How Sterling has Re-invented Liquidity Mgt for Nigeria’s Corporate Institutions

Nume Ekeghe writes on how Sterling Bank Plc continues to introduce redefining products into the country’s banking sector.

Although innovation is usually associated with players in the technology and fast-moving consumer goods (FMCG) sectors, it is not unusual to encounter innovative products among financial services providers. However, what is unusual is the rate at which Sterling Bank Plc continues to introduce sector’s redefining products into the country’s banking sector.

With well-rounded solutions like Specta and its variants, OneBank, Sterling Pro, among others that cater to the needs of individuals, SMEs and large corporates, the impressive list of innovative products under Sterling Banks belt covers virtually every aspect of financial service businesses via digital platforms: payments, credit, investment, etc.

Managing Director, and Chief Executive Officer (MD/CEO) of Sterling Bank, Mr. Abubakar Suleiman, once explained the reason behind the banks focus on innovation in financial services; Our world evolves daily.

Therefore, there is a need for continuous innovation to meet the ever-changing needs of individuals and businesses. Our overriding objective at Sterling Bank is to develop and align our solutions to improve the experience of our customers, boost individual and business productivity while delivering the convenience that digital channels delivery provides.

The bank’s products roster is quite impressive, earning the financial institution the credibility of a customer-focused solutions provider, evidenced with the receipt of numerous awards. It is against this background that Sterling Bank won the Innovative Bank of the Year Award at the 2019 edition of the Electronic Payment Incentive Scheme (EPIS) Efficiency Awards organised by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), among others.

In continuation of this trend, OmniX by Sterling was recently launched to serve both financial and non-financial Institutions (FI/NFIs) as well as large corporates and High Networth Individuals.

With the rapid and continued digitization of the FIs and NFIs operations, easing productivity challenges encountered by the corporate customers in doing business while maximizing efficiency becomes an imperative.

By leveraging technology and innovation, Sterling Bank for instance, has successfully developed intimacy with its clientele and is consequently able to boast of a considerable number of loyal customers. This shows that any player within the financial service sector seeking to improve its performance may be looking at the Sterling example.

Executive Director, Corporate and Investment Banking, Sterling Bank, Mr. Yemi Odubiyi, who disclosed this in a statement issued by the Bank said, “OmniX is deliberately designed to offer a simple, easy and effective platform to manage the daily liquidity needs of corporates.

Odubiyi further explained that OmniX is delivering unique offerings to both non-bank related financial institution customers and corporate clients through a digitised offering designed to boost efficiency and increase customer satisfaction.  Further reinforcing Sterlings reputation as an innovator in financial services technology by delivering an unrivalled digital experience that is game changing for the corporate and investment banking sub-sector of Nigerias financial services industry.

Odubiyi further remarked that the ability to serve the non-traditional financial institutions and large corporate clients with the desired speed and required agility speaks to the fact that the bank is not just another option but a clear leader in delivering effective service.

Kashetolulope Lawal, GH Client Coverage and Financial Institutions Groups, highlighted that OmniX would provide convenience to corporate clients by expediting financing decisions, speeding up transaction processing times, automating investment processes, while minimizing the incidence of human errors associated with manual processing to improve customers experience and drive business productivity, dovetailing into profitability for users.

Kashetolu explained that OmniX is suitable for all categories of corporates inclusive of banks, manufacturers, multinationals as well as other financial institutions.

According to the Group Head, Digitising service offerings for corporates through our platform has led to significant improvements since all the data and processes involved in accessing services are all pre-defined and optimized to enhance the financial efficiency and performance of these class of customers, he said. 

“OmniX, as we have designed it, will solve corporates concerns on how to invest, finance and make the most of available capital, in as close to real time as possible. It is yet another statement of commitment by Sterling Bank not just to innovative banking, but also to the Nigerian economy. OmniX will improve their productivity and offer services from the viewpoint of an industry leader,” Kashetolu concluded.

Features embedded in OmniX include corporate account opening, collections management, digitised applications for investment in treasury bills, fixed deposit placements in local and foreign currencies, call deposits, discounted bankers acceptances, deposit products, as well as commercial papers.

OmniX also allows users to secure short, mid, and long-term credit facilities through prime brokerage options, term loans, overdrafts, and trade settlement finance. A key differentiator with other solutions is that OmniX also provides advisory services through direct engagement with in-house sector specialists, weekly analysis of investment banking trends, updates, and the opportunity to diversify investment portfolios by offering access to alternative investment classes such as commodities etc.