“Beauty is in the eye of the Beholder” said Shakespeare. Yet, with the evolution of medicine generally and plastic surgery specially, the saying has changed to “Beauty is in the hand of the money holder”. Therefore, First National Bank Lebanon has decided to make beauty a possibility when it launched its custom made plastic surgery loan almost a year ago. A loan that has won the heart of the Lebanese consumer swiftly, and opened the eye of national and international media. First national Bank’s aim was to innovate: they ended up with an invention, the first plastic surgery loan in the world.
In an interview with iloubnan.info, Mr. Joseph Azoury- FNB branch manager (Jounieh) shared with us the success story of a “beautiful product”, FNB’s “plastic surgery loan”.

iloubnan.info: Where did the idea of such a loan come from?
Joseph Azoury: We have always tried to offer a customized product for the Lebanese market. Most of the retail loans are parallel to the international FNB retail loans. However, this idea came from the Board of Director of the FNB in Lebanon. This idea relates to the Lebanese consumer and the behavior of the Lebanese people; it targeted a certain segment in the Lebanese society. Mainly those in need of a plastic surgery in the first place.

How long has it been on the market now?
It was exactly launched on the 30th of April 2007, so it is exactly 18 months old.

Who did the loan really target? Who can apply for this loan?
It targeted many segments, but firstly the young working class. In second place, it targeted those who cannot afford paying a certain amount and would also like to undergo a surgery. But the end result was that all classes of society adhered to it.

Can foreigners living in Lebanon apply?
The loan is mainly for the Lebanese residents. But foreigners who have a working contract and residence in Lebanon can also apply.

What have been the difficulties you have encountered in your marketing strategy for this loan?
The perception of the market was at first that plastic surgery is considered a lifestyle product or a luxury. They thought that it was not a need. So when the loan was launched, a type of social controversy took place. And it was the talk of the town. This controversy led the media to focus on the subject and it was like a snowball effect because the Gulf magazines and the European magazines had it on their cover pages in no time. It drew the attention of media outlets such as BBC, CNN and Figaro.
However, we highlighted that not all who apply for plastic surgery are applying because they think they should beautify themselves. For some it is a need; the loan covers reconstructive surgeries for people who had accidents, whereas the insurance didn’t cover the esthetic follow up on the wound. So in a way the loan supplies also a need not only luxury. And that’s the image we finally established and are still trying to establish in people’s minds.

How does it differ from other loans?
This product was structured in a very flexible way. You can apply for up to 3000$ without anything but the proof of income. However after that amount, and if you choose to apply for the full amount (5000$), some sort of minimum guarantees are required, but still less than any other loan.

What do you mean by “minimum guarantees”?
In addition to the proof of income, a doctor report stating that the case is needed.

How can the customer apply to this loan?
As a matter a fact, we have placed a call center at the service of our customers they can contact the following number: 04-72 72 72. This call will directly route them to the nearest branch where a retail officer will take them in charge, guide them in a fast way, and satisfy their need for any detail concerning the loan. You can also apply through the website.

Is it true that it’s the first loan of its kind worldwide?
Yes actually. After the large media coverage, we discovered by default that it was the first plastic surgery loan in the world. This is why the loan took a bigger than expected size. We were actually shortlisted for Bankers ME award.

Did other competitors follow up and affect the product?
Of course, other banks tried to follow us but this didn’t really affect us. Because of the rule of being number one, when you are a pioneer in something, anyone who will attempt to follow you, will only push you forward and alert the consumer to your presence. So I think we have been influenced positively by any imitation that has happened.

How many applications did you receive, if we take a town like Jounieh as a specimen?
The surprise came from the number of applications: in a medium town like Jounieh, more than a thousand applications have been submitted. Actually, we had to call on the retail department for special support to help the regional branch processing the huge numbers of applications.

Well so far, we know how the customers responded to product. How about doctors?
Doctors welcomed the idea because many of them were sometimes embarrassed by patients who were asking them to pay the cost of their surgery in installments. And they used to give a direct doctor facility with all the risk included in such move. In other words, the loan was a relief for the doctors who started orienting their patients towards it.

Have you set an expiry date for the loan, or will it be a permanent product?
There is no expiry date for the loan, it’s a lifetime product.

Do you think it will always be in demand?
Like every product, it has lifetime during which it will pass by variations. A year ago, we were in the launching stage where usually the maximum benefits are made; we are now in what is called a “plateau” phase where the products gains are consistent and stable.

How do you evaluate this product in marketing terms?
You know sometimes when a product is successful and exposed it can give a great exposure to the mega brand, which in this case is FNB. And it was a success again here!