2014 Nigeria Banking Industry Customer Satisfaction Survey

By Bisi Lamikanra

The Nigerian banking landscape continues to face significant headwinds on its bottom line — both from the top line 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 small and medium-sized enterprises (SMEs) and about 400 corporate/commercial organisations. The survey reflects the perspectives of customers on their preferences, levels of satisfaction and expectations 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…

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