Deposit Money Banks (DMOs) in Nigeria have been urged to forge closer and more mutually beneficial collaboration among them and other experts in the financial services sector to ensure greater stability of the country’s banking industry.
President and Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Olanrewaju Pius Oladeji, gave the charge in Lagos at the 2024 Association of Corporate Affairs Managers of Banks (ACAMB) stakeholders’ conference with the theme: Building Bridges: Collaborative Solutions for a Trusted Banking and Financial Services Experience.
Speaking at the event, the CIBN president highlighted how collaboration between bankers and other professionals can shape the banking industry by fostering a culture of trust, adding: “This trust is essential for customer loyalty, investor confidence and overall financial system stability.”
Citing Henry Ford and Helen Keller to stress the power of working together towards success, he stressed the historical significance of collaboration and called for the strengthening of the Nigerian banking sector through building brand loyalty, revenue generation and implementation of long-term strategies to enhance trust and reliability.
He pointed out the crucial role of marketing and communications professionals in building brand loyalty, revenue generation and customer engagement, maintaining that they play a key role in attracting and retaining customers, which ultimately contributes to the revenue growth of banks.
Oladeji, who further stressed the importance of understanding customer needs and tailoring services to meet those needs, aligning with the bank’s long-term strategy of building trust and reliability, noted that digital marketing, in particular, has become a vital tool for revenue generation, with companies investing in digital marketing strategies experiencing higher revenue growth.
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“Trust is the foundation of the banking industry, driving customer loyalty and investor confidence and so there is the need for consistent, transparent and ethical practices to earn and maintain trust,” he stated.
Looking ahead, Prof. Oladeji stressed the strategic imperative of collaboration in creating synergies for improved customer experiences and advocated more robust collaboration for the benefit of future generations, while emphasizing the importance of teamwork in achieving common goals.
In highlighting the importance of teamwork in achieving success, he quoted Michael Jordan, assuring that the CIBN remains open to collaborations for capacity building, sensitization and advocacy programmes that would positively impact the banking industry.
“Let us embrace the spirit of collaboration and work together towards a trusted and thriving banking sector that serves the needs of society, building bridges for the present and future generations,” he concluded.
