HomeBusiness Offshore banking needs to be entered with caution — Ajala
Offshore banking needs to be entered with caution — Ajala
Written by Peter Egwuatu
Tuesday, 30 September 2008
Nigerian banks have been cautioned to study the foreign terrain and the challenges before going into offshore banking.
Soludo
Dr.(Mrs.)Victoria O. Ajala, a fellow of the Nigerian Institute of Public Relation (NIPR) warned that offshore banking needs to be entered into with caution, stressing that Nigerian banks have to look at their strengths and weaknesses, examine their opportunities to enable them fight the threats over there.
According to her “ Some of the things the Nigerian culture tolerates will not be so tolerated in England, France, Greece, and Holland or any other foreign land. The value system inNigeria is different from those of the foreign cultures.
While Nigerians take bank loans to build houses, the British will take bank loans to go on holidays say in Canada or France. Again while a Nigerian may amass wealth and marry several wives, a Briton may want simply to improve his wardrobe. While a banker in Nigeria may help a family member or a friend to get banking done quickly, the American customer, for example, does not want to be helped. He wants to take his turn and be properly attended to”.
To this extent, she noted that there is need for banks to have effective corporate communications that should be built on research, stressing that in public relations, programmes are started and ended with research/ evaluation.
According to her “ In offshore banking a lot of pathfinder research is recommended. A total knowledge of the market, the people and the government is the key to entering a new land. Such research as identified in challenges should not be ignored”.
Commenting further on the offshore banking, she stated that an understanding of the language, legal and financial structures of the new market is important prior to entering a foreign society. “ If, for example, Nigerian bankers speak fluent French or German, they will fit in well in the banking sector in France or Germany. Any banker who serves in the Northern part of Nigeria will be more trusted by the banking public in Zaria, Kaduna or Maiduguri than one who does not”.
In the area of non_verbal communication, she said “In the banking industry, a lot of interpersonal communication goes on daily. Bankers should be aware of their non_verbal communications such facial gestures which express superiority, dependence, and dislike, and certain gestures vary from culture to culture. Your eyes, gestures, posture, and even silence communicate what is in your mind ever so unconsciously. Do I hear you say: “actions speak louder than voice”.
In her view on communicating through corporate identity and corporate image, she said “We know that the visual identity expressed by graphics, is shorthand for how the bank is known.
The visual identity, the symbol, and the logo are the “clothes” in which corporate deeds tread the earth, and by which the deed maker can be identified.
Nigerian banks in foreign land are advised to breed favourability and familiarity through effective image communication channels such as packing/branding, products/services, corporate environments, and most especially corporate behaviour”.
Ajala stated that the good thing about global banking is the advancement the world has achieved, and is aiming at, through Information Communication Technology (ICT).
According to her “ Many societies outside Nigeria are cashless societies due essentially to ICT. Communication is greatly enhanced and the banking sector has to take advantage of this in offshore banking. Training and re_training of bank workers should be the key to corporate success”.
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