2013 KPMG Nigeria Banking Industry Customer Satisfaction Survey Final

ISSUE SEVEN
2013 Banking Industry Customer Satisfaction Survey

NIGERIA
June 2013
kpmg.com/ng
2 | Banking Industry Customer Satisfaction Survey 2013
About this survey

In reading this report, you should bear the following factors in mind: 1. This is a perception study This survey focuses on the perceived quality of customer service delivery by the banks from the customers perspective across the Retail, Corporate/Commercial and Small & Medium Sized Enterprises (SME) segments. This survey does not represent the opinion of KPMG on the skills, capabilities or performance of any of the banks covered. KPMG is responsible for dening the survey questionnaire administered to the respondents. KPMG conducts the survey, but ndings represent the opinions of the customers of the banks.
This survey does not seek to establish anything as an absolute fact, but to report on the feelings and broader perceptions of customers with respect to services provided by their banks. The rankings are solely based on the customers feedback received from the survey. 2. Perception is neither balanced nor fair, butthe study always has a representative sample size Perceptions are by denition subjective; as a result, they are neither balanced nor fair. Also, banks rated in the survey vary by size, service offerings and customer prole. However, the minimum number of respondents required for each bank in the survey guarantees that the result reects the opinion of a representative customer group in each segment.
Banking Industry Customer Satisfaction Survey Methodology

The Customer Satisfaction Index (CSI) was used in this survey to determine customer satisfaction. CSI is simply a weighted score that assigns
Customer Satisfaction Index (CSI) Customer Service Factors
Convenience
importance ratings of service measures to the satisfaction ratings of those measures as provided by customers on the service delivery of their banks.
Respondents in the survey were asked to rate their banks on the following customer service factors discussed in more detail below:
Measures accessibility and quality of service from delivery channels Convenience Customer Care
Customer Care
Measures interaction of bank staff with customers

Transactions, Methods & Systems
Products & Services
CSI Formula (S x I)
SI
Transactions, Methods & Systems
Measures customer support processes/ systems & turnaround time

Pricing
Measures customers perception on fees, charges and rates on products

Products & Services
Pricing
Measures product range and appropriateness to customers needs
2013 KPMG Advisory Services, a Nigerian partnership, member rm of the KPMG network of independent rms afliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
Contents
Foreword 4 Detailed ndings 6 Outsourcing the frontline Eating the data elephant The future of banking Testing the waters of crowdsourcing Demographics 28 34 12 14 20
Foreword
These are exciting and challenging times in the Nigerian banking industry. After a very protable year for the industry, banks are already having to contend with a lower yield environment and pressures on fee income. Inevitably, the attention will return to the customer as banks look to grow earnings. Already, customers are redening the agenda for the rst time in ve years, excellent customer service has replaced nancial stability as the primary reason for maintaining banking relationships in the retail and corporate segments. In the face of evolving customer behaviour and expectations, it has become imperative for banks to listen and understand the voice of the customer as input in shaping their strategies. In this, KPMGs seventh annual Banking Industry Customer Satisfaction Survey, we share our ndings from more than 14,000 retail, over 3,000 SME and 400 corporate/commercial banking customers. We have again expanded the scope of the survey to cover more customers and increased locations from 10 to 18 (the additional locations: Akure, Asaba, Calabar, Enugu, Makurdi, Minna, Nnewi and Yola). We also introduced a survey to understand the perceptions of young professionals a distinct and important demographic group on how they intend to interact with their banks in the future. I am sure you will nd the results very interesting and insightful. In the broader survey, our ndings reveal that efforts at promoting alternate channels are yielding positive results. We have seen a two-fold increase in adoption of almost all the alternate channels and a further increase in ATM usage. After a slow start, mobile payments appears to be gaining some momentum and should ultimately transform the payments landscape in the country. However, amidst the proliferation of channel options, customers want banks to remember that convenience should remain a key focus - cash availability at ATMs was the most important issue for retail customers in 14 of the 18 locations covered. Over the last year, we have also seen an increase in the number of retail banking customers that are either planning to or have recently switched banks as well as the prevalence of customers with multi-bank relationships. In the corporate segment, the feedback for banks is consistent with what we have heard over the last few years knowledge of their business is extremely important and a key driver of satisfaction. With a proper understanding of the clients business, banks can achieve the level of product offering/suitability that most businesses desire. I would like to thank all the survey respondents for their invaluable time and insights. I hope the ndings and additional commentary are valuable and constructive. For us at KPMG, we again hope this annual publication puts the customer at the heart of the agenda for all banks.
Bisi Lamikanra Partner & Head Management Consulting
Banking Industry Customer Satisfaction Survey 2013 | 5
Detailed ndings
Customer expectations continue to increase in the retail segment This year, there was a marginal decline in overall CSI within this segment as customers expectations continue to increase especially in the area of convenience. 93% of retail customers rated quality of service at the ATM as their most important service measure. Also, the gap between satisfaction and expectation on this element increased from 16 to 18 percentage points. Staff attitude and queues in the banking halls were also key areas of concern. Zenith Bank emerged as the most customer focused bank this year, with last years leader, GTBank coming second. Stanbic IBTC maintained the third position for the third consecutive year.
Top 10 Most Customer Focused Banks

