A recent report by Nigeria’s first credit rating and research agency, Agusto & Co. Limited, has shown that Nigerians are dissatisfied with some of the online banking services provided by banks in the country.
According to the report, which was a five-month survey on the financial institutions in Nigeria, it was revealed that digital banking platforms such as the Unstructured Supplementary Service Data (USSD), internet banking, mobile banking app as well as some others rendered by banks to their customers for digital transactions should be security-enhanced and upgraded as well.
Findings from the survey also indicated that customers want an ample room for improvement on better user interface and make enrolment procedure less cumbersome, an increase in the speed of processing transactions, reduction in service charges, train their support staff to bridge the IT knowledge gap as well as an improvement in inter-bank transfer services, among others.
The survey, ‘2018 Consumer Digital Banking Satisfaction Index Report’, used 10 of Nigeria’s largest banks by total assets as at December 31, 2017, which are Access Bank, Diamond Bank, Ecobank, Fidelity Bank, First Bank, GTB, Stanbic IBTC, UBA, Union Bank and Zenith Bank.
Four of the banks were assigned a five-star rating for consumer satisfaction. They are Stanbic IBTC, UBA, Access Bank and First Bank.Out of the pack, Stanbic IBTC scored the highest point to emerge the Best Digital Bank in Nigeria. GTB ranked fifth in the survey, while Ecobank took the 10th position.
Explaining how the survey was conducted, analyst with Augusto and Co, Oluyomi Akinola, stated that the respondents to the survey, which comprised students, self-employed and employed customers of various commercial banks, were selected from the formal and informal segments of the economy and across all the geopolitical regions of Nigeria. There were 48.4 per cent female and 51.6 per cent males, 18 years and above.
Akinola explained that the questionnaire method was used in gathering information from respondents across the country and it was administered both electronically and physically.
She further noted that the ‘5 Star’ rating assigned to Stanbic IBTC Bank reflected ease of use, perceived security and very good troubleshooting & IT resolution on its different digital platforms.
According to her, from respondents’ views, Stanbic IBTC has the most ease in navigating through primary platforms used such as mobile app, USSD or web.
Commenting on the report, Executive Director, Agusto & Co. Limited, Yinka Adelekan, said, “one of the major reasons we launched this index was to get first-hand insights on awareness, ease, issue resolution and perceived security from users of digital banking platforms in Nigeria. It is essential that banks increase awareness of the different products and services available on their digital platforms.
“In addition, customers who use these platforms must be supported by minimal system downtimes, user-friendly navigation processes and improved turnaround time for IT resolution. We understand the need for convenience, speed and for customers to feel secure when they perform transactions.
As a research and credit rating agency, we seek to provide banks with credible information on how best services can be improved for customers, which we believe can be achieved with findings from this index.
“The objective of this index was to create an independent appraisal of the ease of using digital banking platforms by the Nigerian populace considering that banks have invested significantly in digitalisation.
“The index will give banks in Nigeria insights and suggestions on ways to enhance customer experiences on digital banking platforms,” Adelekan stated.