First Bank of Nigeria Limited has been named ‘Most Valuable Banking Brand in Nigeria’ in this year’s Top 500 Banking Brands of The Banker magazine. The lender clinched the award for the sixth consecutive time. Its Group Head, Marketing & Corporate Communications, Mrs Folake Ani-Mumuney, spoke on what is keeping the lender ahead of the competition and sustaining leadership position in the industry, writes COLLINS NWEZE.
How did your bank manage to retain the number one ranking in brand value despite the difficult operating environment in the country?
As a brand that has been in existence for over 120 years, we have always been at the forefront of every development in the country. Despite the current economic slowdown, we have not relented in our commitment to supporting businesses and individual customers. We are committed to building sustainable businesses and sound personal financial management system.
Interventions in key sectors of the economy by both the bank and the Group are well-thought out and in the right direction. Besides, despite working with a very lean budget last year, we are still able to maintain the leading position and remain Nigeria’s most valuable banking brand as a result of the cumulative assets and the intangible heritage of the brand FirstBank. We are very delighted that our hard work, innovation and creativity have been recognised.
What does winning the Number 1 Banking Brand in Nigeria by The Banker Magazine of Financial Times and Brand Finance mean for the bank and its customers?
We are excited to have been named the Most Valuable Bank Brand in Nigeria six consecutive times. For us, this is a reward for our doggedness and resilience in building a global brand that is widely respected, in spite of the challenging and turbulent economic situation that has seen many supposedly sturdy businesses buckle under the pressure.
The Banker Awards from the Financial Times of London is coveted globally and retaining this award is an international endorsement that FirstBank is doing things right. We especially acknowledge the role played by our customers and other stakeholders in achieving this milestone and thank them for their patronage. We remain committed to putting our customers first and delivering the gold standard of banking service across every customer touch-point.
What was is it like the first time the bank was named the most valuable banking brand?
At the early years of the award, our focus was more in keeping the brand name out for the benefit of awareness and for the thrill of being in the company of global brands.
For us, playing in the league of the world’s best banking brands was more important and enough recognition. However, after the first win the yearning to maintain the winning tempo kept us on our toes and helped push us further to sustain the trend. We deliberately set higher standards for the entire team year-on-year in terms of our overall service delivery, designs, communication style and collaterals. The ambience of our touch points and the brand experience enjoyed by our customers at these touch-points are also crucial. It was difficult not to hope to win, while deep down, knowing competitors are equally doing everything possible to beat the first.
What has kept FirstBank’s brand value above $300 million in the last three years?
We have consistently led in brand value among Nigerian Banks since 2011, moving from a brand value of $170 million to $322 million in 2015. In spite of the global economic headwinds which took its toll on the industry in 2016, we have been able to keep our brand value at over $300 million, leading our industry in delivering value to our stakeholders.
FirstBank has been in business for over 120 years and has played a very pivotal role in nation building and the development of the national and regional economy through its primary role of financial intermediation, projects financing and employment creation through entrepreneurship support as well as its extensive corporate responsibility and sustainability programmes.
How did it feel when you found out you have won the award yet again for the sixth time?
It was a mix of excitement, relief and a general sense of accomplishment. This was premised on the fact that last year was a tough year for the banking Industry and an extremely tough year for the team as our annual marketing budget took a hit.
We were outspent by competitors and hampered by the contracted budget in competing favourably with our peers in some strategic initiatives and marketing campaigns. But here we are today, having maintained our grip as the most valuable bank brand in Nigeria is such an awesome feat.
What other milestones did the bank record in the last one year?
Last year, we won the “Best Retail Bank in Nigeria” award by The Asian Banker for the fifth consecutive time. We were recognised by Interswitch as the first financial institution in the country to achieve sustained transaction volumes of 100 million transactions twice in one year. Our mobile banking platform –FirstMobile – recorded a milestone in its user numbers with the attainment of 1million active users and also reached N1.3 trillion transactions mark in its short period of launch.
FirstBank also became the first financial institution in Nigeria to achieve the latest version of ISO quality standards: the Quality Management Systems certification ISO 9001:2015 from the International Standards Organisation (ISO). The certification is proof of the Bank’s demonstrated ability to consistently provide products and services that meet customer needs as well as applicable statutory and regulatory requirements.
How has Corporate Social Responsibility contributed to FirstBank brand’s leadership position?
FirstBank is keen on Corporate Responsibility and Sustainability and we are committed to positively impacting the lives of our customers, other stakeholders and the society at large in a sustainable manner. We have collaborated with several non-profit organisations to build partnerships that deliver long term value to our society. The bank has also partnered with known and recognised names in different sectors of the economy, most importantly in the Arts through our First@arts platform and this has yielded incredible feedback and goodwill and earned the FirstBank a pride of place among the leading brands in the country among others.
Our partnerships with the British Council and Freedom Park have seen us supporting a large number of arts practitioners and aficionados whilst reviving the culture of family fun time and the business side of the arts. These initiatives are some of the FirstBank partnerships which certainly contributed in one way or the other in our emergence as a global brand and Nigeria’s most valuable bank brand for the sixth year in a row.
Having won the most valuable banking brand for sixth time in a row, what is the next chapter for the bank?
For us at FirstBank, the sky is no longer the limit, but a stepping stone. We will take the awards and various accolades as a challenge to continuously meet and exceed ourstakeholders expectations by putting them at the heart of our business in line with our brand promise of ‘You First’.
We would continue to lead innovative drive in the development of banking products, services and initiatives as well as strive to maintain the highest standards of performance expected of a global brand that ahead of the pack with outstanding people, infectious passion and sustainable partnerships.