Retail
77.4 Zenith 76.6 GTBank 75.0 Stanbic IBTC 74.8 Diamond 72.9 Standard Chartered 72.7 FCMB 72.0 First Bank 71.4 Fidelity 70.8 Sterling 70.5 Skye
SME
78.0
Corporate/ Commercial
GTBank
74.1
Zenith
77.1 Zenith 76.3 Stanbic IBTC 75.8 Diamond 74.6 First Bank 74.3 Sterling 74.1 FCMB 73.9 Skye 73.7 Fidelity 72.6 Ecobank
73.0 First Bank 72.9 Citibank 72.3 GTBank 72.1 Diamond 70.9 Fidelity 69.9 Stanbic IBTC 69.8 UBA 69.7 Skye 69.5 FCMB
SME issues remain the same... While overall satisfaction levels among SME banking customers remained unchanged from last year, traditional issues such as limited access to loans remained. Fewer SMEs (53% compared to 63% in 2012) expressed satisfaction with the ease of getting credit from their banks. GTBank and Zenith retained their positions as the most customer focused banks for the SME segment, albeit with lower overall customer satisfaction ratings from last year. This year, Stanbic IBTC moved up a spot to third place. Slight increase in Corporate satisfaction... Overall, the CSI for Corporates improved by two percentage points from last year, driven largely by customers
increased satisfaction with pricing of bank products. However, with an overall satisfaction rating of 69.1 against customer expectation of 92.1, it is clear that customers expect banks to do a lot more to bridge this gap. This year, 93% of organisations ranked ability of banks to provide a full range of nancial services as important in comparison with 83% last year. Increasingly important to customers however, is the need for bespoke products and services tailor-made to meet specic requirements. Zenith and First Bank, each moved up one spot, attaining the rst and second positions respectively, while Citibank emerged in third place.
RELATIONSHIP ISSUES
Excellent customer service now top of the agenda
Changing priorities
In the very competitive banking landscape, differentiation is difcult to achieve on many fronts. However, it is clear that the quality of service delivery experience is a differentiating factor and
For SMEs, nancial stability selected by 31% of customers was closely followed by excellent customer service which was chosen by 30% of customers as the top reasons for maintaining banking relationships.
Top Five Reasons for Maintaining Banking Relationships
Retail
35%
Excellent customer service
26%
Financial stability
11%
Image and reputation
10%
Employer requirements
10%
Proximity of branches
SME
31%
Financial stability
30%
11%
Proximity of branches
10%
4%
Pricing
Corporate/ Commercial
29%
27%
Financial stability
8%
7%
Banks support of business
6%
Efciency of credit processing
As the dust from the nancial crisis settles and fears about safety of customers deposits take the back seat, customers are now putting service quality at the front of their banking relationship agenda. For the rst time in ve years, excellent customer service replaced nancial stability as the principal reason for maintaining banking relationships for retail and corporate customers. This is perhaps a nod from customers to regulatory efforts aimed at stabilizing the banking industry in recent years.
service promises must be aligned to customer goals and objectives. In the retail space, 35% of customers cited excellent customer service as a major reason for continued banking relationships a 12-percentage point increase from last year. When asked for their second most important reason, nancial stability was the next priority as this remains crucial.
For the rst time in ve years, excellent customer service replaced nancial stability as the principal reason for maintaining banking relationships for retail and corporate customers.
CUSTOMER CARE
Say my name!
Indeed, nearly all customers across the retail and SME segments rated staff attitude and efciency in handling complaints and enquiries as the most important customer care issues. This highlights the importance of getting the right calibre of staff, especially for customer-facing roles. Banks need to continue to empower frontline staff with training in relationship management and other requisite technical capabilities to enhance the quality of service delivery. We have observed the trend of using meeters and greeters to help improve the customer journey within the branch, but this largely remains inconsistent even within the same branch or bank. In some other markets, a few banks and service providers are beginning to introduce holographic virtual greeters as a means of engaging customers. With renewed focus on enforcing knowyour-customer (KYC) requirements, banks now, more than ever, have access to immense customer data and as such can therefore leverage this data through detailed analytics to build a strategy and create new value for customers. By having a better view of customer data, banks can equip frontline staff with information to meet service objectives and improve the ability to cross-sell.
Last year, corporate customers reported a strong need for industry specialisation within banks and in the intervening period, it is clear that some banks have started responding by creating specialist teams with a mix of nancial and industry-specic skills. Whilst the strong gap between expectation and delivery remains, we note an increase of ve percentage points to 39% of corporate/ commercial customers who said they were very satised with the industry knowledge demonstrated by their bank representatives. The overall customer care CSI in the corporate segment increased marginally from last year with Zenith Bank emerging in rst place for the fourth time in ve years, while First Bank and Citibank came second and third respectively.
In the retail segment, the overall customer care ratings decreased marginally as satisfaction levels for all customer care elements declined compared to last year. For instance, this year, 79% of customers were satised with the level of staff knowledge and understanding of the banks products and services compared to last years 88%. Zenith moved up two places to take the lead with a rating of 80.2, while GTBank and Standard Chartered came second and third with 79.5 and 78.6 respectively.
Top Three Banks by CSI Rating - Customer Care

Retail
1. Zenith 2. GTBank 3. Standard Chartered 1. GTBank 2. Zenith 3. Stanbic IBTC
1. Zenith 2. First Bank 3. GTBank
SME
Managing customer experience can be quite a daunting challenge especially as customers have diverse needs that can often be at different ends of the same spectrum. In times past, branch staff had a more personal relationship with customers, sometimes even knowing customers by name, but today, with millions of customers, this will pose a signicant challenge. Nevertheless, todays customers are looking for personalised service and attention thus making the banks frontline staff critical to shaping the customers experience with the bank.
In the corporate segment, the good news is that seven-in-ten customers similar to last year expressed satisfaction with the level of proactive communication from their banks. But as banks will quickly acknowledge, this does not necessarily translate to more business.
In times past, branch staff had a more personal relationship with customers, sometimes even knowing customers by name, but today, with millions of customers, this will pose a signicant challenge.
Corporate
VIEWPOINT
Outsourcing the frontline

