Why has transformation remained a recurring theme in the history of FirstBank?
At FirstBank we believe in continuous implementation of strategies that will enable us sustain our number one position in the industry and we have consistently achieved this over the past 117 years. In fact, after a century of landmark operations, the Bank flagged off the “Century II” business transformation project in 1996. The goal was to reposition the brand to align with constantly changing features of the Marketplace. This project was revalidated in 2001 with the theme, “Century II – The New Frontier”. The transformation theme again played out on Tuesday, April 27, 2004, after we flagged off a fundamental brand transformation launch that unveiled a new chapter in our existence. New corporate identity, logo and official colours were unveiled to signal a bold plan by the Bank to redefine the service delivery landscape of the financial services sector. Through the transformation project, FirstBank has successfully revolutionized its operations, strengthened its brand equity, enhanced customer satisfaction, and established itself as a dependably dynamic global brand. The result of the robust transformation is evident in the Bank’s standing as a symbol of trust, stability and superior performance in the financial services sector. Today we have an amalgam of attributes that traverse agility, dynamism, cutting edge technology-driven processes, and constantly evolving mindset that puts us firmly above other players in the sector across all parameters. There are refreshing and innovative changes in the Bank right from the profile of our people to the efficiency of our processes. FirstBank is redefining service excellence in the sector and that’s why we’re truly the first and will most certainly remain truly the first.

What achievements have been recorded from the current transformation?
I must say the achievements have been enormous as our corporate transformation strategy has brought marked changes that are enhancing our value proposition to all our customers and stakeholders. You will find these changes in the refreshing new-look of our banking halls, innovative product packaging and offering; vibrant workforce; and enhanced service delivery. In terms of branch transformation, we are creating a new experience within our banking halls by improving their ambience and creating a friendlier environment for customers to enjoy hitch-free transactions. After successfully completing a facelift on the Sanusi Fafunwa branch in July 2010, as the pilot of the branch transformation project, the wind of change is blowing across other branches nation-wide. To drive Channel Migration and Optimization, we made huge investments to provide convenient alternatives for customers who would rather not go to a branch. Today, FirstBank has one of the largest ATM networks in Nigeria and an array of debit and credit card options that give customers access to their funds 24/7, anywhere within Nigeria and in the world. In the last few months, the Bank’s ATM availability (uptime) has increased to an average of 90 per cent and transactions per day have increased to more than a million and still counting. In 2010, we moved to revitalize our ATM performance in 2010 to achieve enhanced ATM uptime and encourage more customers to use our ATMs.   At the end of the year, the Bank had successfully moved its ATM uptime from 52 per cent to 90per cent, and increased its migration rate from 35per cent to 50 per cent.   We expect to significantly increase our migrations rate in 2011, given the marked improved uptime of its ATMs, increased efficiency in tackling ATM issues, enhanced security of its EMV cards, and other targeted interventions.  In fact, Customer confidence is at an all-time high and the Bank remains determined to maintain this level of customer satisfaction. We have a FirstContact Centre that gives customers 24-hour access to the Bank. The centre provides world class customer service on several transactions via phone and e-mail interactions. The transformation programme has also led to the introduction of a Centralized Processing Centre (CPC) that creates more opportunities for front line staff to provide customer satisfaction and effective relationship management. The Bank has recorded improved cycle time including a 71per cent reduction in account opening cycle time. In terms of Channel Migration & Optimization, we have succeeded in getting more customers consider off-branch transactions through the provision of alternative channels.

How has the transformation programme enhanced the Bank’s human capital profile?
Our people have always been our greatest asset in FirstBank. Most of the celebrated professionals we have in the industry today either cut their teeth at FirstBank or benefitted from the robust human capital platform that is widely acclaimed in the sector. We have a rich mix of experienced and young professionals who are responsible for the emergence of the new FirstBank. As part of the transformation programme we developed a strategic ‘People First’ theme to address three key elements – people, performance and productivity. This is the framework that drives our talent management and development initiatives and by extension enhances the achievement of our strategic aspirations on growth, service excellence, and performance management. The People First project is having a huge impact on our staff performances, competencies and productivity. Our training interventions are structured to assist employees respond more quickly to changing requirements of the business units and personal needs development. In 2010, the Bank achieved 438,175 training hours and surpassed the budgeted 402,107 hours for the year. On average, this translates to 57.7 hours per staff member. A total of 7,506 staff were trained, representing about 98.6 per cent of core staff, while a total of 703 programmes were run which included in-house, open and overseas training in banking operations, information technology, customer service, products and channels. Some of our initiatives include FirstAcademy which was developed to provide an appropriate framework for implementing a competency-based learning and development system, FirstLearn, an e-learning platform which as of now drives e-learning courses in information security, credit, e-business, operations and internal control; ‘I Develop’ campaign, which encourages individual capacity building and development.; and Workforce Planning and alignment, which helps the Bank determine quantity and quality of staff we need to recruit, retain and develop in order to stay ahead of competition. We are committed to building a strong employer brand for the Bank and also to ensure that the Bank remains a hub for industry talents.

Your bank is one of the leading financial institutions in terms of technology deployment. What achievements has the bank made in terms of technology?
 At FirstBank, we are committed to using the platform of robust technology to drive service excellence and product innovation. We have improved the reliability of our service platforms to improve customer experience across branch and electronic channels. The bank has significantly improved the reliability of its delivery systems and deployed new products to simplify the process of banking with FirstBank. We have a variety of e-payment platforms such as EPS, ePay, Paydirect, Remita, Autopay, and FirstCollect, among others which serve as secure, efficient and reliable collections platforms for corporate and institutional banking customers. We also have workflow automation to support new process initiatives such as Centralised Processing, Contact Centre and Salary processing. In addition, FirstBank provides robust online banking through the introduction of token-based two factor authentication, cheque confirmation and email statements. In the sector today, our leading position in IT deployment is evident in the introduction of the first Biometric ATM in Nigeria and strategic deployment of cash and cheque accepting ATMs. The deployment of the new biometric solution provides convenience and security to the Bank’s diverse customer segments, and aligns with financial inclusion strategy of the Central Bank of Nigeria to address the unbanked population. Another key area of our IT dominance is in the empowerment of our employees with new tools to facilitate work in and out of office. This ensures speedy response to customer requests, while giving all tiers of management hitch-free access to qualitative and timely information for decision-making and strong risk management.