Some financial and other experts on Thursday called for collaboration, credibility, transparency, authenticity and integrity in handling banking and financial services to gain customers’ trust.
They spoke at the 3rd National Stakeholders Conference of the Association of Corporate Affairs Managers of Banks.
The 2024 edition of the conference, held in Lagos, had the theme: “Building Bridges: Collaborative Solutions for a Trusted Banking and Financial Services Experience.”
ACAMB President, Rasheed Bolarinwa, said the event was organised to bring together players in the banking, insurance and financial services sector for the first time to holistically discuss issues regarding customer experience.
Bolarinwa said that ACAMB had a mission to foster transparency, prioritise consumer welfare and champion industry excellence while acknowledging the symbiotic relationships of regulatory bodies and the key banking, insurance and financial services stakeholders.
He said: “Our objectives today are ambitious, yet essential.
“We aim to educate consumers and foster their abilities to make well-informed decisions about banking and financial services.
“By creating a platform for open and constructive dialogue among consumers, regulatory bodies, the media and financial institutions, ACAMB strives to build mutual understanding and trust.”
Bolarinwa explained ACAMB’s role in ensuring orderliness and deepening stakeholders’ understanding of existing and evolving Central Bank of Nigeria’s regulations as well as promoting a compliant and trustworthy environment.
The President of the Chartered Institute of Bankers, Prof. Pius Olanrewaju, said that marketing and communication professionals played indispensable roles in the success of the banking industry.
Olanrewaju said that being at the forefront of customer engagement, ACAMB’s support had shaped the banking industry, deepening trust upon which customer loyalty, investor confidence and the overall stability of the financial system rested.
Justice Benedict Kanyip, President of the National Industrial Court of Nigeria, pointed out some flaws in service delivery by banks, adding that they should be addressed.
Kanyip listed such flaws to include those associated with automation, which, he said, were affecting quality and transparent service delivery.
He asked: “Why should my bank not bear the cost of alerts?”
Wale Abioye, Partner, Strategy and Customer Solutions, KPMG, delivering a keynote address, gave an insight into Nigeria’s financial services landscape.
Abioye said that there were 61 million bank accounts, three percent insurance penetration rate, 10 million RSA accounts, 70 percent once-a-week mobile app usage, and 95 percent financial inclusion target.
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He said although a lot of people were not satisfied with some banks’ performances, they still used their services for the safety of their funds, hence the need for efficiency for customer satisfaction.
He listed the four pillars of trust as transparency, authenticity, credibility and responsiveness.
He stressed the need for feedback from customers.
Other speakers and panelists at the event harped on trust as a requirement to gain the confidence of customers, while calling for adequate consumer protection.
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