The Nigerian banking landscape continues to face significant headwinds on its bottomline - both from the topline and costs.
Our view is that the greatest opportunity to grow revenue will not come from just new markets or products but rather from the ability to deliver a high quality and differentiated customer experience. Hence, we are pleased to present findings from the 2014 Nigeria Banking Industry Customer Satisfaction Survey, now in its eighth year. We have again expanded the scope of the survey to cover 28 cities in 27 states across Nigeria (up from 18 cities last year). In the process, we spoke to 20,770 retail banking customers, 3,500 SMEs and about 400 corporate/ commercial organisations. The survey reflects the perspectives of customers on their preferences, levels of satisfaction andexpectations from their banks.
Since the commencement of the survey, the gap between the top and lowest ranked banks in the retail segment has never been closer. This is a reflection of the very competitive environment banks in Nigeria now operate. Our findings also reveal continued progress in efforts to increase customer adoption of alternate channels. Increases were recorded in customer adoption across all alternate channels except the contact centre which experienced a decline in usage. Convenience and consistency in service quality were the resounding themes across the segments. Corporate customers are also increasingly looking for a clear demonstration of value in product features and expect a commensurate reflection of pricing to value.
We hope our survey findings assist banks to better understand, serve and form valuable relationships with their customers. We welcome feedback for next year’s survey.