Financial experts have listed trust as an invisible force that encourages investors’ confidence and stability in the nation’s financial system.
Experts who spoke at a conference organised by Association of Corporate Affairs Managers of Bank (ACAMB) said that the financial industry thrives on trust and It is the invisible force that drives customer loyalty, investor confidence, and the overall stability of our financial system.
Speaking on the “Building Bridges: Collaborative solutions for Trusted Banking and financial services experiences” Mr Wale Abioya, Partner strategy and Customer Solution, KPMG in Nigeria listed transparency, credibility authenticity and responsiveness as the four pillars of trust that lead to the growth of an organization
He said that openness, honest and clear communication is a necessity for businesses striving to dominate in this digital age. It impacts customer engagement and experience
positively.
He said Customers are drawn to ingenuity and intentionality, as this fosters deep trust and connection, adding adequate communication from firms should instill confidence in their customers, through truthful and genuine expression of issues
Admitting that trust is the new currency in the digital world, and it’s built through transparency, authenticity, and integrity, he said Generative AI is driving new opportunities, operational efficiencies, cost savings, and value creation.
In his keynote address, the President of Chartered Institute of Bankers Nigeria (CIBN), Professor Olanrewaju Pius Oladeji said that trust is not a given; it is earned through consistent, transparent, and ethical practices.
He said a strong handshake between the bankers and the communications and marketing professionals will go a long way in building this trust while at the same time offering top-notch banking services.
He noted that in recent times, digital marketing particularly has evolved into an indispensable engine for revenue generation.
Making reference to a 2018 Deloitte study, he said companies that invest in digital market strategy experience 2.8 times higher revenue growth than those that do not.
He said that individual style of communication and how you market the product or service to a given audience could determine the success of that product and it could attract or repel potential customers, adding that the more customers you attract, the more revenue the banks make.
The President of ACAMB, Mr Rasheed Bolarinwa said the association is dedicated to fostering an inclusive, resilient, and consumer-centric financial services landscape in Nigeria.
He stated that in a rapidly evolving financial landscape, ACAMB remains focused on promoting transparency, prioritizing consumer welfare, and advocating for industry excellence.
Bolarinwa highlighted ACAMB’s dedication to enhancing the reputation of Nigeria’s banking and finance sector within the country, sub-Saharan Africa, and globally.
He identified regulatory compliance as a cornerstone of the association’s mission, aiming to deepen stakeholders’ understanding of CBN regulations to promote a compliant and trustworthy environment.