Banks have never been under such pressure to perform. While the Nigerian banking landscape has constantly been faced with steep competition, the stakes have been raised even higher and performing well on customer experience is the new minimum standard.
As the race for the customer intensifies, front-runners will be those who demonstrate an understanding of the customer’s specific circumstances to consistently deliver a personalised experience.
Our 13th consecutive year of the Banking Industry Customer Experience Survey reveals that more than ever before, there is lower differentiation and lower satisfaction scores as the gap narrows between rated banks. This indicates a higher level of customer expectation than the experience being delivered. The findings are based on 25,466 retail customers, 3,045 SMEs and 369 commercial/corporate organisations, providing feedback on their banks.
A key approach to realise differentiation in a sea of homogenous players is through personalised experiences. As one of the Six Pillars of experience excellence, we see Personalisation as the most valuable component. Individualised attention makes customers feel valued and drives an emotional connection to the brand. This is based on more than a decade of international research done by the KPMG Customer Experience Excellence Centre.
Our survey however reveals a lag in performance with Nigerian banks on Personalisation. In our report, we explore how Personalisation can be achieved amidst challenges with the use of data, machine learning and AI. Ultimately, banks must harness the customer data to deliver a personalised customer experience to build long-term loyalty.
We hope this report offers a better understanding of the Nigerian customer and provides fresh insights on delivering outstanding customer experiences.
Click to download and read more on this report.
To find out more about the information contained in this report, please contact:
Tel: +234 1 271 8955 (or 8599)
Fax: P.M.B. 40014, Falomo
Website – https://home.kpmg/ng/en/home.html