By Ngozi Onyeakusi—The need to bolster customer experience took the center stage at the Association of Corporate Affairs Managers of Banks’ (ACAMB) Stakeholders Conference 2024 held in Lagos

The Conference with the theme ‘Building Bridges: Collaborative Solutions for a Trusted Banking and Financial Services Experience’. was born out the quest  for the banking and financial services sector in Nigeria, to come together to discuss customer experience as they affect access to banking and financial products and services in the country.

Delivery a speech at the event,  the newly  inaugurated President of  the Chartered Institute of Bankers of Nigeria CIBN, Professor Pius Olanrewaju, pledged to work with the ACAMB to improve the experience of bank customers.

He also highlighted how collaboration between the two groups can further propel the banking industry, saying, “Building brand loyalty: marketing and communications professionals are often the first point of contact with the bank and contribute immensely towards building brand loyalty. Positive engagements can result in customers sticking with the same bank over many years while negative or below-par communication standards could drive them away.

“Revenue Generation: As previously mentioned, the first point of contact potential customers have with the bank is usually with marketing professionals. You drive awareness of the bank’s brand as well as the goods and services available.

Your style of communication and how you market the product or service to a given audience could determine the success of that product.”

According to the CIBN president, it could attract or repel potential customers, adding that the more customers banks’ spokespersons attract, the more revenue the banks make.

“In recent times, digital marketing particularly has evolved into an indispensable engine for revenue generation and achievement of long-term strategies. True professionals in this field understand their customer’s ever-evolving tastes and work with the leadership of the bank to tailor services to meet those specific needs.

“This aligns with the long-term strategy of the bank to build trust and reliability. These professionals also safeguard to the best of their ability the reputation of the bank by engaging the public regarding negative reviews and promoting positive developments initiated by the bank.”

He added, “Ultimately, it is important to understand that our industry thrives on trust. It is the invisible force that drives customer loyalty, investor confidence, and the overall stability of our financial system. However, trust is not a given; it is earned through consistent, transparent, and ethical practices”.

Earlier in his welcome address, the president of ACAMB,  Mr Rasheed Bolarinwa stated  that the conference serves as a critical forum to address and resolve key consumer issues, providing a holistic understanding of Nigeria’s banking and financial services landscape.

“We acknowledge the symbiotic relationships that exist among the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs), other financial institutions and regulators, and vital players in the Insurance and Pension industry, including NAICOM and PENCOM, as well as consumer protection agencies and the Nigeria Inter-Bank Settlement System (NIBSS).

Our objectives today are ambitious yet essential. We aim to educate consumers and foster their ability 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”, he assured.