Customer satisfaction in consumer banking sector drops
THE 2023 Ghana Consumer Satisfaction Index (GH-CSI) report released by the Chartered Institutes of Marketers Ghana (CIMG) has indicated that service quality in the consumer banking sector has dipped by six points.
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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.
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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.
Rationale
The National President of CIMG, Dr Daniel Kasser Tee, said the report was more than just a study of the state of the service quality levels in banking, as experienced by individual and business customers of banks; adding that “it reflects the voices, sentiments and trust of Ghanaians whose lives are impacted by the services offered by banks”.
He indicated that the report provides a unique opportunity to understand the evolving needs and expectations of customers while offering a benchmark for the institutions involved to assess their performance and take corrective measures for improvement.
“The true value of this study lies in the benefits it brings to banks and customers. The report provides valuable insights that can help guide the strategic direction of banks, enabling them to better serve their customers and foster stronger relationships based on trust, transparency and satisfaction,” he stated.
Commitment
Dr Kasser Tee said the report represented an evident commitment of CIMG to advance the standards of marketing and customer satisfaction in the banking sector.
“This highlights the outstanding contributions of the CIMG-GAB Technical Committee, who have demonstrated exceptional commitment to customer satisfaction since we began this journey three years back,” he said.
He expressed gratitude to the various stakeholders, such as the participating banks, the research team, the customers, as well as the “Ghana Association of Banks for allowing their members to open themselves up for scrutiny as ample evidence that banks in Ghana do not believe in mediocrity”.
Winners
Some banks were also recognised for their excellent performance over the years in various categories at the launch of the report.
For the Customer Satisfaction category under Consumer Banking, Prudential Bank Limited was adjudged the best bank, with OmniBSIC Bank Ghana Limited as the first runner-up and Consolidated Bank Ghana Limited adjudged as the second runner-up.
For the Service Quality category under Consumer Banking, FirstBank Ghana Limited was adjudged the best while CalBank PLC was first runner-up, with OmniBSIC Bank Ghana Limited as the second runner-up.
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Access Bank Ghana PLC was adjudged the best bank in customer satisfaction under Business Banking while Absa Bank Ghana Limited placed second, with FirstBank Ghana Limited coming third.
For Net Promoter Score category under the Business Banking, OmniBSIC was crowned the best performer. Consolidated Bank Ghana Limited came second and Standard Chartered Bank placed third.
OmniBSIC Bank was adjudged the Best Bank in Service Quality delivery under Business Banking while Agricultural Development Bank came second and Access Bank placed third.