CEO of FCMB, Mr. Ladi Balogun

For First City Monument Bank (FCMB) Limited, the need to continually build and sustain its values especially in the retail banking space is a task that is getting a lot of attention.  As one of the leading financial services provider, the bank is aware of the fact that effective use of technology, innovations and topmost service delivery represents the future of banking and this is the way to go in order to attain the highest levels of customer advocacy. It is for this reason that FCMB has continued to embrace these priorities to keep pace with evolving consumer demands and market trends to consistently provide world-class banking experience at all its touch points.

To further prove this, the bank recently upgraded its information technology infrastructure to the Finacle 10 Core Banking solution, from the Finacle 7 version. The advanced service-oriented architecture (SOA) of Finacle 10 helped the bank to optimise its processes, enhance system capability, performance, scalability and security, among others. This has ensured that transactions at the Bank’s branches and other touch points are faster with less downtime at its alternate channels, while also ensuring the provision of more innovative products to customers.

 Market research has also revealed that the bank’s electronic cards would benefit immensely from the information technology platform upgrade.

 It is widely acknowledged that FCMB provides one of the best alternate channels banking services cutting across ATMs, mobile banking, internet banking, FlashmeCash, Cards and Point of Sales (PoS) as it is ranked among the top 3 banks in PoS collections with more than 10 per cent market share.

  FCMB has continued to consolidate on these achievements while leading the industry in card issuance, immediately an account is opened. The bank’s internet banking platforms, FCMBOnline and FCMBOnline Business version, provide real-time solutions that allow the Bank’s customers 24/7 access to their accounts to carry out various transactions in a secure and convenient manner.

 The FCMBOnline, which is the brand name of the retail internet banking platform of the bank, gives customers the opportunity to manage their finances anytime and from anywhere with the aid of any internet-enabled device.

Among other features, the platform can be used to set-up standing instructions for periodic payments, check and download account statements in PDF, MS Word or Excel, request for ATM debit card/ Cheque book/ bank drafts, mobile banking, view credit card account and block ATM debit cards among others.

 In addition to the internet banking platforms, the Bank also offers mobile banking solution known as FCMBMobile. With this service, which is a value proposition that comes with a mobile app, customers of the bank can carry out banking transactions with the use of their mobile phones or other mobile devices anywhere and at anytime in a hassle-free manner without having to step into the banking hall.

Commenting on the bank’s performance in electronic banking, its Chief Executive Officer, Mr. Ladi Balogun, said that the feats achieved so far were inspired by FCMB’s quest to ensure that all segments of the population, especially the unbanked and the under-banked, embrace mainstream banking services.

He also said the bank was conscious of the needs of its target market and the evolving dynamics of the society with an increasing technology savvy population.

 “Our e-banking and cards business remain a key focus area. We will continue to leverage on these to bring greater convenience and consistency of experience to our customers. That is why we have expanded our e-banking platforms to further raise the bar in products and service delivery using the opportunity provided by digital channels in banking.

 “We want to make banking transactions more exciting and rewarding. We will remain focused on improving operating efficiency, whilst also continuing with our steady customer acquisition drive and migration to alternate service channels to provide products and services that align with the lifestyles of our existing and potential customers.

 “Overall, we are confident, our progress as an inclusive lender will be sustained, as we grow our market share and efficiency ratio,” Balogun added.