, 000 FPSS category, Abigail Anthony, said the fund will be judiciously used to cater for the education of her younger one. She explained that the fund was timely, because having lost her father earlier in the year,  it is the only fund she can use to send her to the University of Lagos where she has gained admission to study. “I thank Fidelity Bank for coming to our rescue by rewarding my loyalty to the bank. I will continue to tell more people to bank with Fidelity,” she said.

    Other winners in the N500,000 category are G20 Social Club, Ajayi Olawale, Lady B.I. Chukwueke, Ibiyemi Adegboyega, Stephen Enyi, Ahmed Tijani Mohammed and Emmanuel Chidi, among others. Ebenezer Ogbala won N150,000 within Sweeta account holders category.

    The bank’s Executive Director, Shared Services, Mrs. Chijioke Ugochuwku said the financial institution was trying to encourage savings culture and appreciate customers that have been loyalty to the bank. According to her, “it is our duty to make sure that people continue to save, even as we continue to perform our financial intermediation role. She reiterated that to qualify for the monthly draw, an individual is required to have Fidelity FPSS account or Sweeta account.

    Ugochukwu said the initiative is the biggest loyalty scheme because the lender is consistently thinking of how to support its customers.

    The bank’s Divisional Head, Corporate Banking, Adeyeye Adepegba, said as a service organisation, the lender understands the significance of building relationship with its stakeholders. “What you have seen here today is one of those events we use to cement our relationship with our various stakeholders. This is the third in a series, and 110 people will today go with a total of N53 million across the country. It is one of the ways in which we encourage our customers to work with us, and we will continue to add value to them and their businesses,” he said.

    He encouraged non-customers of the bank to open account and start enjoying the benefits that come with banking with Fidelity Bank. “We want non-customers of the bank to come and open country. The way to benefit is to become customers of the bank and we promise them that every one will be rewarded accordingly,” he said. The Head, Saving Group, Fidelity Bank, Mrs. Janet Nnabuko, said the lender will continue to appreciate and reward its loyal customers because of its passion to see them thrive.

  • Tambuwal praises Fidelity Bank on CSR

    Sokoto State Governor, Aminu Tambuwal, has said that the Fidelity Bank Helping Hands Programme (FHHP), an arm of the bank’s Corporate Social Responsibility (CSR) practice, is a viable tool in mitigating the social inequalities in the country.

    He spoke in Sokoto at the weekend while commissioning the Sokoto State Orphanage Home renovated by staff of Fidelity Bank Plc. in Sokoto.

    Governor Tambuwal said that such gestures are rare especially among organizations whose operations are commercially driven. “I must say that I am elated by the wonderful gesture from the Bank”.  Though part of the Bank’s corporate social responsibility (CSR) practice, Governor Tambuwal insisted that Fidelity Bank’s action is a testament to the enthusiasm and concern for the welfare of the people of Sokoto State, especially, the less privileged in the society.

    “The project of this magnitude and its choice is an indication that Fidelity Bank is truly acting according to script of empowering the good people of Sokoto State and by extension, Nigeria”. He praised the Management of the Bank for their vision and for coming to the aid of the state government. Rt. Hon. Tambuwal also promised to take proper care of the Home and charged other corporate organisations in the state to emulate the good work Fidelity Bank is doing.

    Managing Director/Chief Executive Office, Fidelity Bank Plc. Nnamdi Okonkwo stated that Corporate Social Responsibility was a way of life in Fidelity Bank.

  • Fidelity Bank to give out N700m cash prizes to customers

    Fidelity Bank to give out N700m cash prizes to customers

    Fidelity Bank Plc yesterday said it would in the next one year, give out N700 million cash prizes to its customers across the country, its Executive Director, Lagos & Southwest, IK Mbagwu, has said.

    He disclosed this during the presentation of N17.8 million cash prize to winners in the lender’s ongoing loyalty reward scheme.

