CAPE TOWN – State-of-the-art web and mobi sites and cutting edge technologies aside, what the modern African customer wants from their bank is probably similar to what their parents wanted – exceptional customer service.
KPMG said that respondents in two-thirds of the countries surveyed in its latest Africa Banking Industry Customer Satisfaction Survey rated exceptional customer service as the most important reason for maintaining a banking relationship.
The report reflected the results of the professional services firm’s interaction with more than 33 000 retail banking customers in 18 different African markets. It revealed that what customers primarily wanted from their banks was enhanced high-quality service, more innovation and greater convenience.
Pierre Fourie, KPMG partner in financial services, said that it was imperative to appreciate the individual customer. “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.”
Innovation and tech fans will be glad to hear that the report found several examples of retail banks that punched above their weight in many satisfaction measures. It said they often did this by leveraging technology or new business models to leap ahead of their better funded or better known competitors.
When it came to interactions with employees, 91% of customers said a member of staff’s attitude and knowledge of products was important, and almost 83 percent said they were satisfied here. However, while customers believed that prompt responses to complaints were important, just 77% were satisfied with their bank in this regard.
Additionally, the report revealed that 89% said timeliness of transaction processing was important, but only 33% were satisfied with this. Similarly, 90% said receiving complete, accurate information was important, but 34% were satisfied with their bank’s performance on this.
– African News Agency