Fidelity Bank Splash N5.8b on Rebranding, Others in 2015

By Oriyomi AbdulJeleel

Fidelity Bank Plc has splashed nothing less than N5.8 billion in its re-branding project; marketing; communication and entertainment in the financial year ended 31 December, 2015.

The bank in its financial statement for the period ended December 31, 2014 had spent N1 billion for the same purpose excluding re branding project with significant increase of about N4.8 billion in the year under review.

However, the bank has explained why the bank rebranding project is important, because it has to reflect the changing times, acquired strength, strategies and renewed drive to serve in a competitive environment.

In his presentation at the official unveiling of the financial institution’s new face, the Managing Director/CEO, Fidelity Bank Plc, Nnamdi Okonkwo, said that the decision reflects a milestone in the 27-year history of the bank.

According to him, the new brand identity is a reminder of the bank’s rich background, inspiration for future, vibrancy and the energy to conquer new frontiers.

He noted that in the life of every business, there are various moments that call for change, which now form the motivation behind the bank’s rebranding project.

“Our business environment is changing and we realise that to remain true to the customers we serve, it is imperative that we stay in tune with the times.

“We are not just giving our brand a new look, but more importantly, we are actively changing the way we do business- becoming more focused on our customers’ needs and exceeding their expectations. Rebranding, therefore, makes this contract visible to our stakeholders.

“Changing trends mean that overtime, brands age and require renewal. Major global brands also constantly evolve to remain relevant with the times and so it became obvious that we needed to reposition our brand as a modern and forward thinking bank,” Okonkwo said.

The bank chief said that the face will leverage on technology to improve customer service, as it has already re-positioned its electronic channels and banking products to not only reflect our refreshed identity and the regulatory mandates of the Central Bank of Nigeria (CBN), but re-affirmation of its commitment.

Besides, the bank has implemented a bespoke online banking system that offers an improved modern interface and consistent features across all web based platforms.

“This is in consonance with our commitment to support the Federal Government’s cashless initiative by providing better customer experience and convenience across electronic channels.

“Beyond that, our improved electronic banking system has drastically reduced the turn-around-time for online customer set up at all touch points…Today, customers can conduct bank-to-bank transfers seamlessly via our mobile platform,” he said.

Meanwhile, Fidelity Bank is at the verge of migrating its core banking platform from Finacle 7 to version 10, in an effort to support its ongoing innovation drive.

Okonkwo, who disclosed this at the event, said the migration, which is part of the bank’s transformation initiative, will enhance operational efficiency, strengthen innovation capabilities and support scalable growth.

“Finacle version 10 will enable us to implement services such as enhanced Small and Medium Enterprise banking, management information system reporting, application monitoring, and disaster recovery automation,” he added.