    “We are presenting the first reward for our Savings Royalty Scheme with Sweeta and Fidelity Personal Savings Scheme (FPSS) of which N700 million will be won annually. We have regulatory approval for the exercise,” he said.

    He said the bank is trying to encourage savings culture which is one of the financial inclusion policy of the Central Bank of Nigeria (CBN).

    “We are ensuring the savings culture is promoted amongst Nigerians. It is not that the bank has so much money to throw around, but we want to encourage people to continue to save. Besides, we equally make money from the money they save with us. As we make money, we also give out to the society that is banking with us. So, that’s why we are doing this. It is open to both new and old customers but you must save with Fidelity Bank for you to qualify,” he said.

    Mbagwu also said of the total value is N700 million to be won yearly, yesterday’s reward scheme  was opportunity to present N17.8 million to Lagos customers alone, while N40 million was given out in the rest of the country.

    “So, what it means is that every month, we will be doing about N58 million,” he said.

    Some of the N500,000 winners are Nnenna Okeke; Chukwuemeka Prince, Asiegbu Joseph; Kelvin Ofuma, Chidi Izuegbu, Mukaila Anike among others. Those that won N150,000 are Samuel Obiyan, Chimaobi Onyensoro, Chukwuebula Agu, and Somtochukwu Egbosi.

    Delighted Okeke said she did not believe that a bank could give out so much money until yesterday’s presentation of the cheque to her. “I did not believe it till today. I am now excited after collecting my own cheque. I want everyone to come and bank with Fidelity Bank because the reward scheme is real,” she said.

    For Anike, the bank has really helped her to grow her business. She said the good gesture from the bank was an indication that it values its customers and would protect their interest.

    She promised to continue to bank with the lender and encourage her friends to do the same.

  • Fidelity Bank pays 18 kobo dividend to shareholders

    Fidelity Bank pays 18 kobo dividend to shareholders

    Fidelity Bank yesterday obtained shareholders’ endorsement to pay 18 kobo per ordinary share of 50 kobo dividend to investors whose names appeared on the bank’s Register of Members as at the close of business on April 17.

    The bank’s directors have proposed the dividend for the financial year ended December 31, 2014. This makes it a decade the lender has consistently paid dividend to shareholders.

    Speaking yesterday at the bank’s annual general meeting held in Lagos, its Managing Director/Chief Executive Officer, Nnamdi Okonkwo noted that the 2014 performance is a positive reinforcement of the medium term strategic objectives anchored  on improving the efficiency of the balance sheet; growing the retail and SME businesses; focusing on niche corporate banking segments; increased migration of customers to electronic channels and improving the customer experience across all service channels.

    He explained that the bank has a solid platform for growth, underpinned by strong customer loyalty and significant investments in physical and electronic distribution channels. “Our retail banking strategy gathered increased momentum in 2014 with the bank acquiring  over 471,000 new retail customers, consumer loans growing by over 21 per cent and core low-cost retail deposit by 18 per cent which lowered our average cost of customer deposits,” he said.

    The bank chief said that operational efficiency improved as the bank leveraged on alternative electronic channels to reduce the cost of operations adding that the efficiency gains saw operating expenses, excluding regulatory costs, grow by just three per cent in 2014 which was significantly below the inflation rate.

    On sustaining efficiency and cost effective service quality, Okonkwo explained that the bank communicated and implemented a service programme centered on building a superior customer service franchise on the back of product innovation and service turnaround time early in 2014.

    He stressed that the programme was designed to improve the quality of services by speeding up processes and reducing response time to customer enquiries/complaints

  • Fidelity Bank grows earnings by 12.5% to N34.8b

    Fidelity Bank grows earnings by 12.5% to N34.8b

    Fidelity Bank Plc has released its unaudited results for the first quarter ended March 31, which showed a 12.5 per cent growth in gross earnings to N34.8 billion and a Profit before Tax (PBT) of N4.7 billion.

