First City Monument Bank Limited (FCMB) is poised to make giants strides in the Nigerian financial sector. The bank no doubt has maintained its position as one of the leading retail banks in Nigeria. In the month of May, 2015 when the bank launched its new thematic campaign tagged: “A World of Opportunity.”
The management of the bank saw it as an opportunity re-strategize. At the recent unveiling of its refreshed corporate identity, which it noted had led to a replacement of its former colours of black and gold with a vibrant combination of purple and yellow that speaks to a wider audience.
Chief Executive Officer of the bank, Mr. Ladi Balogun said his organization had set a long-term vision to be the premier financial services group of African origin. To properly achieve this objective, he said the bank also needed to ensure that its communication tools spoke to those ideals.
Balogun said, “At the heart of the group is emerging a vibrant retail bank that seeks to rewrite the rules of the game. We have reached a tipping point in our evolution, and we feel we are now ready to wear a new look that is reflective of not only where we are, but also where we are going.
“Our colours of black and gold, which spoke to an exclusive audience, have been replaced by a vibrant combination of purple and yellow that speaks to a broader audience. Our logo has also been modified to be slightly less formal and more contemporary, yet retaining a distinctly FCMB feel.
“This not so quiet revolution is much more than a look. It is an honest reflection of where we are, and a signaling of where we are going, together. Welcome to the new look of opportunity!”
After rolling out some numerical achievements of the bank in the past year, he, however, said it was not just about numbers, but more importantly it is about quality, adding, “We have been investing in building a unique FCMB customer experience, defined by simple, helpful, reliable products and services, and professional and friendly bankers willing to go the extra mile for you”.
He maintained that the future of the bank is intertwined with the collective future of its customers; hence it reinforces the position of being an inclusive lender. He further said that the organization would support sectors that drive the prosperity of the markets in which it operates, as it brings greater accessibility to a broad range of financial services.
Balogun maintained that it is by so doing the bank would build one of the most relevant financial service franchises of African origin, providing the best customer experience.
According to him, “We are optimistic about the future and determined, whatever the challenges, to make this happen. We have taken the best of our traditional values of professionalism and excellence. We have complemented this with the sustainability and customer focus than a more inclusive bank demands.
“We also believe that a strong retail franchise strengthens the corporate and investment banking aspects of the group, providing a more robust balance sheet and better distribution of our opportunities. Our new look, whilst unexpected to many in its vibrancy, is reassuringly familiar!”
FCMB believes that the thematic campaign, linked to the refreshed corporate identity of the Bank, not only tells compelling stories of life and business aspirations of diverse Nigerians, but on how FCMB supports them to bring such dreams and aspirations to reality. The campaign tells the story of the very diverse base of the customers that FCMB serves.
The thematic campaign comes in two television and two radio commercial versions conveying FCMB’s delivery of great customer experience and service on its channels and electronic banking platform and how it enables its customers through those services to fulfil their life aspirations. It also showcases the new warm, friendly, approachable and energetic brand identity of FCMB and its values as a simple, reliable and helpful bank,” a statement from the bank added.
According to Mr. Olu Akanmu, the Divisional Head, Retail Banking of FCMB, the new FCMB brand thematic campaign tells the story of the diverse base of the customers that we serve at FCMB. It does not matter where you are; we support you to fulfil your life and business aspirations at FCMB.
“Our convenient electronic banking platforms and best-in-class relationship management deliver great experience to our customers as we support them to achieve their great dreams for themselves, their families and their businesses.”
Akanmu also reiterated that “Nigerians are aspirational and hardworking people. FCMB is the bank for all Nigerians, walking with them as a partner to fulfil their life and business aspirations in the true spirit of its brand pay-off line of “FCMB- My Bank and I”.
As a bank with a very strong commercial and retail banking activities, shareholders should expect better returns. The bank which announced its audited result for the year ended December 31, 2014, where it posted impressive results. Part of the postings was a Profit before Tax of N23.9 up 32% from prior year and a proposed dividend of 25k per share. This impressive result was attributed to its strong commercial and retail banking activities, which has continued to be the key driver of group performance, with 26% growth in profit before tax. The bank attributed its growth to the activities of its retail banking that has made it possible not to only attain industry leading margins but also deliver 37% loan growth. In addition to the successes it experienced in the retail, its marketing and service excellence enabled us acquire 500,000 new retail customers in 2014, as well dispense 20,000 new loans every month. With a modest deposit growth rate of 3% overall which is attributable to a switch in our wholesale funding mix at the margin from deposits to stable long term borrowings. The bank is set to make focus more on its retail banking as this will strategically help in achieving better results in 2015. The bank is certainly working towards becoming one of the most relevant financial services brands in the country.
He stated that the bank would acquire 50,000 new customers and as well dispense 20,000 new loans every month. As a bank, FCMB has been leveraging on the culture of excellence, innovation and efficient service delivery to ensure maximum returns to all its stakeholders.