Zenith Bank Plc: over the years, Zenith has through strategic
deployment of its people information and communication technology (ICT)
redefined customer service standards and created diverse service delivery
channels. The bank was incorporated as Zenith International Bank Limited on 30
May 1990, a private limited liability company and was licensed to carry on the
business of banking in June 1990. The name of the bank was changed to Zenith
Bank Plc on 20 May 2004 to reflect its status as a public limited liability company.
The bank’s shares were listed on the Nigeria stock exchange on 21st
October 2004 following a highly successful initial public offering (IPO).
Nigerian individuals and institutions numbering over 700,000 shareholders
currently own the bank.
Over the years the Zenith brand has
become popular with the use of information and communication technology (ICT)
in banking and general innovation in the Nigeria banking industry. The groups
main service delivery channels remain its local and foreign subsidiaries and
its business offices (Branches and cash offices); which currently stand at over
315 while offering electronic banking services, such as internet banking, bills
payment, and telephone banking services amongst others. These business offices
are located in prime business and commercial cities in each state of the
Nigeria and they are easily accessible to all the central bank of Nigeria’s
clearing zones all over Nigeria.
Within the first decade of
commencing operations, the bank made its mark in profitability and all other
performance indices in Nigeria and has maintained this prime position to data.
PRODUCTS AND SERVICES
Zenith
Banks Service: offerings, cover most aspects of banking needs of our customers
that cut across the entire public and private market spectra with emphasis on
the following major market segments and lines of business:
Corporate and investment banking
Commercial and consumer banking
Personal and private banking
Trade services and foreign exchange
Treasury and cash management services
Other non bank financial services mainly through
subsidiaries
VISION OBJECTIVE
From inception zenith bank clearly set out to
distinguish itself in the banking industry through its service quality, drive
for a unique customer experience and the caliber of its customer base. Today.
It is easily associated with the following attributes in the Nigerian banking
industry:
Innovation
Good financial performance
Stable and dedicated management team
Highly skilled personnel
Leadership in the use of information and communication
technology
Strategic distribution channels
Good asset quality.
THE STRATEGIC OBJECTIVE OF ZENITH BANK
Includes the continuous improvement of its capacity to
meet the customers increasing and dynamic banking needs as well as sustain high
quality growth in a volatile business environment through:
Continuous investment in branch network expansion and
thus brining quality banking services to our teaming existing and potential
customer base.
Continuous investment and deployment of lip to date
state of the art technology and ICT platform.
Continue to seek and employ the best hands available.
Continuous investment in training and re-training of
our personnel
Maintain and reinforce our core customer service
delivery charter
TARGET MARKET
Zenith bank continues to play in the
top-tier of all sectors of the economy as we have done since inception. Our
focus before now has mainly been at the top-tier of the market comprising large
multinational corporations (MNCs), large Nigerian conglomerates and virtually
every company classified in the top layer of its market, however, we will
target companies in the middle-tier market with good growth prospects going
forward. The following sectors/industries will be targeted to develop these
groups of customers:
Telecommunication and information communication
technology
Consumer products, healthcare and pharmaceuticals
Fast moving consumer goods (FMCGs)
Infrastructure development civil construction, housing
and real estate development, etc.
Power and energy
Oil and gas
Transport and aviation
Agriculture
Logistics
Entertainment
GROWTH AREAS AND NEW PRODUCTS LINES
Efforts will be focused and
sustained on developing the appropriate product liens to build and optimize
relationships in the following areas of business within the bank or through
subsidiaries:
Fixed income securities
Oil and gas
Mortgage and real estate financing commercial banking
Export and import financing
Consumer credit
Infrastructure development
Telecommunication and information communication
technology
Agriculture and Agro allied products and services
Asset management and custody. This will involve
partnering where beneficial with reputable global player in the chosen areas.
We believe that strategic development and deployment of e-business products and
platforms is a key competitive factor in the banking industry. Therefore, our
target is to dominate the market by continuously introducing new e-banking
products for specific industry/customers. We will continue to focus on the following
market and products:
Corporate customers
Retail customers and the un-banked population
Small and medium enterprises (SMEs)
New business and client capture group financial rep.
