Customers are the fuel that feed the engine of banks – from balance sheet stability to profitable growth and long term sustainability.
More than ever before, getting customer experience right creates an enduring competitive advantage not just for banks but all service providers whether in private or public sector. For financial services providers, it is a critical success factor, especially in this new reality and going forward.
COVID-19 has disrupted businesses and their operating models. However, customers’ expectations regarding service experience remains undisrupted. Banks must do more to meet the heightened customer experience expectations. It is in this light that the KPMG 2020 Retail Banking Customer Experience Survey for Ghana was conducted to provide insights for banks.
The KPMG Six Pillars methodology for customer experience was used for this survey. The report highlights the survey results on Customer Experience survey against the Six Pillars.
KPMG’s Six Pillars of Customer Experience excellence are a set of qualitative factors that organisations combine intricately to craft an outstanding relationship with customers. Organisations that have mastered the use of these Pillars obtain outstanding results in their customer experience.
In this report, we demonstrate how retail banks in Ghana have performed across all the Six Pillars. I am excited to introduce to you the KPMG Six Pillars which have been developed after a decade of research and practice. They are: Expectations, Integrity, Resolution, Time and Effort, Personalisation and Empathy.
In the new reality of our world today, the Pillars provide an invaluable guide to navigating the changes required to achieving excellence in both customer and employee experiences in your organisation. We observed from our survey that expectation pillar, is the strongest for increasing customer loyalty and scored highest with a score of 76.5%. Integrity pillar scored the least (65.9%) in our survey, an area of concern for customers that banks must improve on.
Banks must focus on the customer by defining a clear customer strategy with the customer experience at the heart of their corporate strategy. The starting point is customer experience maturity assessment underpinned by insights from data and analytics.
Furthermore, our survey reveals that, accelerating digital agenda is now a survival and business sustainability issue. Customers demand convenience through digital channels that are secure and safe in terms of cyber security risks.