Banks doing well, says report

Agusto assigns ‘5 star’ ratings to four banks

More Nigerian retail banks and their customers are adopting a “digital-centric” approach to banking, the 2018 Consumer Digital Banking Satisfaction Index Report, has shown.

According to the report produced by Nigeria’s first credit rating and research Agency, Agusto & Co. Limited, the study demonstrated that digital tools create a positive experience for customers. The Index report, highlights customer’s preferences and attitude towards digital banking platforms provided by banks in Nigeria.

The output of the Index is based on information provided by respondents on the top ten banks in Nigeria by total assets as at 31 December 2017. Four banks were assigned a ‘5 Star’ rating for Consumer Digital Banking Satisfaction of which Stanbic IBTC Bank Plc scored the highest, emerging the ‘Best Digital Bank in Nigeria’.

The ‘5 Star’ rating assigned to StanbicIBTC Bank reflects ease of use, perceived security and very good troubleshooting & IT resolution on its different digital platforms. The Index revealed that StanbicIBTC Bank has the most ease in navigating through primary platforms used such as mobile app, USSD (Unstructured Supplementary Service Data) or web; customers felt the most secure using their preferred primary platforms, and the bank was quick to resolve conflicts encountered by customers on the various digital banking channels. Customers of the bank further disclosed that there were only very few instances of unsuccessful transactions, and the overall functionality of StanbicIBTC’s digital platforms is seamless.

However, findings from this Index indicated ample room for improvement on digital banking services in Nigeria as majority of respondents desire better user interface, enhanced security features, increased services particularly on mobile banking platform, speedy notifications on account activities, less cumbersome enrollment procedures, reduction in charges for frequently used services such as airtime top-up as well as general improvement in speed on services.

According to Agusto & Co, the objective of this Index is to create an independent appraisal of the ease of using digital banking platforms by the Nigerian populace considering that banks have invested significantly in digitalization. The Index will give banks in Nigeria insights and suggestions on ways to enhance customer experiences on digital banking platforms.

Commenting on the Digital Banking Satisfaction Index report, Yinka Adelekan, Executive Director, Agusto & Co. Limited 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.