KPMG Africa Banking survey shows customers want more from their banks

KPMG has released its latest Africa Banking Industry Customer Satisfaction Survey, which has revealed that customers are still unsatisfied about financial stability, and are seeking more from their banks than what they’re currently getting, especially as far as service, innovation and convenience are concerned. Pierre Fourie (pictured), KPMG Partner in Financial Services, says it is imperative to appreciate the individual customer. He said:

"To succeed in today's banking environment, bank executives need to understand their customers, which includes their preferences, their channel usage, their needs and their satisfaction."

The survey, which reflects the results of the firm's interaction with more than 33,000 retail banking customers across 18 African markets, shows that while some banks "punch above their weight" in many satisfaction measures - often by leveraging technology or new business models to leap ahead of their better-funded or better-known competitors - there are others which could stand to improve in various areas. Banks in Tanzania, Burundi, South Africa, Angola and Ghana, for example, should work on improving customer service, as customers in these markets were the most likely to cite excellent customer service as a key differentiator when choosing a bank.

The survey also revealed that when it comes to interactions between employees and customers, 91% of respondents believe that staff's attitude and their knowledge of products is important, with as much as 83% saying they are satisfied with these measures. Some 89% said that the timeliness of transaction processing is important to their satisfaction, though just 33% are currently satisfied with this measure. As much as 90% said that receiving accurate and complete information from banks is important, but only 34% are satisfied with the information that they receive.