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Platinum Bank - From the Thinking Bank, a New Product

By Salif Atojoko 

Platinum Bank out with a new package that will help its special account holders to create their own wealth

Platinum Bank Limited prides itself as a thinking bank. In the last few months, it has churned out a number of innovative products tailored towards specific needs of its customers. Two weeks ago the bank unveiled the Platinum Network Account, PNA, a demand deposit account, which has two variants, PNA Plus and PNA Savings. According to Francis Atuche, managing director of the bank, PNA was based on the concept of network marketing, which gives the account holders an opportunity to create wealth for themselves.

Benedict Omonua, product manager, explained that customers who opened the account would earn limitless bonuses by introducing other customers, in addition to the statutory interests payable on the accounts. "It is designed to encourage account holders to gain enormous financial independence. In addition, customers will earn bonuses, access credits through a self-collaterised credit scheme," he explained.

Individuals, corporate bodies, enterprises or sole proprietors could operate the PNA and it could be single or joint account holding. Omonua said individuals could also open more than one account, and that cumulative benefits on the accounts could be bequeathed to named beneficiaries. While opening and minimum balance for PNA Savings are N10, 000 and N2, 000 respectively, the PNA Plus attracts N25, 000 with no minimum balance.

The benefits of PNA are numerous. According to Omonua, the PNA Plus account attracts three percent interest per annum with no more than three withdrawals in a month, while the PNA Savings, which attracts five percent interest per annum, has similar conditions in terms of limit of withdrawals. Both accounts attract a monthly bonus of 50 percent on average deposit balance in the account of a particular customer and that of his team members. In addition, the accounts also give outstanding performance bonus for leaders of teams with average balances of five million naira and above in any month, as well as a specific year-end bonus for accounts maintained for one year and above. The PNA gives customers easy access to asset finance under the revolving credit scheme.

Atuche said Platinum Bank introduced the product, recognising the need to create a variety of products that would add value to the banking public. He promised that the bank would continually challenge itself to use products and services to push performance boundaries for the benefit of the banking public.

Pat Utomi, chairman of the bank, said about the product: "We imposed on ourselves, the role of identifying the challenges and gaps that our customers have to contend with in operating under our peculiar macro-economic environment. Identifying gaps is one thing, filling them is another. Three years after, I can boldly say we have indeed fared well in developing products that innovatively address the yearnings of our customers and consequently give them value."

According to Utomi, the concept of network marketing might not be a new one altogether, but never before had its enormous potentials for growing businesses been applied to banking. "Again, we have lived up to our reputation as 'the thinking bank', seeing beyond the ordinary to deliver superior value to all stakeholders at all times," Utomi said.

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More Than Just a Bank

By Salif Atojoko

Platinum Bank proves through its World Account product that its interest in its customers goes beyond their money

The 15 customers of Platinum Bank's product, PlatinumWorld Account who were rewarded with a holiday trip to Disney World, Orlando, Florida, USA had a swell time. According to Charles Odibo, head, corporate communications department of Platinum Bank, the lucky customers savoured the splendour of the Disney World Resort such as the Magic Kingdom, Animal Kingdom, Universal Studios, Epcot, Water Parks and Wide World of Sports. The resort is said to play host to an average of 106, 000 fun-seeking tourists from across the world everyday.

Odibo said the memory of the two-week fun-filled vacation was sure to stay with the customers for a long time. For instance, he explained that at the Magic Kingdom Park, regarded as the home of imagination and fantasy, the customers visited the Cinderella Castle. The Castle is Disney's most outstanding identity after Mickey Mouse. The customers enjoyed a cruise down the rivers of America on a steam-powered paddle wheeler at the Liberty Square Riverboat. "At The Hunted Mansion, the customers enjoyed another ride through the eerie 19th Century mansion where they encountered grim, grinning ghouls along the way," said Odibo.

