Latest weekly poll results released by NOI Polls have revealed that the majority of banking Nigerians (61 per cent) agree that Nigerian banks are exploiting their customers through hidden bank charges.
In addition, First Bank was adjudged to have the best customer service delivery, closely followed by GT Bank.
These were the two key findings from the Bank Customer Service Snap poll done in the week of March 11, 2013.
A conversation has grown amongst the banking public on poor service delivery and unexplained charges by Banks on transactions.
This conversation has been largely centred on reviving the global banking economy and continued crisis in the European region and its immediate impact on banks in Nigeria.
The need to grow profits is seen as a trade-off for quality customer relationship and service delivery.
As the banking industry has gone from about 85 banks to 25 banks to 22 banks over the last decade, there is an increased pressure to stay relevant and profitable in a closely regulated industry.
This pressure has continued to cause a decline in satisfaction levels with several customer engagement platforms, specifically with the old fashioned ‘customer service desk.’
The customer has become more intelligent on the range of services this function should cover and so have raised the bar of expectations for banks.
It is against this backdrop that NOI Polls sought the opinions of banking customers on customer relations and service delivery of Nigerian banks over the last Quarter.
The NOI said it hoped the results from the poll will guide banking executives and relevant corporate/customer service champions to re-orientate the industry on quality service delivery and sustained customer relationship.
The NOI Polls survey asked respondents five specific questions.
The first question sought to establish the perceptions of Nigerians about the bank that had the best customer service.
Respondents were asked: Which Nigerian bank has the best customer service?
It is also pertinent to note that respondents were informed that the bank selected did not have to be their personal bank.
Overall, by a slim margin the majority (29 per cent) stated that First Bank has the best customer service followed by GT Bank, with 26 per cent.
These two banks are perceived to be the best banks by a considerable distance.
They are followed by Zenith Bank (9 per cent), UBA (8 per cent), Eco Bank (7 per cent) and Access Bank (6 per cent).
Analyzing results in more detail highlights some interesting facts.
First Bank is mainly strong in terms of customer service in the South East (37 per cent) and South South (35 per cent) while GT Bank is particularly strong in the South West (35 per cent).
Zenith Bank is second to First Bank in the South East with 16 per cent while UBA is second to First Bank in the North West with 21 per cent.
Analysis, according to gender, shows more female (31 per cent) rooting for First Bank over GT Bank (23 per cent) whilst there is only a difference of 1 per cent for the males.
Respondents were subsequently asked: Why do you think the bank mentioned has the best customer service?
Overall, the majority of respondents (35 per cent) chose the Bank mentioned because the “Staff are friendly and helpful”.
This is followed by 22 per cent with the explanation that “Staff are knowledgeable and efficient” and 13 per cent mentioned “Staff are good at settling complaints” and “Staff are patient with customers”.
In order to analyze responses in more depth, responses from the question: “Which Nigerian bank has the best customer service?” were cross tabulated with the second question: “Why do you think the bank mentioned has the best customer service?”
This was done to highlight the performance of each bank on the specific reasons mentioned.
In terms of customer service, First Bank outperforms all banks under the “Quality service delivery” measure, gathering a majority of 61 per cent.
It also performs best in “Staff are patient with customers” (31 per cent) and “Staff are knowledgeable and efficient”(30 per cent).
GT Bank customer service staff performed best in terms of “Staff are good at settling complaints” (31 per cent) and “Staff are patient with customers” (28 per cent).
The Consumer Protection Council had received a large number of complaints from bank customers over alleged hidden and unexplained charges.
In March 2010, CPC organized a consumer interactive forum where the Governor of the Central Bank of Nigeria, Mallam, Sanusi Lamido Sanusi, directed banks to disclose fully all rates and charges associated with their products and services with a view to stemming all forms of sharp practice.
To provide a better outlook on this experience and if any change has occurred over the last three years, the respondents were asked the following question: To what extent do you agree or disagree that Nigerian banks are exploiting their customers through hidden bank charges?
The majority (50 per cent) agree that banks are exploiting their customers through hidden charges.
This is followed by 19 per cent of the respondents that disagree and 16 per cent that neither agree nor disagree with this statement.
Eleven per cent strongly agree that bank customers are being exploited while a meager 4 per cent strongly disagree.
Overall, the majority (61 per cent) agree that customers are being exploited by banks through the ‘hidden’ charges.
Finally, respondents were asked: What suggestions do you have to improve the quality of customer service?
The majority (30 per cent) suggested “treating customers with respect”.
This is followed closely by respondents who mentioned “building stronger relationships with customers” then 21 per cent who suggested “resolving complaints quickly” and 11 per cent with “going the extra mile”.
In conclusion, results indicate that the majority of Nigerians think that First Bank, followed by GT Bank have the most outstanding customer service delivery by a considerable margin.
First Bank is strongest mainly because of its quality service delivery and the fact that staff is patient, knowledgeable and efficient.
GT Bank is strong mostly because their staff is good at settling complaints and their products are easy to use.
The overwhelming majority of respondents agree that Nigerian banks are exploiting their customers through hidden charges.
The most popular suggestions for improving customer service are treating customers with respect, building stronger relationships and resolving complaints quickly.
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