GTBank Emerges Winner Of Agusto 2020 Digital Banking Satisfaction Survey

Leading Research and Credit Rating Agency, Agusto & Co, on Monday announced the launch of the third edition of its consumer banking satisfaction index which dissects the level of customer satisfaction towards digital banking channels in Nigeria with Guaranty Trust Bank ranking highest in user experience. 

A statement by the agency said the index seeks to create an independent appraisal of the ease of using digital banking platforms by the Nigerian populace, given the increased competition by banks on digital platforms, in addition to the growing quest for higher electronic banking income by Nigerian banks.

GTBank emerged the best digital bank in the country with a user experience score of 74.2; displacing Zenith Bank which also scored 74.2 to claim the top spot last in last year’s edition.

Zenith Bank garnered a 70.9 score which earned it 4th position due to a lower score in transaction success rates, as well as troubleshooting & IT support, while GTBank’s top position was underpinned by comparably higher transaction success rates, is most crucial in the current ‘COVID-era’.

The bank’s position was also upheld by the significant level of awareness of its digital banking services compared to the other banks in the survey sample, Agusto & Co also observed that the COVID-19 pandemic has driven an increase in the use of digital channels and created an opportunity to grow transaction income across the various platforms.

In addition to benefits to commercial banks, the pandemic has also provided digital banks with an avenue for growth, just as the survey also indicates that only 46% of the survey respondents are aware of digital banks.

The statement quoted senior analyst, Financial Institutions Ratings at Agusto &Co, Mariam Dabiri as saying: “As a research and credit rating agency, we seek to provide banks with credible information on how best services can be improved for customers. We believe findings from this Index will provide good insights and suggestions to enhance customer experience. Generally, we believe that there is a need for more dedicated investments in customer service and relationship management to support growing traffic across digital banking channels.”

The 2020 Consumer Digital Banking Satisfaction Survey targeted a focus group of respondents drawn from the formal and informal sectors of the economy. The coverage banks indicated in the survey are also top 10 commercial banks based on the value of total assets and contingents as at 31 December 2019.