Experts task Nigerian banks on customers’ relevance

Experts from the nation’s financial and integrated marketing communications sectors have charged the nation on the need to come up with strategies, policies and products that would make them relevant to the banking public.

Making the call at the maiden edition of BRANDish Meeting of Minds, tagged ‘What Nigerian Banks Should Do Differently,’ held recently in Lagos, the speakers described  the current modus operandi of the Nigerian banks as not in tune with the society in which they operate, since such do not promote entrepreneurship, needed for the development of the nation’s economy.

In a paper delivered at the meeting, founder and CEO, Proshare Nigeria Limited, Femi Awoyemi, described the nation’s banking system as being designed to be exploitative, rather than developmental and as a result, “cannot give what it does not have.”

He added that since the nation’s financial institutions operate within policies that are not in tandem with the wishes and needs of Nigerians, their best services are therefore targeted at the “25 per cent of Nigerians, empowered to be valuable to the banks.”

Awoyemi, who is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) called for transformation of the Central Bank of Nigeria from being a “mere senior banker to the banks.”

According to him, the country needs an apex bank that will allow disruption in the sector with policies that will make banks development oriented.

He also harped on the need for Nigerian banks to be more customer-centric by investing in consumer insight which would enable them know more about their customers, communicate better and tailor their services to meet customers’ needs.

To help bridge the communication gap, former Chairman of the Advertising Practitioners’ Council of Nigeria (APCON) Mr Lolu Akinwumi advised that banks should start optimising their retail delivery and simplify their business and operational models.

He attributed the inability of most banks to effectively bond with their customers with lack of good communication materials that would resonate with such customers.

Founder, Consumer Advocacy Forum of Nigeria (CAFON), Ms. Sola Salako expressed regrets that the Nigerian banking public is still treated with disdain by the nation’s banks.

“Banks look for their money in government circles. So they care less about the other customers. They are concerned about the macro and don’t understand the micro economics,” she said.