About three weeks ago, Nigeria’s foremost retail bank, Polaris, announced the
launch of its own digital banking channel, VULTe. According to Polaris, VULTe’s products and services are designed to help customers’ lifestyles and make their business become “bigger and better.”
No doubt, the advent of technology has kept many financial institutions on their toes, all of them jostling to meet the littlest needs of their customers. The essence of these digital platforms has been to make banking experience easier for customers.
They have gone as far as accelerating digital transformation initiatives with world-class front and middle office transactional capabilities that has reimagined customers’ engagement.
Polaris Bank is also toeing this path, as it creates consistent, seamless and human experiences through this newly launched channel. “At VULTe, we believe life is meant to constantly evolve into easier, smarter, and more innovative ways of living. We have a dynamic and innovative team of highly skilled experts from diverse professional backgrounds, committed to redefining the meaning of banking in Nigeria”, a statement read from Polaris.
After its launch, the Acting Managing Director and CEO of Polaris Bank, Innocent C. Ike, shared more details about the platform by stating:
“With VULTe, we affirm our resolve to serve the customer better and make their banking experience more pleasurable. Therefore, we will continue to launch an array of banking products to cater to the varying needs of our diverse customers.”
VULTe is more than a full digital bank that provides easy, fast and reliable solutions to your banking needs. It is a lifestyle of convenience and freedom that allows you control where, when and how you bank.
VULTe’s products and services have been designed to improve customers’ lifestyle and to make businesses become bigger and better.
The digital platform is blessed with a dynamic and innovative team of highly skilled experts from diverse professional backgrounds, committed to redefining banking experience in Nigeria.
VULTe’s uniqueness lies in the values it pursues coupled with its versatility, universality, articulate and efficiency. The app welcomes customers to experience that life of convenience, freedom and control they have always wanted.
Downloadable on the Apple Store and Google Play, VULTe saves customers time in executing personal and business transactions in record time, while it also gives them opportunities to make more money and gain greater control on their businesses.
Polaris Bank was reportedly established by the Central Bank of Nigeria (CBN) in September 2018 to offer commercial banking services to the Nigerian public.
Polaris Bank prides itself in delivering exceptional customer experience, leveraging best in class/state of the art Information Communication Technology (ICT). By focusing on ICT solutions across multiple service delivery channels (mobile banking, ATMs, POS and online platforms) Polaris Bank maintains a pivotal role in the Nigerian banking industry, providing customers with simple, convenient and secured banking services.
Polaris Bank takes a place of pride with a profit growth of N28.9bn for 2020 financial year, when it released its full-year audited financial results for the year ended December 2020. The Profit Before Tax (PBT) of N28.9 billion which showed the Bank’s second year performance scorecard after two years of operation, consolidates the Bank’s position as focused on the path of profitability, growth, and value creation.
Details of the results show that its year 2020 performance reflects a 4% Year on Year (YoY) increase in Profit before Tax (PBT). The performance according to the financial statements is driven by the combination of the significant reduction in interest expense due to the Bank’s pursuit of low interest-bearing deposits as well as lowering impairment charges on loans and other financial assets. The Bank recorded Return on Asset (ROA) and Return on Equity (ROE) of 2.4% and 29.4% respectively which favorably place the Bank as a key player in the industry. The Bank’s Total Assets stood at N1.18trillion, a 3% growth on the previous year while Shareholders Funds grew by 14 Billion (17%), largely attributable to internally generated profits. The Bank increased its Customer Deposits by N56billion, predominantly low-cost deposits in spite of difficult economic and industry conditions, and increased its gross loan book by N38biilion reflecting the Bank’s modest and prudent risk strategy to grow its Portfolio of Quality loans for optimal interest income generation.
The new platform is a plus to Polaris Bank, which makes the bank more competitive and profitable. The bank, no doubt, has provided sophisticated client-focused services and has flexible operations. Analysts also say the Software has a range of award-winning and market-tested banking software solutions that may provide an innovative and competitive approach for Banking operations in the country.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
