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Diamond Bank’s 1,175 Megaphones
- By Ikem Okuhu
- Published January 3rd, 2011
- BrandWorld
- Unrated
“I have committed to be an ambassador for life. I am indebted to them. I owe them my life and I will make sure that all m relations and my children and children’s children would live their lives, banking with Diamond Bank.”
These were very strong words of lifetime commitment and when they come from a customer, it is clear that an impact of iconic proportions have been made. When Diamond Bank commenced a retail promo called Diamond SavingsXtra Reward Scheme in 2008, the calculation must have been to retain and possibly win new customers. The period of 2008 and the years before it was marked by cut-throat competition among the banks playing in the Nigerian market. Besides premium some banks were known to have been paying for deposits of certain thresholds, it was discovered that most banking customers were not making medium and long term deposits. Everyone, including those that open savings accounts would want their money on demand in the short term.
And so banks devised ways of making customers keep some money for the longer term and by that stroke, leave the handful that can be used for the real banking activity of providing credit for economic growth. That was the dawn of the era of retail savings promos in the financial services system. A number of banks have done this in the past but none has been able to come out to celebrate accomplishments recorded in this scheme as Diamond and, according to the bank’s head of Corporate Communications, Mr. Charles Udoh, the bank is proud that the promo (which is still ongoing) has been more than a success.
The manifestation of this success is the boldness of the bank in launching a 30 minute documentary where some winners in the promo were profiled and the impact the winnings have had on their lives leveraged. Millions will also be able to view this documentary, titled the Diamond Touch on facebook, twitter and YouTube.
According to Udoh, the documentary connects very well with the bank’s new campaign theme, “Our Promise.”
“The documentary takes an expository look into the lives of various Nigerians who have had their lives changed by the Diamond Bank SavingsXtra Rewards Scheme since July 2008,” he stated.
Speaking of touching lives, Diamond Bank is counting them in thousands. First is Mrs Cordelia Amadi, a housewife and mother of three who won a salary for life in the promo. Cordelia’s story is such a touching one. First she lost her job and then became pregnant. As far as she was concerned, Diamond Bank was prayer answered as her life and that of her entire family has changed. She gets N100,000 every month and would be getting that for the next 20 years. Was it any wonder she has committed to be a Diamond ambassador for life? Like Cordelia, Stephen Injaolu, a seminarian in Minna, Niger State also won a salary for life. Stephen has been spending the little stipends he gets attending to the needs of the poor and needy in his parish. But with the N100,000 he would be getting from Diamond Bank monthly, he has expanded his charity horizons and expects to “bless” more souls.
But the story of Mr James Umaru is most impactful. James used to be an ordinary civil servant in Nasarawa State. He has been struggling to make ends meek and meet family commitments with his meagre salary. For years, he has been dreaming of buying a car and has almost concluded it was a pipe dream because even if he saves 100 percent of his salary for the next 20 years, he would still be short of what it would take to buy a good car.
But them he had a savings account with Diamond Bank and it took a phone call for him to know that he had won a whopping N50 million, the star prize in the savings reward scheme. At the time, the figure stood out as the highest prize money ever won in the Nigerian market. But that was before Etisalat displaced it after giving out a million dollars to a phone user. Today, James is a car owner and although he still goes to work and earns his “little” salary, his life has changed considerably. The story is the same for Adamu Abdullahi, a Prison Warden, who won N10 million.
Diamond Bank says it is in the business of making customers happy and if the smiles on the faces of those that appeared in the 30 minute documentary is anything to go by, then it looks like the bank is striking the right chords.
According to Angela Okonma, Group Head Product Proposition of the bank, the bank has set aside N1.1billion to 1175 customers since the promo commenced. Over 600 customers have won various prizes in cash and material worth over N600million. But Diamond Bank is not done and is determined to ensure that 500 more of its customers go home with a cumulative total of N500million in season three of this scheme which runs till August 2011.
According to Garry Marsh, Senior Advisor, Retail Banking, Diamond Bank, existing and new customers are qualifies for the promo. “They only need a SavingsXtra Account and will need to save at least N5000 to qualify automatically for the draw. Every additional N5000 held will multiply the customers chance, meaning that a customer with a balance of N100,000 will have 20 slots in every draw that takes place,” Mr Marsh said.
Diamond Bank is sure counting its blessings. 1175 brand megaphones would be loud enough to sound the bank’s new message of “Promise” into the minds of millions. Even if they spread the message only around their families, there is every potential for the message to positively reach a few hundred thousand people.
The beauty of this is that the messenger is a direct beneficiary and because the message is not mediated, credibility is high. When a brand keys into this viral vehicle, there is little or no end to the places and points its positive impact would reach.
But then it has to be managed and managed very well. The world over, it has been known that most people that win big in lotteries almost always end of frittering away their winnings and end up worse than they were before the unexpected fortune.
If this becomes the case, the public would be left to listen to so many “has-beens” who, when they carry the message would tarnish rather than furnish the brand. But Diamond Bank says they are taking good measures to ensure that these brand ambassadors remain role models in prudent financial management. Angela Okonma says the bank is working closely with the big money winners to ensure that their winnings are not squandered but are well invested.
“So far, we have been lucky that all the winners have been listening to us and are investing their money very wisely. You know after winning the money, we have little of no control over how the customer manages his or her winnings. We can only advise and they are at liberty to ignore us. But as I said, we have been lucky that all of them have invested wisely and we are working with the braches closest to the customer to ensure that this trend is sustained,” Mrs Okonma stated.
