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Nigeria’s Best Digital Bank 2020, Guaranty Trust Bank

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According to reports published by Nigeria’s Agusto & Co, many new Nigerian Banks including Guaranty Trust Bank are ranking high on the index of consumer satisfaction. The reports gave more details about how satisfied customers are towards the banking services in the country, given that many banks are beginning to adopt the internet banking method, to curb the spread of the COVID-19 pandemic.

The index shows how more banks are doing their best to ensure that banking is easy for their clients. 

So this evaluation was done mainly to ascertain the number of Nigerians currently using the digital banking system, given that the world is vastly becoming digitized and there is a lot of competition in the industry.

During the evaluation, Agusto & Co found out that a lot of Nigerian banks are adopting a more digital approach towards banking and financial transactions. Banks like:

GTBank ranked first on the list with customer satisfaction and a percentage of 74.2 citizens using digital banking. At the second position, was FirxtBank with 73.2 percent of more Nigerians using digital banking and are satisfied. And in the third position was access bank with 71.1.

What is worth noting is the fact that Zenith Bank which came in first in the previous year fell from its position to the 4th position with a consumer experience score of 70.9. Many customers complained about the bank, saying that they had very poor services and there was a lot of troubleshooting and lack of IT support for customers and for this reason, there was less success in their transactions. Many Nigerians who have experienced such issues prefer managing their finances through Forex investments. 

But a lot of them don’t know how Forex in Nigeria is regulated, since the industry is growing so fast and there are a lot of unlicensed brokers operating in the markets. For new Nigerian traders to successfully start trading, and properly manage their finances, it is advisable for them to only work with top-tier brokers who are regulated by the proper institutions.

What does this mean?

According to Mrs. Mariam who is a senior analyst of the company, their survey was conducted on all aspects of the economy both formal and informal, and that only top banks in the country were considered for this evaluation based on the assets held by the institutions since December 31st. 

She also said that the purpose of this comparison is to ensure that banks have the right information needed to improve their services to customers and also through the evaluation, banks can see where they are lacking and immediately target it, to make the banking experience for clients easy and faster. And digital banking is a system that greatly needs to be developed in the country given its population and large queues at bank locations.

At the end of her statement, she advised banks to do more investments, especially in the fields of customer service and relationship management. This is an important part of the growth process of digital banking and banking services as a whole that most banks in Nigeria often ignore.  With the digital banking platform in the country quickly growing, there is a need for these banks to take Mrs. Mariam’s advice, especially given that there is currently a lot of competition in the banking sector in Nigeria.

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