By PETER EGWUATU

As competition becomes tense in the banking industry globally, Ecobank Nigeria has taken the bull by the horns to come out with services aimed at attracting high net worth customers and thus boost earnings.

This initiative is coming after the Ecobank Group’s 2014 Annual General Meeting, AGM held recently in Lome Togo, where shareholders were assured of protection of their investment through value creation. However, Ecobank has overcome its governance lapses, with the appointment of Emmanuel Ikazoboh, an accountant with 35 years of experience as the Group’s new Chairman,

Addressing shareholders at the AGM, the outgoing Interim Chairman, André Siaka, commented: “The board is committed to establishing the highest standards of corporate governance.

We will learn from the recent past, address all of the issues and lay firm foundations for Ecobank’s continued success in the future.”

Reviewing Ecobank’s 2013 financial results, Group Chief Executive, Albert Essien, said: “The fundamentals of our business are strong and I am excited by the huge potential of our unique platform.

However, I will not shy away from key areas that need to be addressed, including improving our profitability by driving efficiency across our entire network.

Our performance in the first quarter of 2014 has been significantly ahead of the equivalent period last year, which gives the board confidence regarding Ecobank’s prospects for the year as a whole.”

Why banks are reinventing:

Meanwhile, the Bank last week launched a premier banking initiative that would attract more customers and thus boost profitability and enhance shareholders value.

Globally, service delivery is assuming a bigger impact on the well-being of organizations as a result of the changing demands of the business landscape.

New dimensions are being introduced across different sectors of the world economy as businesses, small and big, local and transnational, have now embraced differentiation as a competitive strategy to optimize their Return-On-Investments (ROI) while also delivering top notch services to key customers and trade partners who crave for such valued deliverables.

Nigerian Banks too are dancing to the differentiation tune because of the changing taste, desire and improved economic statistics paraded by consumers in the country.

According to the Nigerian government, owing to the recently rebased Nigerian economy, the revised Gross Domestic Product, GDP for 2013 is now N80.2 trillion (or US$509.9  billion).

This is an increase of about 89 per cent based on the old GDP estimates for 2013 which was N42.4 trillion (or US$269.5 billion).

With this in mind, any financial services provider who knows its onion and is primed for performance optimization would want to plug into the emerging economic power in the sub-Saharan Africa from whatever angle the opening comes.

Here in Nigeria, Ecobank recently unveiled its dedicated premium banking product tagged Premier Banking Service which is targeted at high net worth customers of the bank. The Ecobank Premier Banking personalizes banking services that suits individual lifestyles of customers in a collaborative way that provides additional value beyond everyday banking.

The launch that ushered the new Ecobank Premier Banking came with a loud statement; style, fun, networking and business together at the epoch event.

The bank, no doubt, has its hand on the huge Nigerian massive business pie with the presence of frontline investors, industrialists, politicians, diplomats, Senior Media Executives, Bankers and premium celebrities.

Personalities like Executive Governor of Lagos State, Mr. Babatunde Fashola, former Speaker of the House of Representatives, Honourable Dimeji Bankole, Former Minister of Health, Prince Julius Adelusi-Adeluyi, Chairman of Vigeo Holdings, Mr. Victor Gbolade Osibodu and Executive Director, Business Day, Mr. Philip Isakpa were among the array of colourful personalities that graced the launch.

The new Premier Banking initiative which the Bank’s management said marks the beginning of a redefinition of banking in Nigeria is characterized with  the appointment of dedicated Relationship Managers as primary points of contact providing a twenty four hour, seven days a week (24/7) financial advisory service to Premier Banking customers and their family. Whether at an Ecobank branch or at the customer’s home, personal Relationship Managers will be there to help customers make the right banking decisions.

Also, Premier Banking customers are offered a range of multi- currency savings and lending products with preferential rates as well as special Platinum cards with full insurance protection. If a customer loses the card, it is replaced free within 24 hours.

On reasons for the

premier banking initiative:

Speaking at the unveiling of this new service in Victoria Island, Lagos, Ecobank Nigeria Managing Director, Jibril Aku said the new Premier Banking initiative gives customers the privilege to have a variety of exclusive lifestyle benefits, including preferential airline and hotel rates and unparalleled rewards from luxury brand retailers across the world.  He said they will also have the added assurance of purchase protection, safe custody and private services.

In his words, Aku said “Ecobank Premier Banking is a tailored service uniquely for the customer; just the way he wants it. At Ecobank we believe when something is exclusively designed for you, it feels like the perfect fit. The desire to provide our Premier Banking customers with the perfect fit for their busy lifestyle led to the birth of this service”.

With presence in about 33 African Countries and ambitious projection for continued growth of the bank by reaching deep into key markets with ingenious innovation, Ecobank appears set on reasserting its huge influence on the High Networth Individuals market segment.

In his reaction, Ecobank Group Executive, Domestic Bank, Patrick Akinwutan who stood in for the Group Chief Executive Officer, Albert Essien said Premier Banking by Ecobank is one of several activities lined up by the bank to affirm its commitment to Africa, and to strengthen its effectiveness in all its areas of operation. In his words: “We are leveraging our best talents and experiences across the bank to achieve feats like this”.

Also speaking, Ecobank Head, Personal Banking, Mrs. Olukorede Demola-Adeniyi said the birth of Premier Banking by Ecobank redefines banking service delivery in the country.   According to Olukorede,  whose role is more of Chief Relationship Manager, Premier Banking by Ecobank is a testimony to the bank’s avowed committment to its vision to continually provide its retail and wholesale customers with convenient, accessible and reliable banking and financial services.

To the Chairman of Ecobank, The Olor’ogun (Dr.) Sonny Kuku, the Bank’s offering is as unique as the people driving it. He assured that the newly launched Premier Banking product is to serve premium customers of the bank in a more personal way.

Lagos State Governor, Babatunde Fashola’s perspective was very emphatic on the milestone achieved by Ecobank. “I am delighted that Ecobank has done well for itself here. I am happy that Ecobank and other banks have continued to find our land and State a place where you can call home. I congratulate the board, management and staff of the bank for the change and milestones that represents a strategic direction in which the bank is heading”.

Given the enviable pedigree of Ecobank and its sustained push for greater heights in the areas of innovation and customer service, the new Premier Banking product could be rightly described as a demonstration of a vision to expand the horizon of customer satisfaction beyond the ordinary level. In this regard, the bank’s well-earned reputation as a front liner has again been demonstrated.