Skye Bank Introduces New Retail Strategy

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Timothy Oguntayo

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SKYE Bank Plc has introduced a new retail strategy called Retail Transformation and Growth. This would enable the bank to focus on improving retail banking business in the country. The bank said it had embarked on a comprehensive transformation of its retail offerings, focusing essentially on the needs of customers in its identified target segments.

The R-TAG is part of the efforts to make retail banking a centre-piece of its business focus. According to a statement by the bank, the new strategy will simplify its retail banking business model with emphasis on customer segments, using unique value propositions rather than product-led approach. “This is the key to activating our new retail sales approach which is based on a ‘Pull’ strategy, supported by a positive customer experience across our key service touch points.”

Timothy Oguntayo, group managing director, Skye Bank, at the launch of the project in Lagos, said the new business transformation project would consequently lead to customised and needs-satisfying financial solutions for customers. He said the trend in retail banking involved knowing the needs of the customer beyond finances and designing appropriate solutions to meet those needs.

“Our renewed drive and focus on retail banking is anchored on the premise of building a long lasting relationship with our customers based on trust as well as supporting the financial inclusion drive of the CBN so as to bring a lot more people into the financial system and the formal economy. This is why the bank has instituted ‘Reach for the Skye millionaire reward’ scheme as a product feature to encourage savings culture among the mass market segment,” Oguntayo said.

According to him, the current banking environment and the acquisition of Mainstreet Bank would significantly increase the branch footprint of Skye.

On her part, Ibiye Ekong, executive director, south-south, south east and Retail Banking, said the amendments to the bank’s existing retail products was to position in line with some identified customer segments. According to her, the bank’s new retail strategy has identified three consumer segments for primary focus, namely mass market, emerging middle class and mass affluent.

— Jun 29, 2015 @ 01:00 GMT

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