Why Fidelity Bank rebranded, by MD

Fidelity-Bank-Plc-Lagos-Head-OfficeThe rebranding project of the Fidelity Bank Plc is borne out of the need to reflect the changing times, acquired strength, strategies and renewed drive to serve in a competitive environment.

The Managing Director and Chief Executive Officer of the bank, Nnamdi Okonkwo, in his presentation at the official unveiling of the financial institution’s new face, said the decision reflects a milestone in the 27-year history of the lender.

According to him, the new brand identity is a reminder of the bank’s rich background, inspiration for future, vibrancy and the energy to conquer new frontiers.

He noted that in the life of every business, there are various moments that call for change, which now form the motivation behind the bank’s rebranding project.

“Our business environment is changing and we realise that to remain true to the customers we serve, it is imperative that we stay in tune with the times.

“We are not just giving our brand a new look, but more importantly, we are actively changing the way we do business- becoming more focused on our customers’ needs and exceeding their expectations. Rebranding, therefore, makes this contract visible to our stakeholders.

“Changing trends mean that overtime, brands age and require renewal. Major global brands also constantly evolve to remain relevant with the times and so it became obvious that we needed to reposition our brand as a modern and forward thinking bank,” Okonkwo said.

The bank chief said that the face will leverage on technology to improve customer service, as it has already re-positioned its electronic channels and banking products to not only reflect our refreshed identity and the regulatory mandates of the Central Bank of Nigeria (CBN), but re-affirmation of its commitment.

Besides, the bank has implemented a bespoke online banking system that offers an improved modern interface and consistent features across all web based platforms.

“This is in consonance with our commitment to support the Federal Government’s cashless initiative by providing better customer experience and convenience across electronic channels.

“Beyond that, our improved electronic banking system has drastically reduced the turn-around-time for online customer set up at all touch points…Today, customers can conduct bank-to-bank transfers seamlessly via our mobile platform,” he said.

Meanwhile, Fidelity Bank is at the verge of migrating its core banking platform from Finacle 7 to version 10, in an effort to support its ongoing innovation drive.

Okonkwo, who disclosed this at the event, said the migration, which is part of the bank’s transformation initiative, will enhance operational efficiency, strengthen innovation capabilities and support scalable growth.

“Finacle version 10 will enable us to implement services such as enhanced Small and Medium Enterprise banking, management information system reporting, application monitoring, and disaster recovery automation,” he added.

1 Comment
  • Mazi JO

    An excellent view of the Bank’s operating new direction. Fidelity has been an enduring institution for its customers particularly and the Nation’s banking public at large. With the new approach, it will even be sweeter for everyone. In business, you take a good care of your employees, you treat customers like rare coins, operate within the regulatory guidelines; your business health is guaranteed given what obtains in the economy. Be consistent as you have been in ROI delivery over the years for that is the principal reason the shareholders have the Bank in great esteem. It may not happen every annual return but have your PR people sell the periodic truth ill or well, informing your business relationships everywhere. There is strength in numbers which atones for your incessant search for customers and business opportunities while keeping the old ones as happy as the new. Business is going to be more brisk with the looming Cashless environment. There could be no better time to plan ahead of the pack than now. Do not go cold turkey on Oil and Gas aspects of your business. The chill in that sphere will not last forever. I do not know how much your loan Portfolio is exposed there but it is good you do not forget that field entirely. The Bank is performing. It looks like every time the Bank goes for it to make a run in fostering its share prices, a shift in regulatory mix dampens it. But the Bank should remember that hard work and innovation are the names in the game. Nigeria will very soon live up to the trust of its enormous resources and we will all live better afterwards.