Impact on service quality and perspectives on getting it right
Globally, organisations are increasingly embracing outsourcing strategies as a key lever to transform the way they deliver their services. Though reducing operating costs is clearly a top driver for outsourcing; organisations are not pursuing this goal unilaterally, as improving process performance and supporting business growth are among other important objectives. To this end, outsourcing has typically focused on the back ofce and support functions. Over the last few years, however, there has been a push towards increased outsourcing of frontline functions within the Nigerian Banking Industry. A growing number of the frontline functions outsourced, typically referred to as contract roles include bulk cash counting, tellers, customer services, direct sales and the call centre have direct interaction with existing customers and may even be the rst point of contact for prospective customers.
Tokunboh Osinowo
tokunboh.osinowo@ng.kpmg.com
Tokunboh is a Senior Manager in the Management Consulting practice of KPMG in Nigeria.
The typical customer usually has no clue about the banks operating model, or the fact the staff serving him may be an outsourced staff. Hence an unsatisfactory experience with this category of staff is viewed as an indictment and direct reection of the bank since they are bank staff .
The biggest risk in outsourcing is poor service delivery A signicant drawback to outsourcing the frontline function is poor service quality, evidenced to a large extent by declining customer satisfaction levels attributable to circumstances such as the limited knowledge of employees of the banks products and services, unfriendly/ reactive demeanour of employees and also the inability to promptly resolve customers complaints. The typical customer usually has no clue about the banks operating model, or the fact the staff serving him may be an outsourced staff. Hence an unsatisfactory experience with this category of staff is viewed as an indictment and direct reection of the bank since they are bank staff . This more often than not crystallizes as a negative perception which may hamper customers loyalty and result in customers switching in pursuit of better service. Getting it right When companies manage their outsourcing relationships effectively and structure them for success from the onset, all stakeholders win. At the end of the day when services are outsourced, its all about people . A few essential ingredients to get the best from frontline outsourcing include:
Develop an effective outsourcing strategy aligned to the organisations strategic objectives to provide clarity on needs/ drivers and priorities vis--vis the envisioned future state and aligned expectations. The importance of this step cannot be overemphasized and provides answers to the 5Ws (why, when, what, who and how) whilst ultimately driving execution. Understand your in-house operations as an outsourced frontline process is only as effective as the inhouse operation it replicates. When an outsourced employee handles your mess for less, cost savings are limited to those created by simple labour arbitrage. Partner with the contract staff provider to select contract staff with the right attitude. Create the understanding that the best foundation for excellent service is your frontline and work with third party vendors to determine the most appropriate selection process which should include behavioural based skills assessments or psychometric testing. It is generally easier to teach people the job than it is to change their attitudes. Promote integration between outsourced and full-time employees ensuring that resentments and conicts are addressed and resolved. Contract staff should be treated with respect and not as second class citizens to maintain team spirit as well as a positive and inclusive working environment. The key objective is winning over the hearts and minds
of these classes of employees hence all forms of discrimination should be avoided. Employ a scorecard based measurement scheme and use incentives aligned to strategic objectives that convert expectations into critical success factors and key performance indicators (KPIs) that can be measured and incentivized. In addition, contract staff who demonstrate the organisations core values and desired behaviours must have these values tracked or monitored and should form part of the staffs overall performance measurement. Spend money to make money as there is always an investment in time and training, which can be signicant. There may even be capital outlays due to a conscious effort to insource certain aspects of the contract employee lifecycle which are crucial to overall objectives. For instance, contract staff should be included in select bank-wide trainings to provide well-rounded understanding of the banks business, its vision, product/ services and goals.
VIEWPOINT
Eating the data elephant

To succeed in todays marketplace, retail banks must focus on extracting signicantly more value from their data assets. Harvesting existing data sources both internal and external must be an immediate priority if banks want to stave off the disruptive threat posed by new entrants into the market and ensure that value is not unnecessarily lost. The real competitive advantage will go to those players who are able to successfully combine data from all available sources to develop a better understanding of customer needs and, as a result, serve them more effectively.
Neel Arya
neel.arya@kpmg.co.uk
Neel is a Director in the Management Consulting practice of KPMG in the UK.
Right across the retail banking industry, there is a strong belief that more must be done to extract value from internal customer data assets. As one participant noted, we are missing opportunities by not consolidating all the different nuggets of customer insight that we have, from customer risk through to digital customer behaviour. It seems clear that a growing number of customer analytics teams now recognise the need to work more closely with the business and IT to develop processes where the capture of customer data is embedded upfront and not as an afterthought. We need to give customer data the right priority and to think about data capture upfront before we get to the analytics, opined another interviewee. But when it comes to harvesting value from external sources, many banks seem to feel that they must get their internal data under control before they start to look externally. So while most already incorporate data from the more traditional external sources such as Mosaic (which provides consumer classication information) or on the cards side bureau data, benchmarking data and credit data, there is a tangible reluctance to utilise a broader set of external sources such as social media or attitudinal/behavioural data. In some cases, this is a result of a belief that the internal data they already have is of a better quality than most external alternatives. Its just a matter of exploiting it, suggested one participant. Others, however, note three main challenges that seem to be dampening their interest in the emerging external data sources: The ability to link external data to individual customers; Potential data privacy concerns and reputational impacts of tapping into customers external data; and The lack of clarity into which pieces of external data are going to add the greatest value.
OPINION With almost every bank suggesting that more could be done to capture value from existing internal data, I believe that bank executives and customer insight and analytics leaders must now focus on ensuring that they are able to extract the maximum value from their existing assets. I am the rst to admit that this will likely be a challenging task. In most cases, banks are saddled with complex systems that simply are not capable of delivering a single customer view across all products and locations. An overall lack of funding and resources for customer insight and analytics is also slowing progress in this space. Many within the insights and analytics space suggest that the function is only a moderate strategic priority for their banks. As one participant I spoke with said, whilst it is articulated as being strategically important, it is challenging to get resources and funding. Due to the industry climate, the appetite to spend money is even lower. Another challenge is the lack of awareness of the value that customer insight and analytics can provide to the business. The simple truth is that retail banks DNA focuses on product sales, and as a result many see data analytics purely as a means to an end rather than recognising the value of achieving a richer understanding of the customers themselves. Banks are not primarily data providers so they dont think about the inherent commercial value of the data they possess, added another participant. In the face of these challenges, I would argue that banks must change tack and prioritise their investment in customer insight and analytics to fully exploit the powerful data they already own. This will require a change in mindset throughout the organisation with customer data and analytics promoted up the agenda to become an enterprise-wide strategic priority. This means that customer insight and analytics teams will have to become much better at demonstrating the value they add to the business while also developing a highly-honed understanding of the business itself. But it will also re-
quire executives and business leaders to become greater champions of analytics and work to instil an increased sense of analytical literacy across the organisation. The risk of not doing so is clear. Retail banks will quickly become susceptible to data literate new entrants coming into the market who understand how to mine data for its commercial value and use that insight to erode away the customer base of traditional banks. While mastering their available internal data is certainly a critical rst step for customer insight and analytics teams, it seems clear that banks that do not also incorporate external sources of data will start to fall behind their competitors in the long-run. Already, a small minority of the participants that I spoke with noted that leveraging external data to supplement their analysis was a priority for their organisation and these banks seem to be poised to grab the competitive advantage. So while it may be natural for banks to focus on mastering the data they control, the world is moving at an uncompromising pace and new data sources are emerging continuously. I believe that it is critical, therefore, for banks to integrate all customer data they can secure whether internal or external in order to outperform their competitors and ward off new, more nimble, market entrants. Google, for example, is reported to have received a banking licence in the Netherlands more than 6 years ago and with the launch of the Google Wallet the company now has the ability to aggregate search, email and nancial transactional data to build an unprecedented view of consumer behaviour. Moven is another new-model competitor that will use greater insight into individual money management preferences to tailor customer experiences to each individual. The reality is that, in the digital banking model of the future, data is the most important asset. Banks that are able to combine their internal and external data to create value will nd themselves well placed to thrive in this new world. I fear that those that are unable or unwilling do so at their own peril.
CONVENIENCE
A case for continued branch excellence
Top Three Banks by CSI Rating - Convenience

