Stanbic IBTC Bank has emerged first in retail and corporate banking in a survey conducted by KPMG Nigeria on Banking Industry Customer Experience (CX).
According to the report, Stanbic IBTC Bank came out highest with a 73.8 CX score out of 100 in the retail segment, maintaining the lead position for the second consecutive year.
In the retail category, performance is driven by time and effort and Stanbic IBTC Bank Plc exceeded its competitors in this aspect.
Stanbic IBTC Bank, leader in the retail and SME segments in the previous year, performed well in all important customer journey areas, particularly in the resolution category, where customers assess the banks on the timeliness and quality of feedback on issues, as well as the ability and ease of reporting concerns and issues.
In addition to its performance in the resolution category, Stanbic IBTC Bank also shone in other areas of the customer journey, specifically in discovery – how easy it is for customers to get information about the bank, the professional and friendly demeanor of the staff, the ease of opening an account with digital options, and the speed of the onboarding process.
Stanbic moved up five spots compared to the report of the previous year, 2022 and emerged as the leader in the corporate segment with a score of 80.9 out of 100, receiving positive feedback for the extensive knowledge it had of its relationship managers in key industries.
The report also showed that Stanbic IBTC Bank closed the gap in digital banking and emerged as leader in the industry.
Stanbic IBTC Bank is among the top three in transacting – accessibility, timeliness, and quality of service from physical and digital channels, and in account maintenance which covers requests for account statements, general enquiries and updates to account information with accuracy and completeness.
“The primary goal of the bank is to forge lasting relationships with its clients by offering timely, creative, and valuable solutions that benefit them. We are fully committed to serving Nigerians with top-notch financial services.
“2022 has been remarkable for us at Stanbic IBTC. Besides these good standings revealed by the KPMG report, the globally renowned credit rating agency, Fitch Ratings, also reaffirmed the retention of our National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ ratings for the Stanbic IBTC Group and Stanbic IBTC Bank respectively.”
Mr. Wole Adeniyi, Chief Executive of Stanbic IBTC Bank
Fitch Ratings of Stanbic IBTC Bank
According to Mr. Adeniyi, “Fitch has assigned the highest possible ratings on its scale – National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ to Stanbic IBTC Bank, based on the potential support from its parent company, Standard Bank Group of South Africa.
“We play a vital role in Standard Bank Group’s main operations in West Africa, and we retained our ratings based on our size and high operational integration.”
Mr. Adeniyi
Fitch Ratings evaluated Stanbic IBTC’s significance as the holding company for Standard Bank Group’s prominent corporate and investment banking (CIB) and wealth businesses in Nigeria and its role as an essential part of Standard Bank Group’s Nigerian operations.
The credit rating agency also took into account Standard Bank Group’s controlling ownership of Stanbic IBTC, the high level of integration of risk management, operations and strategy, shared branding, and Stanbic IBTC’s moderate contribution to Standard Bank Group’s net income.
The rating ‘AAA (nga)’ is assigned to issuers with the lowest likelihood of default risk in comparison to their peers whereas the National Short-Term Rating of ‘F1+(nga)’ is given to issuers that have a strong ability to make timely payment of financial commitments when compared to other issuers in Nigeria.
Mr. Adeniyi stated that the organization’s strong competitive position, positive risk profile, stable funding and liquidity position also led to its upgrade in the Global Credit Ratings (GCR).
The national scale long-term issuer rating assigned to Stanbic IBTC Bank PLC was upgraded to AAA(NG) from AA+(NG) and the national scale short-term issuer rating was A1+(NG), indicating a stable outlook which makes Stanbic IBTC Bank the only financial institution in Nigeria with such rating.
The organization’s exceptional performance to the dedication and hard work of its workforce and the persistence of the company is as a result of its continuous key role in Nigeria’s economic development, Mr. Adeniyi added.
The bank’s CEO further stated that Stanbic IBTC will continue to develop sustainable solutions that ensure customer satisfaction and success of the company in the Nigerian financial services industry.
