BrandArena: Bank Mergers: Some Customers Remain Reluctant to Bank

Monday 27 February 2012

Bank Mergers: Some Customers Remain Reluctant to Bank

Despite continues marketing communication strategies applied by bank brands who recently acquired their competitors, some customers still remain skeptical and reluctant to operate their bank account of the acquired banks.

Investigations carried out by BrandArena revealed that some of the customers are worried about the lack of stability of the bank brands, banking policies among other challenges facing the sector generally.

According to Lekan Agbede, a Businessman, the acquisition of Intercontinental Bank by Access Bank still remains a nightmare to him. His words: “I was out of the country when I heard from some of my clients that Access Bank had acquired Intercontinental Bank. I have been operating my Intercontinental since it commenced service and I am still skeptical about operating the account anymore because I know little about their Access Bank before now.”

A lady who craved anonymous asserted that she has been having some challenges cashing a Intercontinental Bank cheque at Access Bank branches in Abeokuta. The depressed lady revealed: “I have been trying to cash a cheque in order to pay for my apartment but it’s been challenging to get the money. It’s quite frustrating. ”
Olufemi Amoo, a student said: “Operating my Intercontinental bank account since the acquisition saga is not quite encouraging considering the pathetic delay in all transactions. For example I have requested for an ATM card getting to four weeks now but I have not been able to get it till this very moment. Now that Access bank has finally taken over, the transaction situation is deteriorating.”

Speaking further, he said: “To me, this is a ridiculous excuse; a customer that makes huge daily transactions feels the heat of these acquisitions more. I believe that the two banks like others ought to understand that many people in the country survive on their daily bank transaction activities.”

Felicia Amusan, a Businesswoman said: “I think its tiring to see the banking sector experiencing these again. I never envisaged that Oceanic Bank will be no more. I am yet to decide to keep operating my account or open a new account in one of the consistent banks around my area”.

A customer of Oceanic Bank, who simply identified himself, has Francis also expressed his hesitant: “I just hope Ecobank has not bitten more than it can chew. Two customers had to exchange blows on the queue due to stress, tension and exhaustion. Really my experience that day was bad but I think the situation is gradually changing.”

Felix Emeka, a Trader claimed that he has decided to invest his money into real estate and properties because he is skeptical about the instability of banks. “I’m always worried when ever my bank has to merge. In the past, I have had such experience and I end up leaving those accounts; this time I have decided to go into real state and property acquisition” he stated.

Like Emeka, Stella Bamidele also revealed that she now use her money for business because she had to closed down her banks account due to poor customer relations she had experience in bank merge in the past. She asserted that, the Central Bank of Nigeria should try to unsure that the sector is consistent and help with policies that will help the poor man on the street.

Economics Analyst, Fagbemi Daniel, believes the integration in the sector in recent years have brought more development economically and can only continue to get better. He maintained that though the some banks are still struggling but will over some their challenges over time. “Nigerians are some time reluctant to accept certain socio-economic change. It is natural for an average trader who only goes to the bank to save his or her little money, to wonder what the merge is all about again. It is a good development that will favour our economy in a long run,” he said.

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