Retail Corporate
The desire for continued branch interactions may be explained in part by the fact that overall satisfaction with all electronic channels still trails the branch experience by a huge margin. As such, amidst the push to migrate customers to alternate
1. Zenith 2. GTBank 3. Diamond 1. Zenith 2. GTBank 3. Diamond

SME
1. Zenith 2. Citibank 3. GTBank
Channel Preference
Q. What is your preferred channel for carrying out the following?
2% 25% 8% 5% 85% 3% 1% 1% 4% 91% 3% 3% 2% 55%
Cash withdrawal
75%
Funds transfer
Getting nancial advice
Balance enquiry
37%
2%
1%
2% 2% 3% 1% 84% 8%
3%
2% 95%
Branch Branch ATM ATM Internet Internet

Social Media Social Media Contact Centre Contact Centre Mobile Mobile
4% 93%
Making complaints
Bills payment
Buying nancial products
POS
With the exception of cash withdrawals and balance enquiry - which many customers prefer to perform via the ATM the branch remains a prominent channel for other activities and is thus key to customer satisfaction. The results show a gradual shift in the role of the branch from a transactional channel to a sales channel as more than 90% of customers would like to seek nancial advice and take out new products at the branch. This is in spite of an increasing reluctance to stay on long queues about half of retail customers from this years survey are not satised with the length of queues at bank branches.
channels, there must be corresponding investments to provide a consistent, high-quality experience across all channels. Such investments also offer banks the opportunity to take advantage of the digital channels for marketing and deepening of customer insights.
More than 90% of customers would like to seek nancial advice and take out new products at the branch.
Increasing adoption of alternate channels As banks explore more avenues of engaging their customers, we believe they should continue current efforts to promote the use of alternate channels as our ndings reveal these are yielding positive results. Across the industry, we have seen a variety of approaches aimed at encouraging customers to use other channels including the use of incentives such as cash back on POS usage. When compared to last years results, more customers are using alternate channels for their banking transactions. 13% of retail customers surveyed use internet banking (up from 7%), POS 15% (up from 6%), mobile payments 6% (up from 2%), contact centre 12%(up from 5%) and mobile banking 10% (up from 6%). The ATM remains the most utilised
alternate channel with nine-in-ten customers using it within the last year. Customers of different age groups also demonstrate varying channel usage patterns. Majority of customers (70%) above 60 still prefer to visit a branch to enquire about their balance compared to only 30% of customers under 30. On a weekly basis, a slightly higher number of older customers visit the branch than the ATM (34% compared to 23%). Amidst the proliferation of these channels, we note a year-on-year decline in overall satisfaction with the internet banking and ATM channels. Customers still want improved online security and more user-friendly internet banking platforms as well as reduction in cash dispense errors at ATMs. As penetration deepens, it is imperative for banks to remember that customers are primar-
ily looking for convenience and service quality beyond mere availability of these channels. Overall, we have also seen a two-fold increase in the number of people using at least one other channel in addition to the branch and ATM, a sign that customers are continually looking for convenience across a variety of channels. In May 2013, the Central Bank of Nigeria reported that the value of daily electronic funds transfer had reached the N80 billion mark. A study by RBR has also forecast the Nigerian ATM market to overtake Saudi Arabia in 2017 , to become the third largest market in the Middle East & Africa region1.
Alternate Channel Usage - 2013 vs. 2012

Mobile banking Internet banking Contact centre Mobile payments
POS
2013 2012
1
10% 6%
13% 7%
15% 6%
12% 5%
6% 2%
RBR (2012) Global ATM Market and Forecasts to 2017 .
Leveraging online channels Not surprisingly, people aged under-30 account for 50% of all internet banking users but only 15% of them ever use internet banking. With an estimated 12.5 million total active internet subscriber population1, adoption of internet banking at 15% suggests there is still untapped potential for this channel as has been witnessed in other markets. Online retailing in the country was estimated at over N77 .5bn in 20122 and is expected to grow further with increasing internet penetration. Online banking presents banks with the opportunity to deepen relationships with younger customers. Four-in-ten internet banking users indicated a weekly usage of the channel. Loyalty amongst very satised internet banking customers is also high, with seven-in-ten saying they will absolutely recommend their banks to other customers. When the same people were asked about their branch experience, less than three-in-ten expressed similar levels of satisfaction.
Online banking presents banks with the opportunity to deepen relationships with younger customers.
Social Media Usage by Persons Aged Under 30
71%
In the corporate segment, eight-in-ten organisations expressed satisfaction with the quality and availability of their banks internet banking platform an eight percentage point increase from last year.
I use social media for personal purposes I interact with my bank through social media
Channel Usage - All Age Groups

Q. How often do you interact with your banks through the following channels?
2%
ATM Branch
1%2%
56%
13%
9%
32%
14%
30%
Internet Banking 5%
5%
76% 83% 73%
2% 2% 9% 4%
POS 3%
1% 2%
8%
Mobile Banking 3%
4%
79%
1% 1% 2% 8% Contact Centre 1% 1% 1%
77%
Mobile Payments
3%
82% At least once every 2 weeks Once a month Rarely Never
Weekly
1 2
NCC, January 2013 BusinessDay, January 2013
8%
Social media (i.e. Facebook, Twitter etc) is also gaining ground as a means of customer interaction. However, only 9% of customers interact with their banks using these platforms against 70% of users who use it for other personal purposes. Currently, only a few banks in the country have fully embraced social media but much of it still remains at the level of information dissemination. However, we note the success of GTBank surpassing the one-million fan mark on Facebook in early 2013. With younger customers increasingly using social media as a primary lter that informs their purchasing decisions, banks can no longer afford to ignore this medium.
11%
12% 2% 19% 3%
11%
12%
11%
11%
12%
No response
TRANSACTIONS, METHODS & SYSTEMS
A future without queues

