The Chartered Institute of Marketing Ghana (CIMG) in partnership with the Consumer Insight Consult (CIC), has conducted a new survey on customer satisfaction in Ghana’s banking sector.
According to the CIMG, Ghana’s banking sector surveys are mostly centred around Service Quality, Customer Satisfaction and Customer loyalty, however, “none of the studies have explored the establishment of a Service Quality Index”.
This, therefore, necessitated the new study whose main objective is “to measure Service Quality, Customer Satisfaction and establish a Consumer Satisfaction Index (the CIMG-CSI) for the banking industry”.
The research covered separately traditional banking defined as customers who visit the bank for their transactions and remote banking such as internet, digital, mobile apps SMS banking and the likes, commonly referred to in general as digital banking.
The model used to establish the index is called SEVPERF which assesses five items in 22 dimensions and is a simplified version of the widely used but often cumbersome SERVQUAL model.
With regards to overall rankings for traditional banking, the CIMG Customer Satisfaction Index Report, (CIMG-CSI, 2021) reveals that 19 banks scored over 90 percent, translating to a five-star performance.
In order of performance from highest to lowest, the banks which received five-star rating include Access, Ecobank, Fidelity, Prudential, CAL, First National, Societe Generale, UBA, UMB, ABSA, Stanbic, Stanchart, Zenith, First Atlantic, CBG, FBN, OMINI BSIC and NIB.
The banks which received four-star ranking are Bank of Africa and GCB Bank. However, no bank was rated three-star or one-star but the lowest-ranked was Agricultural Development Bank rated two stars.
Unsurprisingly, this bank (ADB) also charges the highest interest rate currently in the country, according to the Bank of Ghana.
Similarly, with overall satisfaction for remote banking, 11 banks including Access, CAL, Ecobank, Fidelity, Bank of Africa, First Atlantic, GT, UBA, Zenith, CBG and ABSA received five-star rating.
Prudential, Societe Generale and GCB are the only banks that received four-star rating. However, FBN, OMINIBSIC, UMB, Stanbic, Stanchart, First National and ADB received two-star ratings.
Even though no bank received a three-star rating, the National Investment Bank received a one-star rating for remote banking.
Overall, customer satisfaction with traditional banking received a 94 percent score, whereas customer overall satisfaction for remote banking received a score of 89 percent.
In all, 100 interviews were used from each of the participating banks. All interviews were done in the respective banking halls after the customer had finished a transaction. Two thirds of all interviewees used were males, while the other one third were females.
The CIMG Customer Satisfaction Index Report, (CIMG-CSI, 2021) revealed that nearly half of all the interviewees claimed to be on incomes of below GHc2,000 per month, 35 percent said they earn between GHc2,000 – GHc5,000 whilst 11 percent reported earning between GHc5,000 and GHc10,000.
Also, four per cent of the respondents earn between GHc10,000 and GHc15,000; and four percent claiming to earn more than GHc15,000 each month.
Limitations of the study
In the meantime, the index is limited in scope, in that, it focuses only on retail banking; however, corporate customer’s satisfaction levels were not surveyed.
The survey for the CSI was conducted in teams, working in close collaboration with each other, from CIMG and Consumer Insights Consult which it contracted for the purpose of the survey.
CIMG’s representatives include Dr. Kasser Tee, National President CIMG; Kwabena Agyekum, CIMG’s CEO and Registrar; Rita Mateko Angman, Manager, Finance, Human Resource Management and Administration; Franklin Sowah, National Secretary; and Adam Sulley, Consulting Director of Education and CPD.
Similarly, CIC’s team comprised its CEO, Dr Ireneus Grendama; Matthew Kofie, Research Director; Emmanuel Nii Boye Odai. Data Manager; Dr. Alexander Preko, Data Analyst; and Daniel Humade, Senior Research Executive.