By Ngozi Nwoke
Determined to improve Nigeria’s banking sector with excellent services, Signature Bank, recently launched its operations into the banking sector with financial inclusion, targeting over 40 million unbanked and underbanked citizens.
Speaking at the launch of the bank at its headquarters in Abuja, Alex Otti, founder of the bank said that the it will do things differently in a bid to redefine the industry and impact on the lives of customers through seamless access to financial services, while leveraging flexible digital solutions and tailor-made services.
“As Signature Bank operates in an industry that is saturated with several competing banks, the bank will fill the customer experience vacuum that other banks have left unmanned. The birth of Signature Bank was driven by a yearning gap created by repeated unresolved complaints, poor responsiveness, and unsavory customer experience encountered regularly from the banks he and his colleagues did business with.
“It came from a yearning for simplicity and ease of doing business and a less than adequate attention to the dynamic needs of the customer, not just within Nigeria, but across continents. For example, paying your child’s school fees, trading with partners overseas, settling bills without leaving the comfort of your home and making payments seamlessly.
“Interestingly, even as banks’ strategies, products and service offerings multiplied, the changing demographics and dynamics had customers increasingly yearning for more and demanding simpler and more flexible digital solutions.
“In all these, what customers expect from their bank is not too tall an order. What customers across different business segments are looking for is a bank that fits their aspirations, their personal stories and their lifestyle. In other words, customers want a bank that puts them first.
“So, we set out to build a bank that challenges the status quo, that is future-forward, embraces change and impacts the lives of the people we serve. A bank that leaves no one behind. A bank that is borderless and caters to the unbanked and underbanked. A bank that will deliver solutions to everyone’s doorstep through digital channels and a focus on service excellence and customer centricity.
“As the bank opens its doors today, our resolve to do things differently, to equip and enable our customers to make their mark in the world around them through seamless access to financial services and banking products, tailor-made to the needs of modern life and commerce, is stronger. Our experience assures us that this approach will trigger sustained financial success and returns to our shareholders while empowering our customers to make their mark in their different endeavors,” Otti further said.
He explained that the journey towards establishing the bank began in 2017, when the management sought to buy an existing bank and remodel it to fit its vision, but, after preliminary due diligence, decided to jettison the approach to set up a brand new commercial bank, and applied to CBN for a fresh banking license.
“In December 2021, the Bank received an approval-in-principle from the Central Bank of Nigeria and immediately set out to build a sophisticated bank that will operate without borders, driven by cutting-edge technology and a highly motivated workforce. In August 2022, the CBN approved the issuance of a commercial Banking to Signature Bank, after a rigorous process.
“The Bank is already looking to open its doors to customers in several locations across Nigeria, including Port Harcourt, Sokoto, Kano Owerri, Aba, Nnewi ,Enugu Onitsha, Asaba, Calabar, Uyo, Warri, and other metropolitan cities around the country. Some of the differentiated products to expect from Signature Bank include Personal Banking, Private Banking and Wealth Management, SME Products, Corporate Banking, Digital Banking, and much more.”
The board chairman of the bank, Mr. Mutiu Sunmonu, reiterated that the vision to revolutionize the financial services industry and impact the lives of customers in a positive way.
“I have always been passionate about creating operational efficiencies through digital solutions and service excellence, so it was easy to identify and align our expectations especially in delivering superior customer experience to our customers.
“The goal is to give our customers the freedom to bank on-the-go so that they can do business with us from anywhere, at any time without the need to visit a brick and mortar location. The Signature brand is built around the values of Professionalism, Audacity, Creativity, Trust and Service Excellence. It is a brand that is sophisticated, disruptive, and yet transparent. It is a brand that is built entirely around the customer,” he added.