For most customers, an ideal scenario would be one where they did not have to queue to get business done. With signicantly higher usage of ATMs and charges associated with over-the-counter transactions, queues are no longer restricted to banking halls but are now common place at ATMs. After queues in branches, queues at ATMs was another painpoint cited by customers interviewed during the survey. More than any other driver of convenience, nearly all (95%) retail customers indicated cash availability and uptime at ATMs as being of critical importance. Clearly, banks are aware of the ongoing issue of crowding at branches; in recent years, we have seen banks issue service promises guaranteeing specic turnaround times for varying transactions but these promises have not yielded the much expected results. Tackling queues at bank branches must involve different approaches which may vary from branch layout redesign, deploying more ATMs or assigning more resources to branches as required or as one customer suggested - Nigerian banks may want to consider serving cold fresh juice to waiting customers!
Top Three Banks by CSI Rating - Transactions, Methods & Systems

Retail Corporate
1. Zenith 2. GTBank 3. Stanbic IBTC 1. Stanbic IBTC 2. GTBank 3. Zenith

SME
1. Citibank 2. Zenith 3. First Bank
The transaction methods and systems service area received the highest industry average amongst the ve components of the CSI in the corporate segment. Specically, 43% of organisations (compared to last years 35%) were very satised with quality and clarity of information received from their banks although, customers generally felt that more work was required in the area of account statements reconciliation and SMS/ email notications on transactions.
Citibank led with a rating of 79.0 a seven-percentage point increase from last year. Zenith and First Bank came second and third place respectively with ratings of 78.9 and 76.9. In the retail segment, Zenith emerged in rst place while Stanbic IBTC led in the SME segment.
As young professionals become a key demographic driving the bottom line of retail banks, banks are going to have to rethink the way they attract and retain this class of customers or risk being left behind.
The future of banking Young professionals: a wakeup call for retail banking
I dont ever want to have a need to go to the bank. This is the 21st century. I should be able to meet all my banking needs online or on my phone from opening an account to signing up for internet banking. - Survey respondent
Think of customer demographics as a pipeline of sorts - as people are moving into retirement at one end, a new cohort of young men and women is entering at the other, to embark on what (for most of them) will be a 40 to 50 year experience as workers, consumers, savers, borrowers and investors. This idea lends itself to two key points: Young professionals today will be signicant drivers of retail banking revenues tomorrow. Understanding what this group wants will differentiate the winners from the losers in the race for the retail banking space.
In this context, KPMG set out to survey Nigerian young professionals between the ages of 18 to 30. We see this group as interesting as they are a good indication of banking customers of the future. Research was conducted to gain insight on the role of the branch, specic products and services, social media and what a great bank would look like in the future.
Why young professionals maintain bank accounts

Many young professionals tend to select their primary banks, either at the onset as a student or youth corps member or because of the banks perceived popularity. Specically, from this survey, 30% of respondents commenced their banking relationships as students or as corps members, whereas 18% chose their bank because of its image and reputation. Targeting the young professionals at an earlier stage during their time at university, service years, or through a strong brand presence may be an important way for banks to attract this group of customers. However, once banks have acquired this category of customers, sustaining these banking relationships is the next critical step. Presently, 18% of respondents indicate that they remain with their bank because of the internet banking service; 11% cite excellent customer service; and 9% cite image and reputation as their reason, 16% admit that they are not aware of a bank that is signicantly better than their current bank. Although a banks popularity is a crucial factor for selection, it is of minimal importance in determining whether customers stay with the bank. Yet the majority of young professionals tend to maintain at least two to three bank accounts, with 79% of them aged 18 - 24 falling within this category. Given that young professionals tend to have more than one account, it will be important for banks to position themselves as the primary transaction account. Regarding the use of credit products, less than ten percent of young professionals currently use credit facilities. 21%, 20%, and 35% of respondents indicated their potential need for personal loans, car loans, and mortgages respectively over the next 10 years. For personal loans, 73% did not select a response, while for both mortgages and car loans, 79% did not select a response suggesting that young professionals may either not be interested or may not be aware of particular products available to them.
Top Five Reasons for Choosing and Maintaining Banking Relationships (Young professionals Under 30)
Why I chose my bank Why I still maintain my current banking relationship
18%
Started with student/ NYSC account Image and reputation
Internet banking service
30% 18% 12% 9% 8%
16% 11% 11% 9%
Im not aware of a bank that is signicantly better Excellent customer service Service is really not bad enough to compel me to change
Employer requirements Excellent customer service Internet banking service
The role of banking channels

The service quality of alternate channels will be important for engaging this customer category now and in the future. Branch based banking is simply too time consuming for young professionals, who would prefer a more expedient way to full their banking transactions. 44% of respondents ranked internet banking as the most important way for them to interact with their banks in the future, whereas only 1% of respondents selected the branch. Five-in-ten respondents said they could not see themselves ever using a branch going forward. Other ways young professionals would like their banks to interact with them include e-mails (20%) and applications on smart phones and tablet devices (15%). The common factor behind these responses is convenience. Young professionals would like to interact with their bank from work, from home, and/ or on the go. They do not want to plan their day around the tedious task of carrying out banking activities in a banking hall. Hence, they will be more interested in the quality of the banks digital capabilities, than the banks ability to full all banking activities at the branch.
I want a bank that really knows me: my transaction trends, from which it can decipher my preferences and market more solutions to me, even if it is not a banking solution. A concert, a chance to watch sports live, a chance to listen to a favourite musician live, etc. - Survey
respondent
Q. What will be your most preferred mode of interaction with your bank in the future?
Email Video Conferencing Online chat
44%
20%
15%
Smartphone apps
7% 5% 5% 4%
Phone calls Others
Internet banking
The role of social media

