Signature Bank begins operation in Abuja

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2 years ago

A newly established commercial financial institution, Signature Bank was unveiled to commence operation and service delivery in Abuja the Federal Capital Territory of Nigeria yesterday.

Undertaking the honourable duty of launching the new commercial bank, the former Managing Director of the defunct Diamond Bank who is currently the Labour Party governorship candidate in Abia State, Dr Alex Otti, said that the urgent need to meet the yearnings of Nigerians for a bank whose services and operations are hitch-free is the target of the bank.

He went on to say that unresolved complaints by customers of various commercial banks in Nigeria and poor responsiveness of the institutions to challenges arising from financial transactions were the major factors that led to the establishment of Signature Bank.

Dr Otti, the founder of the bank said the new bank was established with the aim of giving attention to the dynamic needs of the customer, meeting and satisfying their desired financial yearnings.

He noted that the journey to establish the bank started in 2017.

According to him, “The journey began in 2017, driven by a yawning gap we identified, a vacuum created by repeated unresolved complaints, poor responsiveness, and unsavoury customer experience encountered regularly from the banks we did business with. It came from a yearning for simplicity and ease of doing business and less than adequate attention to the dynamic needs of the customer, not just within Nigeria, but across continents. For example, paying your child’s school fees, trading with partners overseas, settling bills without leaving the comfort of your home and making payments seamlessly.

Interestingly, even as banks’ strategies, products and service offerings multiplied, the changing demographics and dynamics had customers increasingly yearning for more and demanding simpler and more flexible digital solutions. Welcome to the brand-new world of artificial intelligence, robotics and 3D Printing! In fact, welcome to the world of Innovation, Convergence and the 4th Industrial Revolution!

“In all these, what customers demand is not far-fetched. What they expect from their bank is not too tall an order. What customers across different business segments are looking for is a bank that fits their aspirations, their personal stories and their lifestyles. In other words, customers want a bank that puts them first. So, we set out to build a bank to challenge the status quo, that is future-forward, embraces change and impacts the lives of the people we serve.

Building on the learning points and successes of taking the erstwhile Diamond Bank from a loss position in 2011 to becoming one of the 8 Systemically Important Banks (SIBs) in Nigeria, a retail trailblazer and pioneer in mobile/digital banking, we set about to envision a new way of banking. A bank that leaves no one behind. A bank that is borderless and caters to the unbanked and underbanked. A bank that will deliver solutions to everyone’s doorstep through digital channels and a focus on service excellence and customer centricity.”

The Signature Bank founder also said he was not going to hold any active position in the bank but has decided to give opportunities to the younger generation to pilot the affairs of the bank.

Earlier in his remark, the Chairman of the Board of Directors of the bank, Mutiu Sunmonu said the vision will revolutionize the financial services in Nigeria.

“Looking back on the journey to set up Signature Bank, I recalled the discussions and sessions with my brother and friend, Dr Alex Otti who I have immense respect.

“He was very clear about the vision to revolutionize the financial services industry and impact the lives of customers in a positive way. I have always been passionate about creating operational efficiency through digital solutions and service excellence.
So, it was easy for me to identify and along our expectations especially in delivering superior customer experience to our customers.”

Also, Mr Niyi Adebayo, the Minister of Science and Technology in his goodwill message commended the founder of the bank, saying it will meet the expectations of its customers.

“I congratulate the shareholders of this laudable institution. The name itself lends itself to what we expect from the institution. I pray it brings joy and happiness to all those who bank here,” he said.

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