First City Monument Bank, the bank with the big white pillars in front of all its offices countrywide, is changing focus from the adults to the youths. FCMB is conventionally known to be a bank for older people, business executives and civil servants. Today, FCMB includes the youths as one of its target market.
At the commissioning of Pan-Atlantic University Students’ Centre, Ladipo Balogun, the Group Managing Director of First City Monument Bank, encouraged the youth as journalism sophomores to interact with him to share his experiences and more. He also gave insights into the paths FCMB is treading to be at the forefront of the banking industry, one of which is creating meaning in the minds of the youths.
As he eloquently states, “You don’t (just) become credible to the youths by using pop stars and film stars to promote the brand… you, first of all, become credible to the youth, by them feeling that you mean something to them.”
This was his reply to the question of utilizing music and film artistes as a marketing strategy, after his slide presentation on developing work place skills. He further explains FCMB’s marketing strategy and its innovations on resonating with the youths.
“We are innovating a lot of consumers earning space…(and) my aim is to be globally competitive.” He explains that in marketing, there has to be a line in what is called the 4P’s of marketing: Product: what is the product? Price: How do I want to price it? Promotion: How do I want to advertise it? And Place: where you want to sell your product. He illustrates this explanation with one of their latest innovations, the ‘Flexx’ software application, which is targeted at the youths. Although the app is yet to be launched, Mr. Balogun speaks of all its capabilities. It enables you to open an account even without going to the bank. All you have to do is to take a selfie, scan your signature on your ID card, upload it, fill out the other information on the app and simply click send. In less than an hour, your account is open, and you get your account number. And that’s it! This is the strategy needed to get the product to the consumers. “Then you can say okay, I see it; I get it. It means something to me. It is credible.” And you can start advertising with celebrities.
He also brings ‘communication’ to the fore during his presentation. The banking guru, who has a bachelor’s degree in business administration, ironically emphasizes on communication rather than Business strategy as one of the most powerful work place skills one can have. He was really excited when he visited PAU to hear that the first faculties that opened were ‘Media and Communication’ and ‘Business Administration’. He says both are really the skills of tomorrow.
On the importance of communication, Ladi Balogun states, “The skill that has helped me the most, is my ability to communicate… communication is one of the most critical skills you can have.” He gives an example with a member of his team. One thing he values most about the Executive director and chief financial officer of FCMB, Mrs. Yemisi Edun, who was also present at the event, is her ability to “communicate very succinctly, the financial states of our business”, which makes it very easy for him to make a decision. “Communication is essential, even for an administrator to be able to do well.” “You have to be able to make people do things not for you but with you”, he added
FCMB has done things for Pan-Atlantic University and with Pan-Atlantic University. Apart from the presentation, which held in the university’s academic block, a gathering also took place at the school’s Students’ Centre donated by FCMB. The students were delighted to be hosted by FCMB with refreshments. As Mr. Ladi Balogun commissioned the Students Centre, the name of the building was also revealed as ‘FCMB Students’ Centre’. He says humorously that, “I wish it was my personal money that was donated, but it was not. It was actually the banks’, FCMB. As the leader of the bank, of course, my own input in making that decision was pivotal.”
The building comprises a unisex salon, a supermarket, a unisex boutique and gift shop, a coffee shop, dry cleaning services, a travel agency, United Postal Service (UPS), a gadget sales and repair shop and a cafeteria. FCMB Students Centre also accommodates the services of an FCMB Agent and Automated Teller Machines (ATM), embedded outside the building.
The Pan Atlantic University is the mother institution of the Lagos Business School (LBS). LBS preceded the university by more than 10 years. Remarking on the strides of LBS and its link with the Pan Atlantic University, Balogun affirmed, “I knew that this was going to be a huge success.” He added, “Education is an area that is very critical to our country…and many people underestimate the importance of having institutions like this (Pan-Atlantic University).” He states that Nigeria’s expenditure in a year on overseas school remittance, from his personal estimation, is $20 Billion. He throws more light on how he arrived at this estimation:
“Children from primary school and all the way to university, whose parents are still living in Nigeria are paying for those fees in some way, shape or form, and I know that there is no way anyone would spend less than US$20 thousand a year, on educating somebody abroad. The need for us to develop our own educational sector in Nigeria, not just in terms of the quantity, but the quality that is being provided is absolutely critical.” Not only does it insure that we are better able to preserve our harder foreign exchange but more importantly, to be competitive as a nation globally, we have to have highly skilled people.”
Among the guests as the banker extraordinaire laid emphasis on education was the Special Adviser on Education to the Lagos State Governor, Mr. Obafela Bankolemoh. Members of FCMB board were also present at the event.
The ‘Flexx’ app, as aforementioned, will also have educational resources and life skills as one of its constituent units.
Balogun committed to come all the way to Ibeju-Lekki, on Friday, 4th December, for the formal opening of the students’ center and says it is very important to take things seriously, as someone who is in the position to do something, when you are called upon to help people hold a future in Nigeria. He congratulates those who have been admitted into PAU and states articulately, “I am convinced that Pan-Atlantic University will be an Ivy League Nigerian University.” In this sense, Pan-Atlantic University is evolving as the ‘Harvard’ of Nigeria.
. Okare is a student of Mass Communication at the School of Media and Communication, Pan Atlantic University, Ibeju Lekki, Lagos.
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