Banks urged to maintain highest standards of customer service

Bank of Ghana (BoG) has called on all regulated institutions to maintain the highest standards of customer care and satisfaction. 

They are also to ensure fair pricing and adequate information disclosures about products and services.

BoG also demanded of banks to always adhere to relevant rules, professionalism and ethical standards.

In a message to all regulated institutions to mark World Customer Service Week celebrations, it said: “The Bank of Ghana recognises the important role played by customers in the functioning of our banking sector. 

Indeed, customers are at the heart of banking services and their confidence and trust in the banking system is paramount to the safety, soundness and stability of the system and to our economy.”

The central bank further said, “On the occasion of the 2024 global celebration of Customer Service Week, we appeal to customers of our regulated financial institutions to familiarise themselves with the provisions of the Bank of Ghana’s Complaints Resolution Mechanism, which affords customers specific channels for lodging complaints about the conduct of their financial institutions.

Customer satisfaction survey

It comes at a time when service quality in consumer banking is fast dropping.

For instance, the 2023 Ghana Consumer Satisfaction Index (GH-CSI) report released by the Chartered Institute of Marketers Ghana (CIMG) has indicated that service quality in the consumer banking sector has dipped by six points. 

The service quality, which stood at 95 per cent in the 2022 report based on research conducted among customers of various banks, saw a sharp decline to 89 per cent.

Customer satisfaction for consumer banking, on the other hand, suffered a marginal decline from 95 per cent in 2022 to 93 per cent last year while Customer Loyalty for 

Consumer Banking also reduced from 81 per cent in 2022 to 74 per cent in 2023. 

Meanwhile, service quality delivery and customer satisfaction in business banking both appreciated from 93 to 94 per cent while customer loyalty for business banking slightly declined from 80 per cent in 2022 to 79 per cent in 2023. 

The report is a comprehensive study that measures the performance of banks on three critical constructs that are essential for the long-term survival of any institution: service quality, customer satisfaction and customer loyalty. 

Performance of banks

Various banks across the country, according to the report, witnessed a consistent decline in variables measured by the survey for the determination of the quality of service in consumer banking. 

These include tangibles, reliability, responsiveness, assurance, empathy and ease of use. 

Tangibles, the report said, refers to physical facilities, equipment and appearance of personnel, which reduced from 97 to 92 per cent while reliability - the ability to perform the promised service accurately and dependably- dipped from 95 to 89 per cent. Responsiveness- willingness to help customers and provide prompt service- reduced from 92 to 86 per cent.

Assurance - knowledge and courtesy of employees and their ability to inspire trust and confidence dipped from 97 to 94 per cent while empathy - the provision of care and individualised attention to customers- reduced from 92 to 86 per cent. Also, ease of use – the ability of a customer to find information or enact transactions with the least amount of effort and appearance of the platform- fell short from 88 to 84 per cent.