It is not clear if the former Central Bank of Nigeria governor, Charles Soludo visualised the extent to which the banking consolidation of 2005 would impact on the sector eight years down the line.
The consolidation Tsunami saw a reduction in the number of banks in operation and a focus on efficiency, quality of service, competition and exponential growth with customers turning out to be the real beneficiary of the consolidation exercise.
With the growing sophistication of technology and operational platforms, customers are already looking forward to the next wave of transformation giving a critical appraisal of their banks and demanding an even higher quality of service from their banks.
The banking industry has now become a my-bank-is-better-than-yours environment with customers asking pertinent questions like:
- What can my bank do for me? #YourBank
- Does your bank take care of you as a unique business or an individual? #YourBank
- How good is your bank’s customer service? #YourBank
- Does your bank use cutting-edge technology and flexible interactive platforms to take care of business? #YourBank
- Are you satisfied with the performance of your bank or you are just waiting for the right time to opt out? #YourBank
- Do you need a new bank? #YourBank
- Can #YourBank do all the things you want… when you want it, or they keep giving excuses on why they can’t? #YourBank
- Can #YourBank nurture and see you through your investments #YourBank
- Can your bank secure your investments, and nurture it to growth? #YourBank
- If you can’t answer in the affirmative to these questions and much more, then you need to make a decision now to get a new bank. #YourBankThe trend isn’t stopping, follow the conversation on Twitter using the #YourBank hashtag to know more about what you can do to make the change.