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Skye Bank launches new retail banking road-map

By on June 28, 2015

In a quest to reposition its Retail Banking business and make it the centre-piece of its business focus, Skye Bank Plc. has embarked on a comprehensive transformation of its retail offerings, focusing essentially on the needs of customers in its identified target segments, Individuals and Small and Medium-sized Enterprises, SMEs.
The Bank’s new Retail strategy code-named Project R-TAG, ‘Retail Transformation and Growth’, is designed to simplify Retail Banking business and serve as a game-changing business model with a focus on customer segments using unique value propositions rather than the product led approach commonly adopted by Retail organisations. This is the key to activating the Bank’s new retail sales approach which is based on a ‘Pull’ strategy, supported by a positive customer experience across its key service touch points.
Speaking at the launch of the project in Lagos on Tuesday, June 9, 2015, the Group Managing Director/Chief Executive Officer of the Bank, Mr. Timothy Oguntayo, assured that the new business transformation project would bring about customised and needs-satisfying financial solutions in a manner that will exceed the expectations of the customers.
Oguntayo said the trend in retail banking involves knowing the needs of the customer beyond finances to include Lifestyle needs and designing appropriate solutions to meet those needs, saying, ‘Skye Bank is poised to serve as a dependable partner to its customers across the country.’
He added, “Our renewed drive and focus on Retail Banking is anchored on the premise of building a long lasting relationship with our customers based on trust as well as supporting the financial inclusion drive of the CBN so as to bring a lot more people into the financial system and the formal economy. This is why the Bank has instituted its ‘Reach for the Skye millionaire reward’ scheme as a product feature for its flagship savings product to encourage savings culture amongst the mass market segment.
Oguntayo stressed that the current Banking environ as well as the acquisition of Mainstreet Bank, which after integration, will significantly increase the branch footprint of Skye, signifying a clear competitive advantage for Skye Bank to follow the Retail Banking model.
In her remark, the Executive Director, South South, South East and Retail Banking, Mrs. Ibiye Ekong, said amendments to the Bank’s existing retail products is to streamline and position them for better fit with the identified customer segments.
Ekong further stated that the bank had just introduced a new individual current account product named, ‘Skye Ascend” targeted at the ‘emerging middle class’ customer segment which forms part of the new focus segment for the Bank.
She said the Bank’s new retail strategy had identified three consumer segments for primary focus, namely mass market, emerging middle class and mass affluent, which promise to deliver value to the customers.
Also speaking at the occasion, Head, Retail Banking Group, Nkolika Okoli, said the R-TAG project would help streamline the Bank’s product portfolio targeted at Individual and SME customers via the identification of primary focus segments, with a maximum of 2 products to serve each segment.
She added that Skye Bank has also pioneered the issuance of FREE debit cards and cheque books to Retail customers as well as a removal of all withdrawal barriers on savings account types as incentives to encourage adoption of financial services by customers of all class by making banking services affordable to all.
Meanwhile, a businessman residing in Kaduna State, Mukaila B. Hamzat emerged the first winner of the Bank’s ‘Reach for the Skye Millionaire’ reward scheme. Mr. Hamzat, a former Mainstreet Bank savings account holder, now merged with Skye Bank, was selected during an electronic draw from over 400, 000 customers during the launch of the retail banking project. Three customers would emerge as millionaires each month during the monthly promo draws. The next draw event is scheduled in the first week of July.

Unveils ‘Skye Is Big Enough’ Campaign
In line with its commitment to advance customer experience, Skye Bank has also unveiled its ‘Skye is Big Enough’ campaign aimed at promoting the bank’s new “Smart” unique selling proposition.
Speaking at a press conference to unveil the new thematic campaign in Lagos, Abimbola Izu, Executive Director, Corporate Services, said the campaign became necessary to align with evolving market trends as well as draw attention to the bank’s enormous capacity in ensuring customers convenience and maximum comfort at all times.
“The entire world is under very serious economic stress and pressure, but in the midst of the pressure, we find opportunities to shine. Skye Bank is seizing the moment to reposition itself for the challenges and the opportunities that abound in the market place as we evolve’’, she said.
According to her, the essence of the campaign is to tell the customers that Skye is big enough to handle all forms of business transaction, as well as have smart, intelligent and innovative technologies that support the businesses of its customers.
To further push the campaign, she disclosed that Skye Bank was adopting all its platforms to convey its message, disclosing that the bank would soon commence an advertising campaign that highlights the new realities and capabilities of the bank, using the success stories of individuals just to ‘drive home our point that the Skye is Big Enough for anyone that is determined to succeed’.
Izu highlighted the bank’s acquisition of Mainstreet Bank last year, as a proof of Skye bank’s determination to leapfrog into the league of bigger and stronger institutions that are major players in the evolving global economy.
“This year, we are quickly accelerating the concluding process of integration. The merger gives us 469 branches, a quantum leap from the 260 branches that Skye Bank had, more importantly, it has given us a very significant footholds in some areas where Skye bank is not well represented. For instance in the South-East alone, Skye Bank will have an addition 54 branches right away, and in the North we will be having  about 52 branches right away.” She stressed.
She noted that the acquisition also gives Skye Bank the leap in the electronic channel business, with a total ATM network of 849 for their customer convenience. Our Skye Mobile channel is also going to be re-launched as we have revamped it. All these we have reworked just for customer’s convenience and comfort.”

 

[ThisDay]