By Segun Odunewu, Lagos
This is contained in the third edition of the consumer banking satisfaction index report released by an indigenous African credit rating agency and a leading provider of industry research, Agusto & Co.
The consumer banking satisfaction index reveals customers’ preferences towards digital banking channels on some selected banks in Nigeria.
According to the credit rating agency, the survey dissected the level of customer satisfaction towards digital banking channels in Nigeria GTBank scoring the highest user experience score.
As revealed by the report, GTBank Emerges the Best Digital Bank in Nigeria with a user experience score of 74.2. Zenith Bank was the highest-ranked bank in the 2019 edition, with a score of 74.2 but dropped to the 4th position this year, a score of 70.9 due to lower ratings in transaction success rates and troubleshooting & IT support.
First Bank of Nigeria ranked second, while Access Bank ranked third. GTBank’s top position was underpinned by comparably higher transaction success rates, which is most crucial in the current ‘COVID-era’.
The Bank’s position was also upheld by the significant level of awareness of its digital banking services compared to the other banks in the survey sample.
According to Agusto & Co, mobile banking applications remain the most popular platform for digital banking. The increasing use of mobile banking has also been backed by the growing base of mobile phone users, which has grown by a five-year compound annual growth rate of 6 per cent to 184.4 million as the end of 2019.
Approximately 82 per cent of the survey respondents are aware of their respective bank’s mobile banking service while internet banking recorded 57 per cent awareness.
The respondents are least aware of WhatsApp and other virtual banking platforms (such as the chatbot service and telephone banking), with only 6 per cent of the respondents indicating their knowledge of these services
It also observed that the COVID-19 pandemic has driven an increase in the use of digital channels and created an opportunity to grow transaction income across the various platforms.
Speaking about the survey, senior analyst, Financial Institutions Ratings at Agusto &Co, Mariam Dabiri said his company seeks to provide banks with credible information on how best services can be improved for customers.