In view of the emerging challenges in the domestic and global economy, stakeholders at the second edition of the National Stakeholders Conference, organized by the Association of Corporate Affairs Managers of Banks (ACAMB) has urged operators in the financial services industry to rekindle customers trust in order to sustain profitability and return on investments.

The well attended event at the Chartered Institute of Bankers of Nigeria’ (CIBN) Bankers House, in Lagos had senior professionals in the marketing communicvations businesss and captains of industries, were they shared insights and solutions to current challenges and address some frequent complains from customers in the financial sector.

Speaking on the theme “Marketing Financial Services In Dynamic Times” the keynote speaker and Lead Partner, CMC Connect LLP, Mr Yomi Badejo-Okunsanya, emphasized the need for financial institutions to rebuild customers trust by finding new ways to meet their needs.

While pointing to a study by PricewaterhouseCoopers,.he reveals that only 39 per cent of Nigerians trust their banks in contrast to the global average of 56 per cent. Adding that “This lack of trust impedes financial inclusion and digital service adaptation”.

Okunsanya, the immediate past President, African Public Relations Association (APRA), urged the banks to know their customers and market, noting that the era of mass marketing was gone.

“When you are promoting your product, you make it look easy in the promotion but when I get there you make it very difficult. In those days when you wanted to sell financial products, you just put a couple of pretty girls in a sweet-looking car, and sometimes, the higher their skirt line, the better; but you cannot do that anymore”.

He advised financial institutions and other industries to create a strong and active research and development unit in order to succeed.

Added that innovation and the digital revolution were one of the most significant effects of the digital revolution in finance urging banks to democratise financial services, among others.

“A customer has become so aware; the issues of corporate governance do not allow that anymore also how many banks were there in those days compared to how many they are now? So, competition is key,’’ he said.

In his welcome addeess, ACAMB President, Rasheed Bolarinwa, reiterated the association commitment to stakeholder engagement as part of its contribution towards advancing the growth of the financial services industry.

According to him, ACAMB “wants to work and share ideas with all relevant stakeholders, and form partnerships and alliances that work for the good of the financial services industry and Nigeria in general.”

He noted that the theme of this 2023 conference highlights the impact of the multiple challenges that the country is currently facing, such as macroeconomic headwinds, rising inflation and forex scarcity on the financial services industry.

The ACAMB President also noted that while digitalization has led to increased adoption of digital payment systems, with consumers becoming more sophisticated, “the rate at which fintechs and neo-banks have, and continue to transform the finance industry, is a wake-up call for the traditional financial institutions to keep up with latest innovations in order to succeed and thrive.”

Specifically, he stated that this year’s edition of the event was an opportunity for stakeholders from different sectors of the financial services industry to discuss and share knowledge about marketing strategies in the current fast-paced global financial market.

The event had a panel discussion featuring a number of high-profile marketing communication experts and c-suite executives including Steve Babaeko, CEO/Chief Creative Officer, X3M Ideas and President, Association of Advertising Agencies of Nigeria (AAAN), Helen Ogboh, Group Head Manufacturing, Corporate Banking Directorate of First Bank of Nigeria Plc.

Others panelist includes, Tolulope Ogundipe, Group Head, Banking Services, Premium Trust Bank, Tosin Adebayo-Yusuf, Executive Director/COO, Heirs Life Assurance, Dr. Sunnie Omeiza-Michael, Director, Lagos Chamber of Commerce and Industry (LCCI), James Agada, Director, CWG Plc.

The Association of Corporate Affairs Managers of Banks (ACAMB), is the umbrella body of corporate and marketing communication professionals working in banks in Nigeria