It was not just a step ahead of competitors, but a leap in the right direction when United Bank of Africa (UBA) launched its highly innovative Next –Gen Account.
The bank’s intention to build a new generation of loyal customers with its new suit of products tailored to meet the unique needs of teenagers and young adults is obvious. Though the product is not thoroughly for teen agers, the appeal for the market segment is strong.
The product “Next-Gen” account, which was launched at the beginning of the week at Intercontinental Hotel, is basically a suit of personal current accounts designed to offer special privileges and opportunities to account holders.
Though the product is designed as a current account, holders have the opportunity of automatically being enrolled for savings accounts as well.
Femi Olaloku, Executive Director, Treasury and International Banking who represented the bank’s Group Managing Director and Chief Executive Officer, Phillips Oduoza said “Next Gen is about capturing and engaging the next generation of educated and enlightened professionals, employees, entrepreneurs, self employed persons, from all walks of life, early in their financial life cycle.”
The product is designed to appeal to the educated and enlightened teenager and young adult from ages of 13 to 34. The product comes with features that fit into the unique needs of customers based on their age.
“This is a product that grows with the customer from his or her teenage years to when he or she becomes a young adult. Next Gen is unique in the banking industry because it is not really a product. It is a partnership where the bank is taking on a mentorship role to guide customers into a future life of prosperity.” Olaloku explained.
He also said that the Next Gen account has been designed to take care of every young person’s unique needs from when he or she first breaks into his or her teenage years at 13 to when he or she is on the border of full adulthood at 34.
“It takes care of the unique needs of teenage customers when they are in secondary school through university to when they get their first job, start a family and even consider building their first house. At each of these critical stages in their lives, the Next Gen account provides financial options and opportunities to make life more comfortable for them and their family.”
Teenagers who open a Next Gen account will become part of the UBA Teen Fan Club, which offers great opportunities and great networking.
Breaking down the unique features of the Next Gen account, Iyke Idukpaye, Head, Current Accounts and Credit Products, UBA Plc explained that as teenagers with a Next Gen account grow and gain admission into tertiary institutions, they will enjoy great mentorship, internships and career advisory reserved only for account holders.
The benefits of being a Next Gen account holder extends further as account holders graduate and prepare for the world of work and business. At this stage, account holders will enjoy exclusive invitations to job and career fairs as well as entrepreneurship workshops.
Account holders will also have access to 24 hour online banking services on UBA’s highly acclaimed internet banking platform besides other privileges like specially branded Mastercard, interest bearing savings accounts, career advisory, scholarships, work place experience schemes with the UBA Group, entrepreneurial skills development workshops and social media engagements.
Students from different secondary and tertiary institutions attended the launch event. Aina Oyawande, a student of University of Lagos, commended UBA for introducing the product saying the incentives attached will make her open an account with the bank.
Falz, a musician, who addressed the students on the need to imbibe a savings culture, described Next Gen as a “great initiative” which will attract young entrepreneurs like him to open an account with UBA.
Also Ebuka Obi-Uchendu, of big brother fame called the product “innovative” saying that it was great that UBA has developed such an incentive packed product for the youths.
Source: Marketing World Mag