4 April 2008
Monrovia — Barely some months after ECOBANK launched its Automatic Money Transfer (ATM) service for after office electronic disbursements of clients, the International Bank (IB) last night launched the high technology banking process of Internet banking, with the Administrative and Finance Manager, Henry Saa Saamoi vowing that his bank will surpass all others in the industry.
Speaking amidst a galaxy of invited dignitaries from the public, private, diplomatic and nongovernmental sectors, the entrepreneur remarked that by the International Bank's launching of its internet banking service for clients, it seeks for excellence and a meaningful presence in the industry.
The Analyst brings the vow, its implications and ramifications for competition in a highly competitive and enlightened industry.
Manager Saamoi said his company has introduced Internet banking as one of two service lines that the International Bank envisages to provide superior attention to its many clients.
He did not however give full detail of the second strategy that is understudy by his company to satisfy all sectors of its clientele.
Be that as it may, the determination to surpass all in the trade is a very strong vow, which many who attended the ceremony last night took keen note of.
Also making further clarifications on the internet banking instituted by the IB, the Manager for Banking, Patrick Anumel, stated that the new service works best only with clients, who use computer technology to view their accounts from anywhere and at anytime.
He disclosed further that the system enables the client to relate to the bank by means of the internet website, where it is possible with a selected password to view all transactions and related documentation of their accounts.
He said that through the new line of service, clients will now be able to track their banking transactions via the computer hooked up to the internet.
According to him, there are five key features of the current internet banking, clients subscribing to the service can access their account in the bank through personally selected passwords. Moreover, the passwords can be changed at anytime when a client deems it necessary.
The IB internet banking clients, he related, are also granted the freedom to communicate with the customer services personnel either to instruct the department for withdrawal of funds or to give other specific observations on issues surrounding the accounts or to generally address any issue that they would like to be addressed.
Describing the new system as a segmented banking approach, the bank administrator, agreed that the service line would not currently target illiterate clients but that as the bank expands throughout the country, the knowledge base will obviously increase for the involvement of these segment into its coverage.
He also indicated that he believes that competitors would want to emulate the IB in the internet banking service, which the company does not fear, saying that with good treatment of clients overtime, it is possible to gain their unswerving loyalty.
But the entire phenomenon of the new approach has left people wondering that the banking system is always the barometer of the good health of any economy. And that the anchorage of it all rests with the commercial banking sector, which has significantly addressed all financial transactions of the country.
Some dignitaries recalled that the wartime picture of the banking sector was never exemplary, as insiders took advantage of existing opportunities to the disadvantage of direly needy prospective clients.
Loans were given to clients with huge financial backings or those who had the requisite mortgage facilities. But then the issue of insider trading was always the grey haired monster.
Additionally, according to some of the dignitaries commercial banks had limited opportunities for expansion of their clients' savings. Their operations were predatorily monitored by the Central Bank and often when depositors' funds had achieved sizeable growth; it was the moment that CBL took double edged sword to declare their bankruptcy.
Often, depositors found out rather too late that their accounts were frozen without prior notice and that they could only get a percentage determined by the CBL without reference to their thinking about the situation.
But contrasting the new environment of competitive banking amongst the few active institutions speaks well of the new outlook of business in the country according to some of the financial experts. To them, this is a healthy indicator that Liberia is rapidly turning over a new leaf for rejuvenated commercial activities.
Some recent sources of confidence that they readily point out in the economy include the robust signing on by the government of key industrial concession agreements, its gaining of favorable status with multilateral financial institutions and bilateral partners as well as an the improved policy of honoring debts with commercial houses.
With this new environment, commercial banks are criss-crossing the country to open antennas or branches in distant parts for adequate monetization of the country. But the experts maintain that as of late, a certain measure of the guerrilla strategy is being waged amongst competing banks in a bid to get the lion share of the economy.
They describe the latest foxhole of the battle as involving the deployment of high class technology and innovative strategies for success.
Besides the usual custodial functions of banking as is traditionally understood, some have smartly institutionalized money transfer system through Western Union or Moneygram and are keeping their heads above water. But break-even is the suitable option; the idea is to make gallant impact by increasing the margin of earning given the high risk of such investments.
So new financial intermediation battles lines are clearly now being drawn with technology forming the essential ammunition. Those who will garner much firepower and to get concession from the most educated and financially solvent segment of this society, must essentially be on their way to declaring victory in this strategic battle.
So, if the dream of Saamoi for IB to surpass the rest dances on to success, it may well be both a matter of pushing the technological frontiers of the huge gulf of illiteracy in the country and utilizing high business savvy in re-routing diehard fans of other banks over to IB's connoisseurship. We are hoping to see how this miracle can happen in a highly competitive industry.
Yes, beyond the glowing ceremony in a magnificent crème building along the Larkpazee road of the Spriggs Payne community, the relaxed tempo with freely flowing goblets of choice wines and beverages adorned with light finger food must now be accompanied by solid work. Dreams, if not put in action soon wither!
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