Retail banking data compiled by Ciuci Consulting show the 18 – 24 age group of bank customers indicate that the products and services they desire most are savings accounts, depositing machines and money transfer services.
Among all the banks under the purview of the firm, Wema Bank plc is succeeding in capturing the hearts of the youth as the report shows a strong attraction by this age group as their ranking with them is much higher than the bank’s overall perception ranking of 14th in 2016.
The 2016 Ciuci Consulting Annual Banking Report- What Nigerian Retail Customers Want shows a significant climb for Wema Bank in the perception ranking of the 18 to 24 age group, where they moved from 16th place in 2015 to 7th place.
What is the “purple branded bank” doing to target this age group and how is it achieving its desired result?
“It is only normal to take deliberate steps to achieve a set goal. Driven by the desire to develop an intimate relationship with its customers and “’deepen financial inclusion in line with the Central Bank of Nigeria (CBN) Wema Bank has targeted the Youth”, Femi Olowoyeye, Regional Manager, Wema Bank, Apapa said.
The bank has applied a two-pronged strategy to encourage a savings culture and increase access to digital banking. It has a product called the ‘Purple Savings Account’ that allows its customers to open an account with just N1,000, with the account activation done via mobile banking. The bank has partnered with both secondary and tertiary schools to offer quality services and boost the digital banking experience of students. An example of this partnership is the recently concluded orientation program for new students of Lagos State University (LASU), which Wema Bank participated in.
Wema Bank has chosen to focus on encouraging a savings culture and through its Purple Savings Account features it addresses a major touch point for the Nigerian youth. The data also shows that the convenience and accountability of Internet banking makes it the most preferred transaction channel for the youth. This further supports Wema Bank’s strategy to increase digital channels.
Wema bank has shown that it not only understands what its target customers want but also that they can successfully implement strategies to attract them. The youth are responding to Wema Bank’s products, services and functionality.
Other banks surveyed by the company under overall perception ranking include Standard Chartered Bank which moved from 10th position in ranking in 2015 to 11th in 2016, Stanbic IBTC from 8th ranking in 2015 to 12th in 2016, Union Bank remained unchanged at 13th ranking in both periods under review.
Others include Sterling bank which ranked 15th in 2016 from 14th in 2015, Unity Bank emerged 16th position in ranking in 2016 from 17th in 2015, and Keystone Bank ranked 157h position in 2016 from 15th in 2015.