Interview with Shina Atilola Divisional Head, Retail and Consumer banking of Sterling Bank Plc.
About Specta1. Why specta and what’s the problem the idea is solving?
Changing consumer taste and behaviour especially in the rapidly changing technological environment has informed many businesses’ operations. Consumers are very much abreast of modern innovations and expect their service providers to take advantage of these trends in meeting their demands. The financial industry is not excluded in this dynamic movement as these innovations have overhauled the traditional banking methods in various spheres of the industry including transactional, lending, operations and service.
SPECTA was developed with a mission of creating a world class digital lending solution based on predetermined logic with the aim of creating quality risk assets in a timely and convenient manner.
The proposition aimed at solving identified challenges in the bank’s lending space:
• Poor turnaround time in loan processing
• Improvement in the risk asset portfolio size
• Limited customer acquisition in the retail space
2. When was the idea launched and what’s the impact so far?
Specta was launched in 2018 and has completely revolutionized the lending space since then. This is evidenced in the performance of the Bank’s retail personal loans as it grew by 376% within a span of one year. As at July, 2019 we have disbursed loans in excess of N18Billion to over 20,000 customers.
Based on the peculiarities and feedback from customers since launch, we are constantly updating the product to improve customer experience and service delivery. One of these bespoke solutions includes Specta Score- a system that evaluates the customer’s credit standing at a specific point in time, prequalifies the customer for loans, forecasts the net worth of the customer and provides investment options to improve net worth forecast.
3. The process and requirements?
There are two(2) major variants of the Specta product- Specta Basic and Specta Extreme.
Specta Basic
• It is targeted at salaried customers and business promoters
• It is a community based lending platform
• Other target segments includes Companies/parastatals, Cooperatives, Professional Bodies and Associations
• Customers can access up to N5 Million for 48 months subject to eligibility
For interested customers, the process is as follows:
1. All required documents are submitted to the Bank
2. Customer proceeds to www.myspecta.com to make application
3. Customer provides their personal details on the platform such as BVN, Phone numbers among other details.
4. Some validations are done using the data provided by the customer and subsequently, the loan is disbursed.
Specta Extreme
• It is targeted at all categories of customers (individuals)
• Customers can access up to N2 Million for 12 months
• Profiling not required. However applicants will provide the following when applying on the website; BVN and functional email account. (Copy of means of identification, utility bill, passport photograph and applicant’s signature required for online account opening).
• Customers cards are tokenized for repayments
For interested customers, the process is as follows:
1. Customer signs up/logs on www.spectaxtreme.myspecta.com
2. Customer begins loan application.
3. Customer provides bank statement information and the system evaluates same. New customers would have to upload KYC documents.
4. Subsequently, the loan is disbursed.
About Shina Atilola
Shina is a consummate Strategist and communication expert with increasingly responsible experience driving product strategy and execution for banks. He has over 20 years experience in Business Strategy, Marketing Communication, Branding, Auditing, Mergers & Acquisition, and Financial Management. He is a strategic and growth-focused executive with proven record of accomplishment leading teams responsible for designing innovative strategies, identifying emerging opportunities, executing value-creating transactions, structuring productive relationships, launching new products, maximizing profits, and building successful businesses and partnerships within the media and technology industries.
Currently the Divisional Head, Retail and Consumer banking of Sterling Bank Plc, one of the fastest growing financial institutions in the West African Sub Region, Mr. Shina Atilola has established himself as a reputable banker with bias in enabling sustainable businesses over his 19 years banking career. An erudite strategist in the Nigerian banking sector, Mr. Atilola has in
his role enabled the Bank to develop innovative approaches to doing business as well as in fulfilling the transformation of the new age banking.
He is driven by an entrepreneurial spirit and thrives in challenging and fast-paced environments. He also runs personal businesses in the Agriculture and Real Estate sectors. He is a graduate of Obafemi Awolowo University Ife, with a first-class honors award in International Relations and an alumnus of Wharton Business School. Mr. Atilola is trained in Strategic Thinking, Credit Analysis, Brand Management amongst others
