Fidelity Bank to Leverage Technology, Innovation for Growth, Says CEO

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Nnamdi Okonkwo

Oluchi Chibuzor
In line with its five years strategic plan, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, has disclosed that the bank will deploy artificial intelligence and robotic automation as well as other innovations to enhance service delivery.

The Fidelity Bank boss stated this in his statement at the bank’s 31st Annual General Meeting (AGM), held in Lagos recently.
“The introduction of the artificial intelligence and robotic process automation like Chatbots in our internal processes and service delivery channels will be used to drive growth in all sectors we are currently servicing,” he stated.

Okonkwo, said with the economic activities relatively slow in the first two quarters of the year, but was expected to pick by third quarter and then stabilise in fourth quarter 2019, Fidelity Bank would focus on redesigning its systems and processes to enhance service delivery and cost optimisation. This, is expected to reduce operating expenses and cost-to serve.

On the dynamics in the industry, he said the “bank will continue to increase the adoption and migration of customers to digital platforms and increase retail banking market share through innovative products and services.”

He said the board and management were pleased with the full year 2018 results and remained focus in ensuring that they meet the medium term strategic objectives.
Earlier while responding to questions from shareholders, Okonkwo said the bank would continue to partner with relevant agencies to that shareholders get positive returns on investments and customer satisfaction.

On his part, the Chairman of the bank, Mr. Ernest Ebi, reiterated the company’s target of achieving a tier 1 status in the next five years, saying the 2018 results were achieved through diligent and meticulous execution of, “our medium term strategy, hence the declaration of 11 kobo per ordinary share for our esteemed shareholders.

“We did not expect a smooth ride, especially with the slow pace of recovery in the macro environment. We delivered the highest profit before tax in our history despite the headwinds in the domestic economy and grew profit before tax by 31.57 per cent, from N19 billion in 2017 to N25 billion in 2018.”