Social media tends to be considered as a good way to interact with young professionals. However, given various options of ways to interact with their bank, only 0.4% of respondents selected social media as their preferred option. Yet when probed further on whether they would like their bank to contact them via social media, 41% of respondents said yes, while 36% said no. Clearly, young professionals prefer to contact their bank utilizing such tools as internet banking or e-mails; however, they would not be completely adverse to their bank contacting them through social media. Their preferred social media interaction would include getting updates on new products, advertisements, promotions and other general information.
I expect the bank of the future to be more like a retail outlet than a typical bank branch; with smoother and simplied processes as well as strong data privacy practices. - Survey respondent
Q. Would you like your bank to interact with you via social media?
41% 23%
Yes No Not sure
36%
Financial planning
Financial planning through the use of personal nance advisers has yet to take a strong foothold in Nigeria. The results from this survey suggest that young professionals are no exception as only 12% of respondents currently have a nancial planner. Of those who do not have a nancial planner, 45% expressed the need for one now and six-in-ten of these respondents believe they will need a nancial adviser in one to two years. The majority of young professionals surveyed (71%) indicated that they would like to get nancial advice from a trained nancial planner, while 16% of them would like to receive nancial advice through materials provided by banks via their websites. Yet, since this customer category is growing at a rapid pace and has a keen interest in performing banking activities online, an online personal nancial management (PFM) platform may in fact be the suitable tool to meet their needs. PFM tools can provide customers with solutions to track expenses with analysis on customers spending, automated categorization of expenses, and advanced budgeting capabilities. Such a platform may lead to deepening of customers relationships with their bank, particularly if the platform is user-friendly. Financial advice offered must also be transparent and in the customers interest.
Q. Do you think you will need nancial planning advice in the future?
66% 62% 57%
23% 23%
28%
Ages 18 - 24 25 - 27 28 - 30
2%
Yes, in 1 - 2 years Yes, in 5 years
7% 9%
9% 7% 7%
Yes, in 10 years
No, never
The bank of the future

While the advent of more sophisticated technologies have increased customer convenience in conducting transactions, customers have become even more demanding, as they expect better quality at lower costs. When asked what a great bank would look like in the future, responses from young professionals included the desire for more transparency in banking interactions as well as improved security on online services. 25% of the respondents feel that a great bank will be one that will act responsibly and honestly. 20% stated that a great bank in the future will provide smoother and simplied processes for online services. 19% stated that a great bank of the future will have highly secure online banking. The young professionals of today will be a signicant revenue driver for retail banking in the future. Their priorities and preferences are distinctive and will require careful consideration by banks as they shape their business models for the future. Listening and taking action will be important; the great bank of tomorrow will need to rethink its strategy today.
PRODUCTS AND SERVICES
Open innovation
In an environment where it is difcult to differentiate on the basis of price, the ability to deliver quality products becomes crucial. Nearly all corporate/commercial customers indicated that quality of a banks e-payments capabilities and product suitability were of critical importance. This is not surprising as the CBNs cashless policy continues to shape the payments landscape. 77% of this group of customers afrmed their satisfaction with the quality of internet banking solutions provided by their banks. When asked for one innovation they would like to see over the next 12 months, online and epayments solutions was the leading response. There was a slight increase, from last year, in the number of customers reporting they were very satised with the suitability of banking products to their needs (36% vs. 31%). However, when matched with customers expectations, there is still room for improvement with customers still demanding greater specialisation and industry depth from banks. Perhaps, banks should begin to consider inviting customers to form part of the product development process as the concept of crowdsourcing is already recording some success in consumer retailing and IT. If approached and structured properly, similar successes may be achieved in banking. A difcult area for customers across all segments is ease of getting credit facilities. Only 14% and 19% of retail and SME customers respectively were very satised with ease of getting loans. The satisfaction level for access to long-term credit is also low amongst corporate customers as only 19% were very satised with this area. In the retail and SME segments, there was a marginal decline in overall CSI ratings in this area with GTBank leading in both segments. Zenith Bank maintained second position in the retail segment while Stanbic IBTC moved a spot up to come third place. Stanbic IBTC also came in second position in the SME segment while Skye bank came third for the rst time since 2009. Overall CSI ratings increased in the corporate segment by three percentage points from last years ratings driven by higher satisfaction levels (74% compared to 61% in 2012) with the breadth of nancial products and services provided. Zenith Bank, Citibank and First Bank occupied the top three positions respectively.
Top Three Banks by CSI Rating - Products and Services

Retail Corporate
1. GTBank 2. Zenith 3. Stanbic IBTC 1. GTBank 2. Stanbic IBTC 3. Skye

SME
1. Zenith 2. Citibank 3. First Bank
With customers still demanding greater specialisation and industry depth from banks, perhaps banks should begin to consider inviting customers to form part of product development.
Q. In what areas would you like your bank to improve on its product and service offerings?
VIEWPOINT
Testing the waters of crowdsourcing
Innovation-minded nancial services companies are testing the waters of crowdsourcing, to better understand their customers deepest wants and needs. This new twist on market research which meshes online collaboration tools with social media could help organisations polish their brands, launch tailored products and transform their processes. To differentiate themselves from competitors old and new, and bolster customer loyalty, nancial services companies around the world are rethinking their brands, products, and delivery models. To do so, a number of leading providers are exploring the emerging research technique of crowdsourcing, to improve the quality of their market intelligence, and tap into the voice of their customer. A recent phenomenon, crowdsourcing applies social media tactics like online polling or discussion groups making it possible to engage in an ongoing dialogue with targeted customers, employees and other key stakeholders to gather
deeper, and potentially innovative, market insights and ideas. This helps an organisation develop or ne-tune products, programs or processes. In its simplest form, crowdsourcing updates the classic focus group for the digital era; enabling marketers and innovation leaders to collaborate with online communities of hundreds or hundreds of thousands. Unlike those very visible, open social media campaigns often seen on Facebook, a crowdsourcing program enables you to build a closed, controlled community, in which you might invite your most valued customers, opinion leaders or inuencers, also known as prosumers to register and take part in a single or ongoing conversation. The benets of crowdsourcing can include: Increasing the capacity and breadth of your market research, while reducing cost and time to market; Combining qualitative and quantitative data, with quicker turn-around and analysis;
Although consumer product retailers and manufacturers were among the fastest to embrace crowdsourcing, the nancial sector is eagerly testing the waters and creating managed communities to gather fresh market intelligence.
Jeff Poole
jeff.poole@kpmg.co.uk
Jeff is a nancial services Principal Advisor in the Management Consulting practice of KPMG in the UK.
Matt Sevenoaks
matt.sevenoaks@kpmg.co.uk
Matt leads KPMGs crowdsourcing offering, Crowd Connection.
Obtaining deeper customer insights, to tackle organisational challenges, resolve service gaps, or discover new revenue opportunities; Lowering the risks of product development, by involving your most valued stakeholders; and Increasing customer loyalty, through collaboration and regular conversation.
There are also opportunities to use crowdsourcing to engage corporate and commercial banking clients, or to help nancial rms comply with new regulations that demand greater public consultation and community engagement. Since KPMG formed an alliance with Chaordix Inc., we have combined Chaordixs Crowd Intelligence methodology with KPMGs subject matter expertise to consult clients on crowdsourcing strategies to address key business challenges. In this time, we have observed a variety of best practices that contribute to project success: Ensure executive sponsorship for any crowdsourcing initiative; Carefully design program set-up and management; ideally embedded in an organisations existing business functions (e.g. customer insights, marketing, sales, operations and human resources); Clearly dene purpose, goals, participants, incentives, promotion and management of any crowdsourcing program;
Keep it simple in the early stages, and accept the likely hits and misses on the path to achieving ROI; and Follow-through, by delivering actions or implementing solutions, to show commitment, and build credibility, with your edgling crowdsourcing community.
Although consumer product retailers and manufacturers were among the fastest to embrace crowdsourcing, the nancial sector is eagerly testing the waters and creating managed communities to gather fresh market intelligence. Among them, a Singapore bank applied crowdsourcing to involve its generation Y clients in new branch design, a German insurance company invited clients to create and evaluate insurance options, while an Australian bank encourages customers to post, vote on and discuss new product ideas.
By pursuing crowdsourcing as the natural evolution of traditional market research, innovation-minded nancial services companies can tap into their customers deepest insights, and put them at the heart of critical brand building, product design and process improvement strategies.
PRICING
Cost-to-serve: a core imperative?

