15 December 2020, South Africa – Consumer experience is a priority agenda for financial institutions. Now more than ever, engagement with customers is crucial to the survival of banks as the industry undergoes accelerated digital transformation and as the world continues to face the impacts of the COVID-19 pandemic.
As part of its BankQuality™ Consumer Survey and Rankings, The Asian Banker gathered feedback from consumers in Africa about their experience and satisfaction with their retail banks. The BankQuality™ Consumer Survey and Rankings assesses consumer perception, attitude and loyalty to financial institutions based on their experience with service, channels, products and pandemic-related initiatives. It involved 4,000 consumers from Ghana, Kenya, Nigeria, and South Africa.
Nedbank received highest number of votes as most helpful bank in Africa during pandemic
During the challenging COVID-19 period, South Africa’s Nedbank stood out for how it responded to the ongoing pandemic. Nedbank emerged as the most helpful bank in Africa during COVID-19 with a BankQuality Score (BQS) of 101.90 for its aid packages and relief initiatives. Standard Chartered Bank Kenya and Standard Chartered Bank Ghana ranked second and third with scores of 101.62 and 101.41, respectively.
The bank provided relief measures and assistance to financially-stressed clients
The measures include debt relief solutions for loans, payment holidays and reduced monthly credit card repayments. The bank provided clients with undisrupted service through its offline and online digital channels. One of its early responses to the pandemic is the introduction of a digital portal to provide real-time solutions and communication to clients. It upgraded its virtual personal assistant HeyNed to enable customers to order and pay for food and other essential goods. It also launched its Avo e-commerce platform as a one-stop lockdown companion providing services including digital home entertainment.
Nedbank received the most positive feedback for COVID-19 response
Customers were happy with the support provided by the bank to ensure their safety and convenience. A consumer noted, “The bank has kept me up to date with the current situation on COVID-19. They have also introduced an app for online shopping and it is very convenient”. Other consumers commended the bank for its reduced interest rates and fees, fast loan application and approval, and payment holiday.
BankQuality™ is a premier consumer rating and survey site designed and powered by The Asian Banker. It enables customers and users to rate and comment on their banking experiences. The platform aims to help bridge the gaps between consumers and their main banks, benchmark banks’ customer service quality and performance across region and markets, and motivate banks to provide better services to meet customer needs. www.bankquality.com/
The BankQuality™ Score (BQS) is derived from the standardised z-score of the net promoter score (NPS) of ‘main bank’ institutions with mean set to 100 so that comparison can be made across markets. The final ranking excludes banks that achieved less than 30 ‘main bank’ responses.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. Its business revolves around three core business lines: publications, research services and forums.
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145