Recent trends in the banking sphere seem to suggest a changing twist for good as the customer is treated to various forms of incentives to woo them over as investment partner. At various banking halls across the nation, customers now meet a more relaxed smiling Teller ready to attend to their needs with patience. But more than that also, banks now connect with customers in various other ways like offering free packages to entice them into saving to shore up their deposit base, especially
in this season of high competition. Some banks hitherto not very much visible in the retail segment are now making foray, indicating they are keen to attract this new bride – the customer.
A good example is the recent Standard Chartered Bank Nigeria Limited 2014 Mega Rewards Promotion exercise for its customers. The bank noted at the grand draw in Lagos that it earned in excess of $17 million (an equivalent of N2.64 billion), a 109 per cent leap over the initial target of $15 million during the period between February 13 and June 30, 2014 when it ran the reward promotion campaign.
This came as a result of the bank’s awareness that customers are truly kings in the financial services sector and not just pawns in the hands of ‘shylock merchants’ who simply lure them for profit purpose.
The bank also grew its deposit base within the period with additional 5,303 customers.
The promotion, according to the bank, is a deliberate effort to reward existing and new customers for their patronage. It was also a continuation of the bank’s efforts to further penetrate the retail banking space and deliver added value to its growing customer base and deposit base. The Mega Rewards Promotion represents a unique offering in the banking industry where customers can win mega prizes simply by maintaining a savings or current account.
“One main objective of the Mega rewards promotion was to grow our customer base and deposit base,” said Diran Olojo, Head, Brand and Marketing, Standard Chartered Nigeria & West Africa.
The bank said it connects customers to global opportunities around the world.
Mrs. Bola Adesola, Chief Executive Officer (CEO) of Standard Chartered Bank Nigeria said: “We value our relationship with our customers because we believe that the strength of any relationship comes from listening, understanding and responding adequately to the needs of our customers. This is why we commenced the Mega Rewards Promotion to meet some of the financial goals of our customers.”
This manifested in the emergence of Taiwo Ayoku, a Lagos based businessman and customer of the bank as the star prize winner of the Mega promotion. For him, it was a unique early Christmas present with style. He won the promotion’s mega star prize of a 2014 Porsche Cayenne, a midsize SUV worth $49, 600 (valued at approximately N9.4 million). Winning the grand prize was a worthy gift from a bank with reputation.
“I have maintained accounts with Standard Chartered in the past four years and I think this is a just reward worth applauding. I believe the system has been transparent. Yes, I am more than satisfied with the prize,” said Ayoku.
According to usnews.com, ‘the 2014 Porsche Cayenne comes standard with a 10-speaker stereo system with a 7-inch touch-screen display, Bluetooth and dual-zone automatic climate control. Other features available as options or on higher trims include an upgraded stereo system, four-zone automatic climate control, satellite radio and navigation. Available active safety features include front and rear parking sensors, a backup camera, adaptive cruise control and lane change assist.’ The Porsche Cayenne also comes with a lot of recommendation among leading auto-reviewers who rate it #5 in the class market category.
Other mega prizes for grabs beside the Porsche Cayenne were N5 million cash, six iPads and 10 Samsung Galaxy smart phones. Over 450,000 entries were recorded in the first two draws. During the mini draws, three customers of the bank also received N1 million each. Four winners of iPads also emerged at the mini draws.
According to the bank, 7,529 customers qualified for the grand draw and over 240,000 entries were recorded in the rewards promotion, which created a lot of excitement. During the grand draw event, two other customers emerged as millionaires. Two winners of iPads and 10 winners of smart phones were also selected.
Looking ahead, the good times are truly here for the customer who is beginning to assume his true role as the king of transaction relationship.
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