Monday, November 09, 2020 / 09:00AM / Agusto & Co / Header Image Credit: Agusto & Co
Leading Research and Credit Rating Agency, Agusto & Co has launched the third edition of its consumer banking satisfaction index which dissects the level of customer satisfaction towards digital banking channels in Nigeria with Guaranty Trust Bank (GTBank) ranking highest in user experience.
According to Agusto & Co, the objective of the Index is to create an independent appraisal of the ease of using digital banking platforms by the Nigerian populace following an increased competition by banks on digital platforms as well as the growing quest for higher electronic banking income by Nigerian banks. The consumer banking satisfaction index reveals customers' preferences towards digital banking channels on some selected banks in Nigeria. The index which contains a survey and a scorecard, is now available online on and showcases that the crux of customers' complaints is customer service delivery.
As revealed by the report, Guaranty Trust Bank (GTBank) Emerges the Best Digital Bank in Nigeria with a user experience score of 74.2. Zenith Bank was the highest-ranked bank in the 2019 edition, with a score of 74.2 but dropped to the 4th position this year (a score of 70.9) due to lower ratings in transaction success rates and troubleshooting & IT support.
GTBank's top position was underpinned by comparably higher transaction success rates, is most crucial in the current 'COVID-era'. The Bank's position was also upheld by the significant level of awareness of its digital banking services compared to the other banks in the survey sample.
Agusto & Co also observed that the COVID-19 pandemic has driven an increase in the use of digital channels and created an opportunity to grow transaction income across the various platforms. In addition to benefits to commercial banks, the pandemic has also provided digital banks with an avenue for growth. The survey also indicates that only 46% of the survey respondents are aware of digital banks.
Senior Analyst, Financial Institutions Ratings at Agusto &Co, Mariam Dabiri says; "As a research and credit rating agency, we seek to provide banks with credible information on how best services can be improved for customers. We believe findings from this Index will provide good insights and suggestions to enhance customer experience. Generally, we believe that there is a need for more dedicated investments in customer service and relationship management to support growing traffic across digital banking channels."
The 2020 Consumer Digital Banking Satisfaction Survey targeted a focus group of respondents drawn from the formal and informal sectors of the economy. The coverage banks indicated in the survey are also top 10 commercial banks based on the value of total assets and contingents as at 31 December 2019.
To read the full report please click the link below: https://www.agusto.com/2020-consumer-digital-banking-satisfaction-index-report/