Customers’ perception of retail banking


October 11, 2017 | 12:51 am
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As part of activities marking the 2017 customers’ week celebration, Ciuci Consulting limited released a survey report which gives some valuable insights from customers in the retail banking industry in 2016.

The research is conducted to identify where retail customers find value in the Nigerian banking industry. From the inception of the Ciuci Consulting retail banking report in 2013, GTBank was the highest perceived retail bank. However, in the 2016 edition Zenith Bank ousted GTBank as the top bank based on customers’ perception.

FirstBank of Nigeria has maintained its position as the third most perceived retail bank since inception of the research.

UBA moved up to fourth position in 2016 from fifth level in 2015. Access Bank plc also moved up to 5th position in 2016 from 6th in 2015, while Diamond Ban plc came down from 4th perceived retail bank in 2015 to 6th position in 2016.

FCMB maintained the 7th position in the customers’ perception of retail banking in both years under review. Ecobank Nigeria moved up from 12th in 2015 to 8th position in 2016. Skye Bank also went up to 9th position in 2016 from 11th position in 2015.

However, Fidelity Bank plc dropped from 9th perceived retail bank in 2015 to 10th in 2016 according to the report. Also Standard Chartered Bank dropped from 10th position in 2015 to 11th in 2016. Stanbic IBTC also came down to 12th position in 2016 from 8th level it was in 2015.

Union Bank maintained the 13th perceived retail bank since 2014. Wema Bank plc moved up to 14th position in 2016 from 16th in 2015. Sterling Bank came down from 14th position in 2015 to 15th in 2016. Unity Bank moved to 16th position in 2016 from 17th in 2015. Keystone a Bank dropped from 15th position in 2015 to 17th in 2016, while Heritage Bank maintained its position as the 18th perceived retail bank in both years under review.

The report revealed that over 2,600 customers and 1,000 SMEs rated Nigerian retail banks based on their perception of different banking services offered. When the responses from the different customers profiles were analyzed, a series of insights were found, which indicated banking customer thoughts on their banking experiences.

For male and female customers deciding on their primary financial institution, various factors are important such as quality of service, transaction channel access and proximity of the bank.

When analyzing the reasons why customers of different marital status had multiple bank accounts, the data was consistent as most indicated their alternative accounts were opened for mandatory reasons.



October 11, 2017 | 12:51 am
  |     |     |   Start Conversation

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