Sterling Bank Gets KPMG’s Ranking
Posted: 14/Jan/2020

KPMG Nigeria has ranked Sterling Bank Plc as the third best retail banking institution in Nigeria in its 2019 Nigeria Banking Industry Customer Experience Survey.

A statement from Sterling said the rankings, which credited the bank as one of the biggest movers in the banking industry since 2017, were the outcome of a research that covered the second and third quarters of 2019, and collected via face-to-face and online survey methodologies.
 
It stated that the survey covered 25,466 retail customers, a total of 3,045 Small and Medium Enterprises and 369 commercial/corporate organisations.

“After the 2017 peak, we have now seen two years of decline in overall customer experience performance in the retail segment with nearly half of the rated banks falling below the industry average,” it stated.

It also noted that only two banks recorded actual increases in their customer experience scores – reflecting higher customer expectations and the imperative to respond to rapidly evolving customer expectations.

A further analysis of the report showed dynamism in the SME segment in this year’s rankings.

The report noted, “When assessed against the six pillars, integrity, defined as being trustworthy and engendering trust, is the pillar where Nigerian banks perform the strongest.

“This is not unexpected given the role banks play in the lives of customers.”

It also observed that integrity was fundamental to great customer experience because without it, the experience would lose value.

It, however, noted that personalisation, which was the bank’s ability to use individualised attention to drive an emotional connection with the customer, lagged behind other pillars.
 
The report said, “Ultimately, as more banks progress towards an average score, less differentiation is noted amongst them by customers while performing well is the new minimum standard required and adapting to changing expectations is critical to success.”

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