KPMG, the international auditing and consulting firm has released its “2014 Nigerian Banking Industry Customer Satisfaction Survey.” The survey tries to find from banking customers which banks are the most friendly or have the best level of customer services in Nigeria.
The survey, which is in 8th year covered 28 cities in 27 states across Nigeria (up from 18 cities last year). In the process of the survey, KPMG spoke to 20,770 retail banking customers, 3,500 SMEs and about 400 corporate and commercial organisations.
The survey reflects the perspectives of customers on their preferences, levels of satisfaction and expectations from their banks.
The survey examines customer satisfaction based on three different customer types in the banks namely; Retail Customers, Small and Medium Scale Enterprises (SME) and Corporate and Commercial customers.
For retail customers, the top 10 most customer friendly banks are;
Based on the perception of majority of the retail customers spoken with Zenith Bank topped the list with an average of 75.67% of retail customers saying they were satisfied with the bank’s customer service.
The bank came a close second in the perception of customers with a Customer Satisfaction Index of 75.34.
The darling bank of many Nigerian youths, ranked third with a Customer Satisfaction Index of 75.32 among retail customers.
Other banks that ranked among the top 10 banks include in order of the most customer friendly, to the less customer friendly are; Standard Chartered, Stanbic IBTC, Fidelity Bank, FCMB, First Bank, Sterling Bank and Access Bank.
Among small businesses, the top 10 banks with which small businesses are most satisfied with their services are; Zenith Bank, Diamond Bank, Standard Chartered Bank, GTBank, Fidelity Bank, Stanbic IBTC, First Bank, FCMB, Skye Bank and Access Bank.
Among corporate customers, the top 10 banks in customer satisfaction are; Zenith Bank, GTBank, and CitiBank make up the top three. Others are Diamond Bank, Stanbic IBTC and First Bank followed by Fidelity, UBA, Fidelity and Sterling Bank.
Customer satisfaction is seen as a key competitive factor in the banking industry and banks strive to ensure they are seen as offering the best customer service in the industry.
In the long run, banks that are able to offer the best standard of customer services are also likely to be more profitable than banks with less satisfactory of customer services.