• The MD of FBN Bank Victor Asante said there is a need to treat the customer right since they rope in more revenue to the success of the financial institution

• He said there is a need for stakeholders to put in efforts geared towards improving customer confidence in the sector

• He noted that the growth of the industry could fail if customers do not embrace them and rather oppress them

The Managing Director of FBN Bank, Victor Yaw Asante, has stated that customer trust is becoming the ‘most valuable currency’ for financial institutions as economies are surging on to recover from the COVID-19 pandemic.

He said, despite the value of factors such as liquidity and technology, they will fail to register the expected impact if the consumers which they are targeting do not fully embrace them.

According to him, there is a need for stakeholders to put in efforts geared towards improving customer confidence in the sector that has been painted black in the eyes of the public through the press.

“We must not fail again; we must not go into the area where a bank is in trouble. No matter how much goodwill we have, one bit of bad business from any of us will have a negative effect on others,” he said on the sidelines of the maiden edition of the Money Summit, organized by the B&FT.

Despite customer trust in the sector appearing to be witnessing a resurgence, as evidenced by a growth in deposits for most banks, Mr Asante warned that this should not lead to complacency stating that he is confident in the measures put in place by the apex bank to effectively rein in excesses.

“There are many things the bank of Ghana is doing to ensure we do not see a repeat of recent ills – the minimum capital requirement, adequacy ratio, and all that. Once we do not play cowboys, and stick to proper corporate governance practices and curtail over-lending, we should be fin,” He added.