The climax of the vacation came for the customers when they were taken on a ship cruise from Port Carnaveral Island aboard Ambassador 11 Nassau off the US coastal waters. Described as the largest entertainment ship in the world, Odibo said the all-night cruise was fun-filled with games, dancing and live performances of different acts.

Albert Iyorah, one of the beneficiaries, who described the idea of the holiday as fantastic and expressed his gratitude to the bank for giving him an opportunity to explore the tourist town of Orlando, which plays host to some 40 million fun-seekers from across the world annually. Hamman Obels, another customer, said Platinum Bank provided him a unique opportunity to relax and unwind from the demanding pressures of work. He said, it was very thoughtful of the bank to have packaged a vacation to reward customers who were loyal to it and suggested that the bank "should look inwards for tourist sites in Africa where there are historical sites that our people can more readily relate to."

Francis Atuche, managing director of Platinum Bank, said the holiday in Disney for the lucky winners of the PlatinumWorld Account was just one of the rich rewards for the subscribers of the high-yield, three-in-one account, which offered a winning combination of savings, current, and deposit accounts. He said, other benefits of the account included zero commission on turnover, COT, attractive interest rates, blue chip insurance cover against accidental death or permanent disability up to 200 percent of the agreed minimum balance and full checking account with customised cheque book.

Platinum Bank's balance sheet has also grown rapidly. At the end of the bank's third financial year, which ended in June, its balance sheet rose to N25 billion from N14 billion last year, representing an increase of 80 percent. Its gross earnings also grew from N1.7 billion last year to N2.1 billion as at June this year. Profit-after-tax shot up to N234 million as against N112 million last year. Shareholders' fund increased from N800 million to N2.23 billion for the year under review. The bank's deposit liabilities, which is an indication of confidence in the bank by the banking public increased by 50 percent from N10 billion in 2002 to N15 billion this year.

According to Atuche, these results were significant accomplishments and proof of the bank's strong foundation informed by the capacity to deliver enduring value for shareholders and other stakeholders.

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Another Innovation from Platinum Bank

By Salif Atojoko

National Scholars Scheme, introduced by the bank holds out great promise for making Nigeria a better country for this and future generation

Platinum Bank Limited has introduced an educational support project known as Platinum National Scholars. Francis Atuche, managing director of the bank, explained last week that the project which would benefit 280 indigent students and 14 public schools in Lagos State at the initial stage, was in line with the bank's philosophy of solving problems that affect communities where it operates. He said Platinum Bank had already secured the approval of the Lagos State Government for the project.

According to Atuche, the Platinum National Scholars project will focus on the proactive orientation and training of the pupils of selected schools as the basis of change. He said the project was designed around the concept of positive role models from all walks of life, who embody the required values, and were expected to speak with the students in their respective schools. He also said the key message would revolve around the choices available to every young person, their effects and how they must measure them.

"At these events, positive literature and activities such as peer group adventures and picnics, industrial visits and sightseeing are encouraged and explained to the youths from an early age. Additionally, the best in character and learning are recognised. This catches them young in the continuing efforts at ensuring a positive and global outlook for the improvement of the Nigerian Society," said Atuche.

Charles Odibo, head, corporate communication of Platinum Bank, justified the project. He said the bank took into consideration, the fact that, young people seek and yearn for role models on a daily basis. "As they grow into their teenage years, they begin to formulate their worldview through the role models they find most attractive. Having chosen these models, they begin to unconsciously pattern their lives after their idols," he said.

The project is in three phases: the motivational series, mind development and the mentoring scheme. Odibo explained that the motivational series deals with positive attitudes, which brings sustainable success. Noting that this utilises popular and respected national figures, who have achieved success by dint of those same desired positive attitudes. Such carefully selected role models, he said, would speak with the youths in their natural environments - schools, neighbourhood and youth groups on inspirational events where questions are sincerely treated and experiences are shared.

