Polaris Bank says it has adopted a customer-centric approach as part of its restructuring in order to boost future success.

The lender also said it was concluding plans to inject tier-ii capital in order to enhance the growth of its assets

This was stated by the bank’s Managing Director/ Chief Executive Officer, Adekunle Sonola, in an interview with Proshare, where he shed light on the financial institution’s journey and its strategic plans for the future.

Sonola said, “Without purpose, a business loses its way, and without integrity, it loses its soul. We are recalibrating with the customer’s needs as our primary consideration.”

He emphasised the importance of superior customer experience as a competitive tool, stating, “We are building this into the bank’s operational DNA. Our customer journey experiences have been deconstructed across demographics.”

Sonola also highlighted some of the bank’s strategies including “Aggressive customer acquisition and strengthened relationships, improved digital play, improved staff productivity and cost optimisation.”

Reflecting on the lessons learned from the bank’s transitions, the Polaris Bank MD explained, “Having loans and advances concentrated in a sector, business, or individual is like balancing twenty crates of eggs on your head, tripping over a pebble and smashing all egg crates. Funding diversification and cost optimisation are now an integral part of our future.”

On capitalisation, Sonola said, “The bank operates well above the statutory 10 per cent capital adequacy requirement. We are concluding arrangements to inject tier II capital to support our asset growth aspirations. Our shareholders are ready and willing to inject additional capital into the bank whenever the need arises.”

Addressing concerns about the bank’s performance indicators, Sonola assured, “Our funding costs have been very competitive in the industry. Earning asset growth is one we are driving. We are very confident our net interest income and margin will witness considerable growth as our strategies mature.”

Responding to questions about Polaris Bank’s size, Sonola stated, “Our size, relative to other tier II players, can be best appreciated against the legacy challenges of the bank. We still consider size important as it affords more opportunities and possibilities.”

He, however, emphasised the bank’s focus on value creation rather than size and its commitment to being a major challenger among tier II banks.

Polaris Bank has been decorated as Nigeria’s Digital Bank of the Year for two consecutive years.

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