At the PwC Banking Consumer Experience Breakfast Forum, Mr. Vish Ashiagbor, the country’s senior partner at PwC Ghana, highlighted that the country’s banking sector is unlikely to achieve full digital operations within the next five years.
Mr. Ashiagbor’s insights were based on a consumer experience survey conducted by PwC, which outlined various challenges and opportunities within the banking sector.
The survey results, as well as Mr. Ashiagbor’s commentary, underscored the complexities of digital transformation in the sector, particularly considering the current state of infrastructure and consumer behavior in Ghana.
Infrastructure and Consumer Comfort Key Concerns
Mr. Vish Ashiagbor expressed doubts about the potential for full digitalization shortly, citing infrastructural limitations and consumer preferences for face-to-face interactions as significant barriers. He elaborated that, despite ongoing efforts to enhance digital services, many Ghanaians are still more comfortable with traditional banking methods, Mr. Ashiagbor emphasized.
“Certainly not in the next 5 years and that’s simply because the demographics of a country like Ghana is such that we have a large population that is still coming to grips with the whole digital narrative.”
Mr. Vish Ashiagbor the country’ senior partner at PwC Ghana
This comment reflects the challenge of shifting an entire population’s banking habits towards digital platforms. Many consumers, particularly in rural areas, remain reliant on in-person transactions due to limited familiarity with digital options.
Moreover, Mr. Ashiagbor highlighted that the reach of digital networks is still concentrated in urban centers, leaving rural banking operations, such as those in cocoa-producing areas and mining communities, underserved.
“Beyond that, the reach of the networks… If you look across the country, the networks are concentrated in urban centers… But digital relies on a network of some kind.”
Mr. Vish Ashiagbor the country’ senior partner at PwC Ghana
Mr. Ashiagbor emphasized that digital banking operations depend heavily on reliable network infrastructure, which is not evenly distributed across the country. This infrastructure gap creates a barrier to widespread digital adoption, particularly in remote areas where connectivity is inconsistent.
Meanwhile, the PwC Banking Consumer Experience Survey provided a comprehensive look into the concerns and preferences of banking customers in Ghana. Key findings revealed that customers prioritize speed, predictability of results, expertise, easy access, and a genuine interest in their concerns.
These insights suggest that, while digital solutions could potentially address some of these concerns, they are not yet fully equipped to do so, especially given the existing infrastructure challenges. The survey also showed that 64% of customers expressed a desire for shorter wait times in branches, indicating that even with the push for digital banking, in-branch services remain a critical component of customer satisfaction.
PwC’s report also recommended targeted training for frontline staff to improve product and process knowledge, which would, in turn, enhance customer experiences. This recommendation aligns with the broader sentiment that while digital tools are valuable, they cannot fully replace the human touch in banking services just yet.
The Role of WhatsApp and Digital Communication Channels
Interestingly, the survey found that 2 out of 5 respondents preferred WhatsApp as their primary digital communication channel. This preference suggests that customers are willing to engage digitally, but they favor platforms that are familiar, accessible, and user-friendly. Mr. Ashiagbor’s comments reflect this sentiment, acknowledging that digital adoption is happening incrementally but may take longer to reach full-scale implementation.
“If your customers go to your ATM or if they try and use your mobile app and it’s not working, and they go online and post something, that is less within your control.”
Mr. Vish Ashiagbor the country’ senior partner at PwC Ghana
Mr. Ashiagbor’s statement highlighted the challenges that banks face in maintaining digital services. Operational issues, such as malfunctioning ATMs or apps, can quickly lead to negative customer feedback, which impacts the bank’s reputation. Consequently, digital transformation in the banking sector requires a delicate balance between reputation management and operational sentiments.
However, the Ghana Banking Sentiment Index, co-developed by PwC and Data EQ, offers a measure of customer sentiment towards the banking industry. The 2024 index revealed a public net sentiment score of 10%, a positive outcome compared to the UK’s negative score of -25.6% in 2023. However, Ghana’s score still lagged behind that of Kenya and South Africa, indicating room for improvement.
“…that is why generally the reputational would tend to be higher than the operational… Banks need to maybe spend a bit more time looking at the operational sentiment because that was negative.”
Mr. Vish Ashiagbor the country’ senior partner at PwC Ghana
Ashiagbor’s analysis suggests that banks are more successful in managing their reputations than in addressing operational issues. The reputational sentiment is often influenced by marketing campaigns and public relations efforts, which are within the bank’s control. However, operational sentiment—how customers experience the bank’s services on a day-to-day basis—tends to be more challenging to manage. This discrepancy points to the need for banks to invest more resources in improving their operational performance to boost overall customer satisfaction.
Mr. Vish Ashiagbor and PwC’s survey findings call for a renewed focus on customer experience in Ghana’s banking sector. Meanwhile, the PwC advised financial institutions to prioritize customer experience by giving it a central role in both strategic and tactical decision-making processes. Mr. Ashiagbor noted, that balancing reputation with operational excellence will be key to achieving higher customer satisfaction and ultimately, a more successful digital transition.
“To the extent that you can move your operational sentiment into the positive, it then complements the reputational one to bring your overall sentiment higher.”
Mr. Vish Ashiagbor the country’ senior partner at PwC Ghana
While full digitalization may not be achievable within the next five years, the sector’s focus on improving customer experience, training staff, and expanding digital infrastructure will be crucial steps toward that goal.
