NIC BANK UNVEILS NEW GOLD ACCOUNT

NIC Bank has unveiled a new bank account, offering an exciting range of benefits and customer experience and setting fresh standards in the fast-changing banking industry.

The new Gold Account offers a host of benefits to personal banking customers including a pre-qualified credit card as well as negotiated rates of interest and foreign exchange rates.
Gold Account holders will also get an easy and convenient way of trading stock at the Nairobi Stock Exchange through NIC Bank's stock-broking subsidiary-NIC Capital Securities.
The bank said the product is tailored for the 'discerning customer' adding that it was developed after extensive research of what customers want in terms of financial services.

NIC Bank's Director of Personal Banking Mr. James Wainaina said customers' lifestyles are rapidly changing and getting busier. Customers are, therefore, looking for easier ways of transacting and are actively seeking to spend the least time possible doing so.

"A key component of our Gold Account offering is the automated channels for banking: NIC Online and NIC Mobile which allow customers to transact anytime from anywhere in the world through the internet and mobile phone respectively.
Customers will also be able to receive SMS alerts for transactions hitting their accounts, ensuring they are able to track account transactions through the convenience of their mobile phones" said Mr. Wainaina.

Even as competition stiffens in the industry, Mr. Wainaina said opportunities exist across all segments, each being at its own level of evolution from a product offering and market acceptance perspective.

"The retail (Personal and SME) segments have scope for higher penetration and growth although it takes a longer time to realise commercial benefits within these businesses. Overall success will be driven by service providers consistently delivering on their promise to their respective target markets with a value for money offering operating within a strong commercial model," he said.

The Gold account launch follows up on the re-launch of the recently revamped and highly successful Move Account, which was the pioneer flat fee bundled offering account in the market.

Mr. Wainaina said to satisfy changing demands by customers, banks should to understand various needs by demographic segmentation.
"With this as a base, products and services need to be structured to meet the customer need. Increasingly today, convenience, control and personalisation which reflect value for money to the customer are critical considerations for transactional banking," he said.
NIC Bank's Managing Director Mr. James Macharia, said in order to remain competitive, NIC Bank is continually investing in its service delivery outlets.

"We recently upgraded our branches in Nairobi into modern more aesthetic outlets – Harambee Avenue, Prestige, City Centre and Mall in Westlands. We also remodelled our Harbour House and Nyali branches in Mombasa," said Mr Macharia.

He said the bank has moved its Masaba Road Branch to the front to "offer a more spacious and comfortable area. It is also now easier for customers to access the branch."

The account is a unique proposition targeting the more affluent clientele. They will also enjoy an enhanced loan product offering among other benefits and a Gold debit card.

NIC Bank has carved out a Gold Corner for exclusive banking for its VIP customers at its NIC House Branch on Masaba Road. It is also set to roll out the same at its branches at the Junction on Ngong Road, Mall in Westlands and at its Harbour House Branch in Mombasa. Customers will pay a flat fee of Shs 1,400 monthly for the account.

The bank recently set off on a rebranding process with a one-stop banking proposition bringing stock-broking and bancassurance into the ambit of traditional banking.

NIC is also expanding outside Nairobi and intends to open up to 10 branches in the next 2 years. Recently, the bank opened doors in Kisumu and Thika branches bringing its total number of branches to 12.

Its East African footprint is also set to expand with the acquisition-and subsequent approval by shareholders-of a 51 percent stake in Tanzania's Savings and Finance Commercial Bank.

"We have also received all statutory approvals and also from our shareholders in the recently held AGM and therefore the transaction is now complete," said Mr. Macharia. The Tanzanian bank has branches in Dar-es-Salaam, Mwanza and Arusha.

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