Diamond Bank customer shares service experiences, says bank leverages brand name

Ambrose Awelimobor is a petroleum engineer by training and now a consultant in oil and gas sector. Awelimobor who is a customer with Diamond Bank takes a critical look at the banking sector, products and services. He frowned at some bank attitudes that are only willing to collect deposits but said he has stayed with Diamond Bank because of the impressive services he gets. Excerpts

As a customer of one of the banks, what is your perception of the banking industry in Nigeria?

The banking industry in Nigeria has been very turbulent in the sense that we hardly see them in our businesses. We only see them when they bring their girls to come and collect money but when we want to do business, they begin to give reasons. For example, if you want to take a loan, the loans are always short term, never long term. However, in the oil industry where I work, we believe in the long term because sometimes you engage in an exploration programme and for 5 years, you haven’t gotten the oil out. I know they are funding people now who have marginal oil fields that have oil running; they go to those ones. They say they want to fund exploration but they don’t do it because it’s too long for them. So, I think the banks really are good for the traders, for short term people but for long term business, a lot of work still needs to be done. The banks are not doing what they should be doing to make the industry grow.

Now, I agree that the bank doesn’t understand the industry yet. They understand the trading aspect but when it comes to oil and gas, they don’t have a grasp of it and that is why they don’t understand that you have to wait for sometime before the money comes. It seems to be improving now because I understand there is something known as the energy desk which will help a lot because they will be able to understand how we operate. Still, sometimes when you go to the energy desk and you tell them this is a project of the oil industry, they look at you and say they want to calculate it as they calculate returns for selling across the counter. Maybe their understanding of the industry has not been good enough but they are getting better now.That is my perception of the industry generally.

What has been your personal experience?

As a person, I try to scale down to what I can afford. I don’t blame the banks because they say they give people loans and they don’t pay back. But, if I give you my house and you still want me to give you money, what are you talking about?

What do you think the banks are doing right?

We have advocated for a specialized bank, an industry bank in the past, but no one has risen to the challenge. Currently, the banks are all too general, chasing the same things. For example, if there is a bank that focuses on energy, they can service people in that industry better. A specialized bank will focus on its area of expertise, that is what we see in developed countries. If you need equity to build a house, you don’t go to any other bank, you go straight to the bank specialized for that.

They are trying though. Diamond Bank for example, I joined Diamond Bank because they leveraged on a good name. I like diamonds and diamonds last forever. The bank has been there. It has weathered many storms and restructuring. Many banks have gone under but Diamond Bank has remained because they have a good sense of judgement.

You’ve been with Diamond Bank almost since inception about 25 years ago… Yes

How did you get to know about the bank?

I think one Ben was the name of the young man who told me about the bank. We were all young at the time. We met somewhere and when I asked where he works, he said Diamond Bank. I said I had never heard of that bank before. He said yes, they are just starting. He asked me to open an account and I said why not? He took me to their office at Adeola Hopewell, beside the Law School. I filled the form and left. He came a few days later with my account details and that was fast because there was nothing like computer then. That was my first experience with personalized banking. I didn’t have to queue to take money and I didn’t have to because he told me to call him whenever I needed anything. I recalled the first time I called him and my cheque was honoured in no time. The experience made me feel like a king.He gave me that initial landing in Diamond Bank which was very encouraging.

Why have you stayed till date?

They are not disturbing me, I am not disturbing them. When I have money I put it there and when I need it I take it from there, so that is it. In fact, I was impressed and I even introduced some companies to them as customers and they were okay. When a foreign company wanted to do business, I told them I knew Diamond Bank and when I called Diamond Bank they came. I enjoy the bank’s services. I like the bank and honestly when you like them you do things for them without having to know the manager or anything.

What are the changes you have noticed over the years?

Technology has come and the bank has expanded, more branches are all over the place. I use some of the solutions.  I like a bank that thinks ahead, that is innovative and that is Diamond Bank. I like the name Diamond and I am always happy when I see it somewhere. If I have money I will buy over the bank.

Do you have any experiences that make you glad to be a customer of the bank?

Very many. In particular is the case of a foreign company that had business to do here and I was consulting for them. The client of the company said they wanted a pro-forma bond from a Nigerian bank. I assured them that Diamond Bank would give it to them. I was so sure as if I owned the bank. I called the bank, they came and were very responsive. That company was very happy with them and I was very happy too.

Any bad experience?

I have another experience that was not as good as the previous one mentioned. I had a contract with a major oil multinational company and I wanted a facility over the weekend. Iwas going to PortHarcourt and needed to hire a boat and the money in the account was not sufficient. I called the manager and explained the situation to him but he said he was sorry he could not facilitate that. Another bank did it for us and we did not even have an account with the bank. That was how we moved the account to that bank. Well, that other bank is folded now. The truth is that with Diamond Bank there are no stories. When  banks start telling you reference is not clear, signature is not regular and things like that; it is a lie, they have no money.