Fidelity Bank Plc’s Digital Banking has gained further traction driven by new initiatives in its retail business and the enhancement of existing digital banking products. In this technology-fueled global economy, startup success hinges not just on the rate you innovate, but the speed at which you’re able to scale your business in your local environment. This is a success, one can attribute to Fidelity Bank Plc.
The Nneka Onyeali-Ikpe-led institution now has 56.0% of our customers enrolled on the mobile/internet banking products and 90.0% of total customer-induced transactions done on digital platforms with digital banking business contributing 27.6% to net fee income.
The unique character of Fidelity Bank has been nurtured through conscious effort and leadership. Its heritage places a premium on trust that’s based on the commitment to our customers, over a century of solid banking service, and a tradition of sound financial principles.
Over the years, Fidelity Bank has proven over and over again to be a unique community bank built on values. Its mission has been in place for over 100 years, guiding it to do what’s best for customers and to build lifelong relationships. The financial institution’s goal is to never lose focus of its mission and the associated values as it does business over the next 100 years.
To this end, its half-year 2022 results showed a 20.7 per cent rise in profit after tax year-on-year.
As the world becomes more connected and broadly-available, technology enables businesses to reach international markets faster than ever before, expansion beyond borders is on the radar for ambitious business leaders whose goal is rapid growth. Just close to the end of 2022, Fidelity Bank Plc, announced the planned acquisition of Union Bank UK. This is leaving no one in doubt about its readiness to avail itself of the tremendous gains of international presence.
The acquisition story is not peculiar to Fidelity. This is in response to their peculiar needs and ever-changing business environment. Just like other commercial banks in Nigeria, Fidelity Bank has continued to raise its scale through deliberate acquisitions and business combinations.
According to reports, this is because, unlike in the past when the Central Bank of Nigeria (CBN) had to raise the capital threshold, forcing banks to either opt for public offers to raise additional funds or merge with operators with similar visions, it is the competition for the sphere of influence that is driving most mergers and acquisition these days.
A Banking Analyst, Festus Alabi attributed the development to the shrinkage of business opportunities amid the current global economic challenges.
Banking industry watchers said with the keen competition by fintech companies and the rising appetite of consumers of banking products for innovations and risks, there are pressures on banks to leave their comfort zones and respond to these growing needs.
Consequently, banks decided to go for options that are best suited for them including the option of a holding company where they bring their non-banking operations under one umbrella. Others decided to go for acquisitions to create a niche for themselves.
It is under the latter category that Fidelity Bank Plc falls as it announced a business combination with a United Kingdom bank last week.
The bank disclosed that it has entered into a binding agreement for the acquisition of a 100% equity stake in Union Bank UK Plc for which the central bank has issued a letter of no objection.
The move is seen as an opportunity for Fidelity Bank to optimise its international banking licence and take advantage of the planned business combination with Union Bank UK, which has been offering competitive banking services including personal banking, trades finance, treasury management, and structured trade and community finance, which offers to individual and corporate clients for as far back as 1983.
Through this act, Fidelity has earned the loyalty of its customers. The Bank’s superior attention to caring and personal service helps it build relationships that span lifetimes – even generations.
An overtly independent institution, in a time when many banks are merging, Fidelity believes that remaining independent will allow it to continue building genuine relationships with customers, businesses, and the communities it serves.
As it responds to the changes of the future, Fidelity will always provide customers with the exceptional customer service that they deserve.
Fidelity Bank has proven to be 300 Bankers strong, each with the expertise and drive to build successful relationships, to create long-term shareholder value, and to deliver success.
According to the bank, “It is because of our commitment to a set of core values that we continue to succeed – core values that were defined by the Fidelity Bankers. These values are our standard of behavior, inspiring our actions and defining how we operate both now and into the future”.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