Odibo said the mind development scheme, the second aspect of the Platinum National Scholars project would be achieved by equipping the selected students with the necessary tools to be champions and world-beaters in all spheres of life by turning their focus to the power of a well-developed and nourished mind. "No other place embodies this power than the library. Hence, the love for the library, the regular use of the library, the championship of books, and the usage of its products is the second facet of the Platinum National Scholars Scheme," said Odibo. He said that from painting libraries, to providing reasonable comfort, to the provision of modern and appropriate books, and the psychological attraction to reading itself, Platinum National Scholars would continuously seek to build the mind of the young generation.

The third aspect of the project-the mentoring scheme-is driven by a strong human interaction between the mentors and the indigent students. According to Odibo, a broad-range of mentoring activities including discussions, counselling, teaching, picnics, book gifts and industrial visits are executed to change the students' lives for the better.

Atuche said the Platinum National Scholars project had become imperative because, in the last 20 years, the Nigerian society had experienced depreciation in the common values that build a society: humility, hardwork, sincerity, truthfulness, respect and fairness. He said the opposite values seemed to be more acceptable and celebrated today, and that the few efforts at re-orientation had been targeted at the adults who were mostly set in their attitudes and behaviour.

Platinum Bank is not new to this kind of project. Odibo said the bank had between January 8, 2001 and September 30, 2002 run a Millennium Models project to "inspire present and future generation of Nigerians to be their very best in this millennium." He said the bank also introduced the Traffic Control Project which it partnered with Rotary Club, to implement between April 2001 and December 2002 in Victoria Island. The project, he said, eased the flow of traffic in the areas where the bank's traffic wardens directed traffic to ensure compliance by motorists.

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Leading the Way To the Future

By Salif Atojoko

Platinum Bank invests heavily in ATM development to ease banking transaction

Platinum Bank Limited showcased its brand of automated teller machine, ATM, to financial journalists last week. The bank took the journalists to Mega Plaza, a highbrow shopping centre in Victoria Island ,where one of the seven ATMs is located, to prove a point - that their ATM actually dispenses cash to holders of Valu cards. The bank was eager to prove that point because ATMs earlier introduced by some other banks were known to have disappointed their customers.

When the PlatinumValu card, an electronic purse in the form of a light plastic card on which up to N16 million can be loaded, was slipped into the ATM, last week at Mega Plaza, it initiated a chain of commands which eventually led the machine to disgorge new naira notes. Chinedu, Okeocha, head, transaction banking of Platinum Bank, explained that the bank's ATM was unique in the sense that it accepted the Valu cards issued by other banks.

According to Okeocha, other Platinum Bank ATMs located at the local wing of the Murtala Muhammed Airport, Lagos; Nnamdi Azikiwe Airport, Abuja; Nicon Hilton Hotel, Abuja and two Shell Petroleum Development Company, SPDC, locations in Warri, were not restricted to customers of Platinum Bank as was the case with the ATMs of other banks. "Our ATM works off line. It does not interact with the customer's account. Once you have a Valu card from any bank, our ATM accepts it. But that is not the case with the ATMs of other banks. The ATMs of other banks are restricted to their customers."

The Platinum ATM, Okeocha further explained, could be used to settle transactions in more that 1,000 outlets in Lagos, Abuja, Ibadan, Port Harcourt and Kano. He was confident last week that the bank would deploy 30 more ATMs in strategic locations across the country in the next three years.

Austin Akwarandu, a member of information technology group of Platinum Bank told Newswatch last week that each of the ATMs cost the bank about N6 million to deploy. He justified the bank's huge investment in the scheme, saying the bank realised that there was a vacuum in the banking system, which had to be filled. "Our objective as a bank is to re-define service standards through product development and unique services. We are always on the look out for products that will satisfy our customers," said Akwarandu.

He explained that the Platinum Bank ATM was also developed to discourage Nigerians from carrying cash on them. He urged other banks to join the ATM market, which he said, was a mass market which only one bank could not service.

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