First City Monument Bank (FCMB) has said that its business priority in the current financial year is to increase revenue, while putting into optimal use its technology to enhance operations across diverse business segments.
The financial institution, which focus is to compete strongly in the retail space, said a key part of its business direction is to reduce cost to income ratio, while focusing on taking core customer propositions of being helpful and reliable to a new industry benchmark.
Listing key challenges to achieving the feat as changing business environment and regulatory pressures, the Assistant Vice President and Group Head Information Technology at First City Monument Bank (FCMB), Emeka Eboegbune, said that the technology landscape in Nigerian banks is trending towards providing convenient products and services to customers on mobile devices, while utilising cloud technologies for more reliable services.
Eboegbune noted that a key game changer for banks is their ability to utilise social media to reach a growing and diverse online population, the banked and unbanked.
He described some of the technology challenges faced by financial institutions in Nigeria to include lack of availability of reliable network infrastructure across the country, security of the Banks’ infrastructure as well as reliable power supply.
“Our present focus is the upgrade we have achieved in our core banking and other business applications to the latest available versions to meet and exceed customer demands and expectations, including a CRM (customer relationship management) system,” he said.
The bank recently unveiled a refreshed corporate identity, followed by the launch of its “world of opportunities” thematic campaign, which highlighted the values of FCMB as a bank that helps to identify, connect and harness opportunities unique to each individual, social class and other segments of the society.
The financial institution adopted a strategy that is aimed at consolidating its focus as a technology driven-bank where banking services are very easy to use, seamless and accessible to all segments of the society.
He said that the bank is channeling its energy towards simplified banking services and products, as recent reports unanimously identified FCMB as offering, among a few other banks, the best of social and alternate banking channels in Nigeria.