    The result also showed that its fee income increased by 54 per cent to N9.2 billion from N6 billion in first quarter of 2014 while operating income increased by 14.4 per cent to N21.6 billion from N18.9 billion same period of last year.

    However, total expenses increased by 12.9 per cent to N14.4 billion from N12.7 billion in first quarter of  2014 while profit before tax increased by 5.6 per cent to N4.7 billion from N4.4 billion during same period of last year. Profit after tax increased by 5.6 per cent to N4 billion from N3.8 billion in first quarter of last year.

    Commenting on the results, its Managing Director, Nnamdi Okonkwo, said the lender built on the successes of the last financial year as it remains committed to delivering sustainable earnings and improved asset quality. “Notwithstanding the headwinds witnessed in our industry, we recorded a 5.6 per cent growth in Profit before Tax (PBT) to N4.7 billion putting us on the right path to achieving our 2015 financial year guidance,” he said.

    The bank chief said deposits declined by 2.7 per cent in the quarter under review as the lender continued to replace more expensive wholesale funds with cheaper retail deposits.

    “Our retail banking strategy continued to deliver impressive results as core retail liabilities increased by 7.7 per cent in first quarter of this year, while e-banking income from increased cross-selling of products to the expanding retail customer base also grew by 49.3 per cent. Risk assets grew marginally by one per cent with non-performing loans declining to 3.8 per cent and cost of risk at 0.8 per cent,” he said.

    The bank chief said the lender continued with its balance sheet optimisation which saw average yields on earning assets improve by 100 basis points and net interest margin inched up to 6.2 per cent during the quarter.

     

  • Fidelity Bank overhauls ATM platforms

    Fidelity Bank overhauls ATM platforms

    Adapting to emerging changes in any operating environment to deliver better products or services is a key differentiator in today’s fast-paced banking industry.

    Innovation is a catalyst for growth and success because it enables business adapt and grow in the market place, and it helps to further satisfy the needs and expectations of customers.

    A leading bank which may seem to have taken the above concept to heart and is keen on making it a way of life is Fidelity Bank.

    Our constant interrogation of customer service initiatives in the nation’s banking landscape revealed that the Bank has revamped its Automated Teller Machines (ATM) platform, which has amply simplified transaction processes for their customers.

    This innovative ATM upgrade, the first of its kind in Nigeria, which analysts believe could revolutionise branchless banking, creates a customer interface that is delightful, easier to use by customers of all classes and ages.

  • Fidelity Bank boosts financial literacy

    Fidelity Bank Plc will not relent in promoting financial literacy among youths as part of the bank’s commitment to deepen the economy, its Managing Director/Chief Executive Officer, Nnamdi Okonkwo, has said.

    He said this would be achieved by partnering with the Central Bank of Nigeria (CBN) to introduce financial literacy in the curriculum of schools across the country.

    Okonkwo spoke during the Financial Literacy Day organised by the bank with the Junior Achievers, Nigeria for the pupils of Day Waterman College, Abeokuta, Ogun State.

    He was represented by the Chief Compliance Officer, Fidelity Bank Plc., Adeboye Ogunmolade.The bank chief praised the CBN for mobilising stakeholders to ensure that financial literacy becomes part of schools’curriculum and assured the regulator that the lender would make its input in making the project a reality.

    According to him, as a commercial bank with presence and Automatic Teller Machine (ATM) in many educational institutions, the bank must take interest in projects which have the objective of teaching students financial education and literacy.

    “For a start, we must emphasise and give credit to the Central Bank of Nigeria. They are the Initiator and the champion of this agenda. They are mobilising all stakeholders, including even the Federal Ministry of Education to incorporate this financial literacy project as part of schools’curriculum.

    The Principal, Day Waterman College, Linda Potticary, said it was imperative that children were educated about finances and saving culture at a tender age.

    She added that the youth as the future leaders of the country who would manage the economy in the near future should be financially literate.