By Bizna Brand Analyst

Yesterday, we sat down with Mr. Tim Gitonga, the Managing Director of the recently rebranded and refashioned Spire Bank (formerly Equatorial Bank) to discuss most of the issues affecting the institution. In the meeting, he revealed several plans and problem solving strategies that will make the bank become profitable once again.

It’s refreshing for the bank to ditch its old name and acquire a new one that isn’t synonymous with trouble. Why Spire Bank? Apparently the name has been intelligently coined from the motivating words ‘inspiration’ and ‘aspiration’. The idea behind the re-branding effort, which came into place last week, is to show consumers the range of possibilities someone has when partnering with the right financial institution

“Our goal is to inspire people to set up new business ventures and aspire to do better than they currently are.  We want to set up an institution that clients can trust. An institution that meets their requests quickly and hands their financial affairs without causing frustration.’ said Mr. Gitonga

According to the vibrant Managing Director, customer feedback to the re-branding move has been positive so far since most of them were made aware of what was about to happen in advance.

Currently, the bank intends to focus on the growing sectors of the economy, not the established clientele.

“ We would love to be the leader in Kenya’s SME sector. Of course there are many other banks with this similar goal but what will differentiate us from the rest is the way we engage customers. We will be providing solutions tailored to meet the SME’s requirements rather than pre-packaged solutions. Come with your problem and we shall do it your way so long as you are worthy” He clarified

What about the inability to retain customers? In the past, financial institutions have been stealing each other’s customers through price under-cutting but Mr.Gitonga says that such a scenario is unlikely to happen  to Spire Bank as the quality of service provided will keep them intact and make them feel like they are part of the bank rather than just people with financial needs

Another important move geared towards driving Spire Bank to the top is the use of technology to make loan application easier

“It’s a great thing when loan applications can be done online rather than physically at a bank branch. As a bank, we are implementing an online platform where transactions don’t have to be supervised.  You simply make your application with all the relevant back-up information and if you meet the criteria, you will be granted a loan. In the past, things such as MPESA statements have been ignored by banks when dealing with loan-seekers yet these are some of the things that clearly show a person’s cash flow.   Possibly, such will no longer be the case.”

To help, cut the losses. The bank is aiming to better its loan recovery measures as defaulters have been on the rise. The main way to do this according to Mr. Gitonga is efficient dispute resolution. He emphasized the importance of sitting down with the client and discuss why they are unable to pay then reach some form of understanding that won’t involve legal battles

It’s evident that Spire Bank is here to stay. Mr.Gitonga is not willing to leave anything to chance and that’s a good thing.  As Kenyans, we want nothing but the best for our financial intuitions.  We don’t want scenarios where banks take massive tumbles and we fail to get our money back.Spire Bank is steering clear from failure and it’s troubled past under the current MD’s guidance.

There are several benefits that come with rebranding and the current development will create more awareness and build its brand to greater heights. Keep it Bizna for more exclusive detail about Spire bank