These were very strong words of lifetime commitment and when they come from a customer, it is clear that an impact of iconic proportions have been made. When Diamond Bank commenced a retail promo called Diamond SavingsXtra Reward Scheme in 2008, the calculation must have been to retain and possibly win new customers. The period of 2008 and the years before it was marked by cut-throat competition among the banks playing in the Nigerian market. Besides premium some banks were known to have been paying for deposits of certain thresholds, it was discovered that most banking customers were not making medium and long term deposits. Everyone, including those that open savings accounts would want their money on demand in the short term.
And so banks devised ways of making customers keep some money for the longer term and by that stroke, leave the handful that can be used for the real banking activity of providing credit for economic growth. That was the dawn of the era of retail savings promos in the financial services system. A number of banks have done this in the past but none has been able to come out to celebrate accomplishments recorded in this scheme as Diamond and, according to the bank’s head of Corporate Communications, Mr. Charles Udoh, the bank is proud that the promo (which is still ongoing) has been more than a success.
The manifestation of this success is the boldness of the bank in launching a 30 minute documentary where some winners in the promo were profiled and the impact the winnings have had on their lives leveraged. Millions will also be able to view this documentary, titled the Diamond Touch on facebook, twitter and YouTube.
According to Udoh, the documentary connects very well with the bank’s new campaign theme, “Our Promise.”
“The documentary takes an expository look into the lives of various Nigerians who have had their lives changed by the Diamond Bank SavingsXtra Rewards Scheme since July 2008,” he stated.
Speaking of touching lives, Diamond Bank is counting them in thousands. First is Mrs Cordelia Amadi, a housewife and mother of three who won a salary for life in the promo. Cordelia’s story is such a touching one. First she lost her job and then became pregnant. As far as she was concerned, Diamond Bank was prayer answered as her life and that of her entire family has changed. She gets N100,000 every month and would be getting that for the next 20 years. Was it any wonder she has committed to be a Diamond ambassador for life? Like Cordelia, Stephen Injaolu, a seminarian in Minna, Niger State also won a salary for life. Stephen has been spending the little stipends he gets attending to the needs of the poor and needy in his parish. But with the N100,000 he would be getting from Diamond Bank monthly, he has expanded his charity horizons and expects to “bless” more souls.
But the story of Mr James Umaru is most impactful. James used to be an ordinary civil servant in Nasarawa State. He has been struggling to make ends meek and meet family commitments with his meagre salary. For years, he has been dreaming of buying a car and has almost concluded it was a pipe dream because even if he saves 100 percent of his salary for the next 20 years, he would still be short of what it would take to buy a good car.
But them he had a savings account with Diamond Bank and it took a phone call for him to know that he had won a whopping N50 million, the star prize in the savings reward scheme. At the time, the figure stood out as the highest prize money ever won in the Nigerian market. But that was before Etisalat displaced it after giving out a million dollars to a phone user. Today, James is a car owner and although he still goes to work and earns his “little” salary, his life has changed considerably. The story is the same for Adamu Abdullahi, a Prison Warden, who won N10 million.
Diamond Bank says it is in the business of making customers happy and if the smiles on the faces of those that appeared in the 30 minute documentary is anything to go by, then it looks like the bank is striking the right chords.
According to Angela Okonma, Group Head Product Proposition of the bank, the bank has set aside N1.1billion to 1175 customers since the promo commenced. Over 600 customers have won various prizes in cash and material worth over N600million. But Diamond Bank is not done and is determined to ensure that 500 more of its customers go home with a cumulative total of N500million in season three of this scheme which runs till August 2011.
According to Garry Marsh, Senior Advisor, Retail Banking, Diamond Bank, existing and new customers are qualifies for the promo. “They only need a SavingsXtra Account and will need to save at least N5000 to qualify automatically for the draw. Every additional N5000 held will multiply the customers chance, meaning that a customer with a balance of N100,000 will have 20 slots in every draw that takes place,” Mr Marsh said.
Diamond Bank is sure counting its blessings. 1175 brand megaphones would be loud enough to sound the bank’s new message of “Promise” into the minds of millions. Even if they spread the message only around their families, there is every potential for the message to positively reach a few hundred thousand people.
The beauty of this is that the messenger is a direct beneficiary and because the message is not mediated, credibility is high. When a brand keys into this viral vehicle, there is little or no end to the places and points its positive impact would reach.
But then it has to be managed and managed very well. The world over, it has been known that most people that win big in lotteries almost always end of frittering away their winnings and end up worse than they were before the unexpected fortune.
If this becomes the case, the public would be left to listen to so many “has-beens” who, when they carry the message would tarnish rather than furnish the brand. But Diamond Bank says they are taking good measures to ensure that these brand ambassadors remain role models in prudent financial management. Angela Okonma says the bank is working closely with the big money winners to ensure that their winnings are not squandered but are well invested.
“So far, we have been lucky that all the winners have been listening to us and are investing their money very wisely. You know after winning the money, we have little of no control over how the customer manages his or her winnings. We can only advise and they are at liberty to ignore us. But as I said, we have been lucky that all of them have invested wisely and we are working with the braches closest to the customer to ensure that this trend is sustained,” Mrs Okonma stated.
