Fidelity Bank: Leading Through Innovation

Adaptability and constant innovation, according to Indian billionaire industrialist and philanthropist Shiv Nadar, are critical to the survival of any business operating in a competitive market. More specifically, for banks, innovation is a business imperative that must focus on providing a competitive advantage and creating value for businesses and customers.

From the early days of their pioneering initiative, the flagship instant banking product *770#, which was the first of its kind in the Nigerian banking industry, to the revolutionary ‘Pay Yourself’ digital service, Fidelity Bank Plc has remained one of the Nigerian financial sector’s leading pioneers of digital banking.

In keeping with its mission to make financial services easy and accessible to its customers, the bank has launched a number of digital products and services over the years.

According to a 2020 United Nations report, Nigeria has one of the world’s youngest populations, with 62 percent of the population under the age of 25. To serve the demands of this young populace, who live in a fast-paced digital world, Fidelity Bank, under the audacious leadership of its Managing Director/ CEO, Mrs. Nneka Onyeali-Ikpe, has proven its commitment to connecting its customers to a world of limitless opportunities through their digital banking services.

Taking this resolve to a completely new level, the leading financial institution has introduced a number of products and services aimed at making banking simple and stress-free. Among them are the following:

● Pay Yourself for Corporates: This is an innovative payroll solution for corporates and SMEs, which enables their employees to pay themselves via their mobile phones.

● Fidelity Insight: This online banking feature gives customers insight into their spending patterns to encourage saving and investment habits in Nigerians.

● NIP Limit Increase Indemnity for Corporate Customers: This feature allows corporate organizations to increase their NIP limit on Fidelity Online Banking after executing an indemnity online.

● Signed and Stamped Customer Account Statement: With this innovative feature, why visit the banking hall when it can come to you? Customers are enabled to access signed and stamped statements of accounts without having to visit the bank. This feature is accessible via Fidelity Online Banking (web or mobile).

● Fidelity Loan On Account Turnover (FLOAT): This service allows customers access loans against a consistent six months credit turnover on their account. Loan tenor is one month and is between N10, 000 and N100, 000.

● Fidelity PayGate: Fidelity PayGate is an online/web payment service that allows merchants to receive payments from their customers who purchase goods and services on their websites. This can be done using any card type (local and international cards) or via Pay by Link on social media platforms.

In addition, Fidelity Bank is driving the conversation with its award-winning virtual assistant, IVY. Due to her efficient and quick service delivery, Fidelity Bank’s IVY emerged as the “clear leader” of the rest of the chatbots in the 2020 KPMG Digital Channels Scorecard.

IVY claimed the prestigious title of ‘best chatbot of 2020′ by providing sophisticated and simple services such as complaint resolution, account opening, fast funds transfer, bill payment, transferring users to a live agent, loans, fixed deposit applications, and answering random questions.

All of this, and more, accentuate the bank’s current push to be number one in every market it serves. The success of their adopted digital culture is evident in the performance trend over the last few years and even sustained despite the impact of the pandemic.

Fidelity Bank continues to use technology to develop innovative products and services, all with the goal of providing Nigerians with seamless banking services that are fast, affordable, and convenient.