As in previous years, pricing appears not to be a game changer for most retail customers only 3% maintain their banking relationships because of pricing. About 61%of retail customers are satised with the cost of maintaining accounts with their banks and only 12% of those planning to switch banks will do so because of pricing. In contrast, about half of SMEs and corporate customers are either dissatised or indifferent about charges on loans and rates on investment products. In fact, 53% of corporate customers that will switch banks will do so because of interest rates and fees. Care must be taken not to view pricing only in the context of interest rates and fees when dealing with corporate or commercial organisations only 10% were dissatised with the cost of maintaining accounts. Rather, pricing for this group of customers relates more to the perceived value derived from the banking relationship. With the gradual removal and reduction of some service and transaction related charges, the discussion on getting the cost-to-serve right will become even more signicant for banks and businesses as banks look to sustain growth in the face of increasing pressures on the top line. Although, the industry made signicant improvements in cost efciency that helped boost protability positions last year, this may not sufce over the long term. A view of the cost-to-serve can facilitate effective pricing decisions through an understanding of the costs required to deliver products and services vis--vis the relative importance of these to different customer categories. Retail customers would like more clarity and proactive communication from their banks about imminent changes in rates and charges, this is imperative given the recent alterations in service charges across the industry. Indeed, 10% of retail customers indicated they are likely to be more satised if their banks offered more competitive rates and charges. In the retail segment, GTBank retains number one position for the third consecutive year, while Standard Chartered and Stanbic IBTC came in second and third respectively. GTBank also emerged in rst place in the SME segment while First Bank led in the corporate segment.
Top Three Banks by CSI Rating - Pricing

Retail
1. GTBank 2. Standard Chartered 3. Stanbic IBTC
Corporate
1. GTBank 2. Unity 3. Standard Chartered
1. First Bank 2. Diamond 3. Citibank
SME
Satisfaction with Pricing

Q. How satised are you with the cost of maintaining banks accounts with your banks? Corporate/ Commercial SME
10% 21% 41%

Very satised Satised Indifferent Dissatised
17% 17% 44%
28%
22%
LOYALTY
More customers looking elsewhere

Our ndings reveal that customers are increasingly willing to shop around for banking services that meet their needs about 10% of retail customers expressed willingness to switch banks within the next 1-3months a fairly signicant number considering that over 40% of respondents already hold more than one bank account. We expect that competition for loyalty amongst banks will be the next battleeld. Younger customers (under-30) are particularly less loyal, they are twice more likely to change banks compared to customers above 60. This presents a big opportunity for banks looking to capture this segment provided they can deliver on innovative, technology-driven products and services with underlying convenience. While attrition may appear low in the corporate segment, many corporate customers have main-bank relationships even where they have as many as eight bank accounts. Loyalty in this context would mean choosing to increase the volume of business done with one bank at the expense of another or increasing the number of products and services held. Keeping with last year, service quality remains the leading reason for retail customers planning to switch banks
Younger customers (under-30) are particularly less loyal, they are twice more likely to change banks compared to customers above 60.
whereas more than half of corporate customers who indicated their plans to switch banks will do so because of interest rates and fees. Frontline staff have a strong role to play in delivering service quality. Earlier, we highlighted the critical value of branch interactions in inuencing the overall customer experience. Amongst retail customers, we found a strong relationship between loyalty and satisfaction with the banks staff attitude. Thus, banks need to continue to train and enable their staff to identify and meet customers needs and aspirations. The approach to this must be strategic and embedded within the banks culture otherwise there will be little perceived value. Signicantly, loyal customers have the potential to become a banks biggest brand ambassadors with consequent impact in reducing its costs of sale and increasing its share of the customers wallet.
Q. What is the primary reason for changing or planning to change your bank? (Retail)
51%
12% 13% 13%
5% 6%
Innovative products and services Financial stability Interest rates and fees Proximity of branches Turnaround time for requests and enquiries Service quality
Q. Would you recommend your bank to others? Retail SME Corporate
51% 21% 18% 8% 2%
Absolutely will Often will Sometimes will Absolutely will not No response
59% 23% 11% 5% 2%
49% 28% 15% 4% 4%
Demographics
Retail Respondents
Gender Age
2% 50%
Below 30 31 - 40 41 - 60 Above 60
14%
Male Female
56% 44%
34%
Income (Monthly)
1% 1%
Occupation
3% 3% 3%
Below N50,000 N50,000 - N100,000 N101,000 - N250,000 N251,000 - N500,000 N501,000 - N1 million Greater than N1 million
5% 45% 15%
21%
24% 23%
33%
23%
Self-employed Private sector employee Student Public sector employee Unemployed Retired
n = 14, 424
SME Respondents
Annual Turnover
3% 1%
Number of employees
2%
Below N1 million N1 - 5 million N5 - 10 million N10 - 50 million N50 - 250 million N250 - 500 million
6% 14%
42%
5% 58%
Less than 10 10 - 50 51 -100 100 - 250
34%
35%
n = 3, 035
Commercial/ Corporate Respondents

