FUNCTIONAL STRENGTH
Marketing: Skye Bank Plc is one of the top financial institutions in Nigeria, the economic and financial epicenter of West Africa. With a wealth of experience that spans over 50 years, Skye Bank is one of the oldest banks in the region. It operates out of over 250 branches and transaction centers across Nigeria, serviced by over 6000 professional bankers and business experts.
In line with many banks around the world, Skye has identified high net worth individuals as the special target for a dedicated marketing program. As part of its strategy of offering these very attractive customers an added-value, highly differentiated service, Skye selected Priority Pass as a key product enhancement.
But before making the final decision, Skye Bank Marketing Manager took the very sensible step of checking Priority Pass for herself. Her comments on the Oasis Lounge service at Lagos’ Murtala Mohammed Airport speak for themselves: “The service was unbelievable… the staff went the extra mile to confirm the progress of my check-in, which saved me the inconvenience of standing in long queues….I would recommend Priority Pass membership to anyone who wants the benefits of first class travel without the high ticket price.”
But the acid test, of course, is how Skye Bank’s affluent customers responded to Priority Pass: Skye Bank is delighted to report that, since the service was launched in June 2009, Skye’s Priority Banking customer base has very nearly doubled.
Finance:
Skye Bank Plc released its 2013 FY results showing Gross Earnings of N127 billion a 0.3% drop from the year before. Other details are as follows;
• Net Interest Income increased 38% to N61.6 billion (2012: N44.5 billion). This was helped by a 22% drop in Interest expense Y/Y
• Loan loss remained high at N12 billion
• Operating income rose 22% to N71 billion
• Operating profit rose 3.8% to N17 billion (2012: N16.5 billion
• Operating expenses remained high at N54 billion and an estimated 64% in Cost to Income ratio.
• Profit after tax rose 26.7% to N16 billion (2012: N12.6 billion)
• Customer deposits increased 4% to N823 billion
• Loans and advances was flat t N545 billion(2012: N540 billion) Loan to deposit ratio was 67.6%
• Return on Average Equity for the year was 14.1% compared to 12.2% a year earlier.
• They proposed a dividend of 30 kobo per share
RESEARCH & DEVELOPMENT
SKYE BANK INTRODUCES TWO NEW PRODUCTS
In furtherance of the financial inclusion drive of the Central Bank of Nigeria (CBN), Skye Bank Plc has said it introduced two new products to cater for the banking needs of the socially and financially disadvantaged in the society.
The new products, Skye Flex account and Skye Ease account, are savings accounts that relax the Know Your Customer (KYC) requirements for account opening to ensure that the majority of the un-banked populace is catered for. A statement quoted the General Manager, Retail Banking, Skye Bank Plc, Mrs. Arinola Kola-Daisi, to have described the Skye Flex account as a low-value account that does not require any supporting documents apart from the account opening form and a passport photograph to open an account with the bank. She explained that a customer only needed to fill an account opening form and submit two passport photographs.
The account has as its features zero opening balance, access to mobile banking products in addition to attractive interest rate. Kola-Daisi described Skye Ease account as a medium-value account which requires the account opening form and passport photograph, along with proof of information submitted. Features of the account are zero opening balance, access to mobile banking products and attractive interest rate. She said the new products complement the existing savings accounts that the bank has, which include the Skye Save, Skye Rainbow (for children), Skye Classic Wise and Skye Wise accounts.
The banker also advised members of the public to key into the bank’s Skye Dreams program which is a customer loyalty program that rewards customers on the basis of points accumulated through banking with it. She revealed that rewards that customers could enjoy ranged from air tickets, household items, among others, and urged members of the public to avail themselves of those benefits.
Information Systems
Skye bankhas been innovative in providing quality information systems for themselves and their customers . With the adoption of the flexcube banking platform ERP system, Skyebank has been able to integrate the various aspects of their business activities, such as finance, human resources, customer relationship manager and lots more. Oracle flexcube Provides a comprehensive, integrated, inter-operable, and modular solution that enables banks to manage evolving customer expectations.
Oracle FLEXCUBE Core Banking helps banks overcome the challenges of intense competition, reduced margins, and increased customer expectations by creating a unique competitive advantage built upon improved profitability and an extended customer reach.
The Next-Generation Core Banking Solution Imperative Fueled by an evolving business landscape and fierce competition, financial institutions must adopt core banking technology that will enable strategic transformation without disrupting current operations. These core systems need to inter operate with existing IT investments to eliminate information silos and create an end-to-end service-based infrastructure. A well conceived core banking migration will accomplish the following:
• Replace legacy systems: Old technology slows innovation and decreases productivity. Banks need new systems that empower the enterprise through an integrated infrastructure and processes aligned with strategic objectives.
• Increase competitiveness: The right core banking solution can help the bank quickly deploy new products and lower costs to enhance your ability to compete.
• Facilitate regulatory compliance: Compliance is complex and expensive. The right regulatory platform will lower costs through improved asset re usability, faster turnaround times, and increased accuracy.
• Improve information flow: To improve the speed and accuracy of decision-making, banks must deploy systems that streamline integration and unite corporate information to create a comprehensive analytical infrastructure.
• Optimize customer value: Through a holistic core banking architecture, banks can target customers with the right offers at the right time with the right channel to increase profitability
• Create a service-oriented architecture (SOA): A flexible, robust IT architecture based on SOA is not optional. Banks must embrace SOA to survive.
Also Skye bank provides consistently efficient services at their alternative channels.
• ATM: They ensure that their Automated teller machines perform optimally at all times
• Contact center: Skye bank’s customer center is available 24 hours a day, 7 days a week through their well equipped yes center with highly experienced and trained staff to attend to all their enquiries
• Mobile & Internet Banking: They provide safe and secure online banking services through internet and mobile banking, ensuring uptime of 90% for both. Their online service is user friendly.
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