Educational sector
Card services
Deployment of ATMs and point of sale (pos) terminals
The market penetration approach will be to focus on
critical issues and concerns guiding decision of each sector or market
segments. In this regards we will continue to evolve products, processes and
strategies to address the following:
1.
Large corporate
MNC Customers: Prompt and excellent service delivery financial support
operational and sales collections support though adequate deployment of
necessary ICT platform value chain support through adequate support for KDs –
Excellent international Trade services –Appropriate pricing of products and
services.
2.
Retail Markets:
Convenience through proper branch network and deployment of ATMs and cards
–safety-appropriate pricing of products and services
3.
SMEs: financial
support: financial advisory services pricing.
The group will continue to partner with costumers
(existing and prospective in major focus areas of telecommunication, oil and
gas, power and energy, aviation, schools FMCGs, churches, insurance and
healthcare, we would continue to court the key distributors (KDs) of major
conglomerates and producers of consumer goods and services.
One of the main thrust of our strategy in the last
five years was to expand our business beyond the shores of Nigeria. This was
largely accomplished commencing with expanding into the west Africa sub-region
(Ghana, Sierra Leone and the Gambia), while consolidating our position as a
leading financial services provider in Nigeria with branch network expansion
from about 100 in 2004 to 315 as at date. Within the next five yeas the bank
will continue to pursue organic growth in the short to medium-term. In the
longer term period we intend to improve (through creation and enhancement of
new markets and products and services), consolidate (through superior customer
services), the local and international acceptance of our brand. Our growth and
marketing plans will seek to optimize our strengths to maximize available
opportunities, minimize identified threats while taking steps to mitigate the
effects of observed weaknesses. The outline of our plans will be as follows:
THE KEY STRATEGIES
1.
To deliver
superior service experiences to all our customers at all times:- We would
employ the best information and communication technology platform and banking
innovation available to crate convenient banking channels and products for our
customers. Continually enhance our
processing, procedures and systems platforms to deliver new capabilities and
improve operational efficiencies and achieve economies of scale. We will strive
to have more products offering in the traditional banking areas than any bank
in our key markets.
2.
Develop deeper
and broader relationship with clients and strive to understand their individual
and industry peculiarities customers with a view to developing specific solutions
for each segments of our customer base:- We would focus on enveloping all our
markets by creating products and services that are industry specific to serve
the needs of our key customers. Ensurewe are bankers to all key officers of our
key corporate customers.
3.
Significant expand
our operations by adding new distribution channels and entering into new
markets:- significantly expand our branches and business office in Nigeria to
rank among the biggest players in the market. The branch network should
adequately cover every state in Nigeria and key commercial cities and town.
Target new markets will commence with entry into key countries in west Africa.
(see more explanation in 4 below)
4.
Maintain our
position as a leading service provider in Nigeria while expanding our
operations internationally in west Africa and the financial capitals of the
world:- Trade flows within the sub-region is currently routed through Europe,
non of the big banking/financial institution operating in the sub-region is
focusing on financing the import and export trade in the sub-region and/or
channeling these transactions through its operations. We will target this
market as well as positioning ourselves to take advantage of other emerging
opportunities in the sub-region.
CONCLUSION
Given our commitment to service
excellence, robust information technology platform, and the resource fullness
of our work force as well as our huge balance sheet size and sound financial
rations, we are confident that Zenith Bank Plc is in a good position to sustain
and consolidate its growth trajectory and market share as well as take
advantage of the emerging opportunities in the economy.
We are confident that our overall
strategic objectives and envisaged financial growth would be achieved and that
Zenith Bank would remain the forefront amongst bank in the country and the
African continent in terms of profitability, size, assets quality and all other
performance parameters. We are also confident that the Zenith brand would
remain strong in the local and international market. The bank would continue to
meet the personal needs of the staff members in terms of remuneration and
training to motivate them to greater performances and results.
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