Annual Turnover Number of employees
12% 15% 19%
33%
N500million - 1 billion N1 - 2 billion N2 - 5 billion N5 - 10 billion Above N10 billion
8%5% 56% 13% 18%

Less than 300 300 - 500 501 -1,000 1,001 - 2,000 Above 2,000
21%
n = 425
Survey Locations
Kano
Kaduna Minna
Yola
Ilorin Ibadan
Abuja Makurdi Akure Enugu Onitsha Nnewi Aba Calabar Port Harcourt
Lagos Benin Asaba
The survey was conducted between January and March 2013. Majority of the interviews were conducted in person across eighteen major cities in Nigeria, targeting a minimum number of respondents for a representative sampling across the 20 banks.
Acknowledgements
We would like to thank all respondents who took part in the research, particularly those who participated in in-depth interviews and provided important insights and contributions. We are also grateful to Communications and Marketing Research Group (CMRG), KPMG Nigeria partners and staff as well as Daniel Knoll, Gaelan Bloomeld, Neel Arya, Jeff Poole, Matt Sevenoaks and Tokunboh Osinowo for sharing their insights. The KPMG project team: Bode Abifarin, Torera Banjo, Wale Abioye, Funso Ero-Phillips, Tinuke Esan and Olaseni Shoyoola.
Contact us
For further information about this publication and our services, please contact:
Bisi Lamikanra Partner and Head Management Consulting T: +234 704 527 6005 E: bisi.lamikanra@ng.kpmg.com Ngozi Chidozie Management Consulting T: +234 704 527 6024 E: ngozi.chidozie@ng.kpmg.com Bode Abifarin Management Consulting T: +234 704 527 6485 E: bode.abifarin@ng.kpmg.com Marie-Therese Phido Marketing, Knowledge & Communications T: +234 704 527 6012 E: marie-therese.phido@ng.kpmg.com
kpmg.com/ng
The views and opinions expressed herein are those of the survey respondents and do not necessarily represent the views and opinions of KPMG. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. 2013 KPMG Advisory Services, a Nigerian partnership, member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Any trademarks or service marks identified in this document are the property of their respective owner(s). The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. Designed in Nigeria. Publication name: Banking Industry Customer Satisfaction Survey Issue number: 7 Publication date: June 2013

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2013 KPMG Nigeria Banking Industry Customer Satisfaction Survey Final

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ISSUE SEVEN

2013 Banking Industry Customer Satisfaction Survey

2 | Banking Industry Customer Satisfaction Survey 2013

About this survey

Banking Industry Customer Satisfaction Survey Methodology

Measures interaction of bank staff with customers

Products & Services

Transactions, Methods & Systems

Measures customer support processes/ systems & turnaround time

Measures customers perception on fees, charges and rates on products

Measures product range and appropriateness to customers needs

4 | Banking Industry Customer Satisfaction Survey 2013

Bisi Lamikanra Partner & Head Management Consulting

Banking Industry Customer Satisfaction Survey 2013 | 5

6 | Banking Industry Customer Satisfaction Survey 2013

Banking Industry Customer Satisfaction Survey 2013 | 7

Top 10 Most Customer Focused Banks

8 | Banking Industry Customer Satisfaction Survey 2013

Excellent customer service now top of the agenda

Top Five Reasons for Maintaining Banking Relationships

Banking Industry Customer Satisfaction Survey 2013 | 9

10 | Banking Industry Customer Satisfaction Survey 2013

Top Three Banks by CSI Rating - Customer Care

1. Zenith 2. GTBank 3. Standard Chartered 1. GTBank 2. Zenith 3. Stanbic IBTC

1. Zenith 2. First Bank 3. GTBank

Banking Industry Customer Satisfaction Survey 2013 | 11

12 | Banking Industry Customer Satisfaction Survey 2013

Outsourcing the frontline

Tokunboh is a Senior Manager in the Management Consulting practice of KPMG in Nigeria.

Banking Industry Customer Satisfaction Survey 2013 | 13

14 | Banking Industry Customer Satisfaction Survey 2013

Eating the data elephant

Neel is a Director in the Management Consulting practice of KPMG in the UK.

Banking Industry Customer Satisfaction Survey 2013 | 15

16 | Banking Industry Customer Satisfaction Survey 2013

A case for continued branch excellence

Top Three Banks by CSI Rating - Convenience

1. Zenith 2. GTBank 3. Diamond 1. Zenith 2. GTBank 3. Diamond

1. Zenith 2. Citibank 3. GTBank

Getting nancial advice

Branch Branch ATM ATM Internet Internet

Buying nancial products

Banking Industry Customer Satisfaction Survey 2013 | 17

Alternate Channel Usage - 2013 vs. 2012

RBR (2012) Global ATM Market and Forecasts to 2017 .

18 | Banking Industry Customer Satisfaction Survey 2013

Social Media Usage by Persons Aged Under 30

Channel Usage - All Age Groups

76% 83% 73%

82% At least once every 2 weeks Once a month Rarely Never

NCC, January 2013 BusinessDay, January 2013

Banking Industry Customer Satisfaction Survey 2013 | 19

TRANSACTIONS, METHODS & SYSTEMS

A future without queues

Top Three Banks by CSI Rating - Transactions, Methods & Systems

1. Zenith 2. GTBank 3. Stanbic IBTC 1. Stanbic IBTC 2. GTBank 3. Zenith

1. Citibank 2. Zenith 3. First Bank

20 | Banking Industry Customer Satisfaction Survey 2013

Banking Industry Customer Satisfaction Survey 2013 | 21

Why young professionals maintain bank accounts

22 | Banking Industry Customer Satisfaction Survey 2013

Internet banking service

30% 18% 12% 9% 8%

16% 11% 11% 9%