Guaranty Trust Bank (GTB) has been certified the bank with retail banking consumer satisfaction. GTBank was endorsed with this position by S.M.A.R.T advisory – a business solution provider specialising in corporate finance, research, business management and process improvement.
The survey carried out by S.M.A.R.T advisory revealed that majority of banking customers sees GTBank as the most reliable bank. One in five respondents surveyed declared that they have an account with Guaranty Trust Bank. The research also revealed that the bank’s leadership position has been increased overtime as twenty-eight percent of the respondents indicated their preference for the bank.
About seven thousand bank customers were surveyed across Nigeria to measure their loyalty to their primary bank, while exploring the root causes of their loyalty in the survey, which was focused on issues relating to customer – bank relationship.
The survey indicated that while the personal savings account is the dominant account type across the retail banking spectrum, Wema Bank and Standard Chartered Bank displayed a different pattern, as more of the respondents who bank with them reported having personal current accounts, as opposed to the trend in the survey.
Union Bank, Zenith Bank, First City Monument Bank (FCMB), Stanbic IBTC, and Mainstreet Bank also enjoy a high percentage of personal current account holders.
Interestingly, while many customers of GTBank recommended the bank services, the same cannot be said for Equatorial Trust Bank (ETB) where majority of the consumers do not recommend it to other people.
On the use of credit cards, Keystone Bank and Sterling Bank had the highest score of customers with debit card while Zenith, Skye, Diamond and Oceanic Banks have relatively high number of customers with neither debit nor credit cards. Overall, seventy-three percent of the customers surveyed use debit cards while twenty-two percent of them do not.
Stanbic IBTC Bank meanwhile recorded the largest number of credit card users at 25 percent, as well as a low percentage of customers with no card at all. While twenty-six percent of customers surveyed look out for the stability and the financial strength of banks, many customers of GTB recorded a departure from this trend as thirty-six percent of their customers accounted that they opened an account with the bank as a result of its customer service experience.
Other banks that recorded impressive results are UBA, Wema Bank and Oceanic Bank. UBA customers enjoy services such as proximity to Automated Teller Machines (ATM) while Oceanic Bank (now Eco Bank) has its branches proximity working for it. Wema Bank on its part survives on referrals.
