Polaris Bank shone brightest over the weekend as its bespoke home-grown digital bank, VULTe won for the third time, Nigeria’s ‘Best Digital Bank of the Year’ prize at the prestigious BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards.
Polaris Bank also scooped ‘Best MSME Bank of the Year’ award at the same event.
VULTe, is a digital banking platform designed to enable customers to consummate every banking transaction – from account opening, through requesting for certain categories of loans – to generating bank statements. It also connects the customer to discover lifestyle trends and social events. It is an all-in-one solution that is created to offer the most convenience for customers and built to provide solutions to everyday challenges of accessing financial services and more.
In the last 12 months, VULTe which hitherto caters more to individual customers, now has enhanced capabilities to render seamless self-services to SMEs, High Net worth, and retail customers. The over 40 million MSME operators in Nigeria could now use VULTe to access collateral-free loans for personal and business purposes; where eligible entrepreneurs and SME operators could apply and get up to N20 million in a space of 5 minutes without visiting the Bank in person.
While presenting the Best Digital Bank award to Polaris Bank, BAFI Awards organizers disclosed that the awards selection/review committee voted Polaris Bank’s VULTe the winner having outperformed its industry peers, across eight metrics for consideration.
The metrics include; strength of strategy for attracting and gaining digital customers, accelerated user engagement, success in getting clients to use digital offerings, growth of digital customers, and platform security.