Customer Service Week: Shining the Spotlight on Top 5 Banks Emerging as Paragons of Customer Satisfaction

As the calendar flips to the first week of October, the world gears up to celebrate Customer Service Week, a time dedicated to acknowledging and appreciating the crucial role that exceptional service plays in our daily lives. In Ghana, this annual observance takes on added significance, as the Chartered Institute of Marketing Ghana (CIMG) has just unveiled its highly anticipated Customer Satisfaction Index, revealing the top banks that have gone above and beyond in meeting their customers’ needs and expectations. These financial institutions, often the pillars of economic stability and growth, have not only safeguarded the nation’s financial interests but have also excelled in the art of customer service, earning them a coveted place in the CIMG’s prestigious rankings.

In this exclusive feature, Instinctbusiness Magazine delve into the fascinating world of Ghana’s banking sector, spotlighting the Top 5 Banks that have emerged as the paragons of customer satisfaction.

1. Universal Merchant Bank (UMB)

Topping the list for the Customer Satisfaction Index is Universal Merchant Bank, a leading Ghanaian indigenous bank with considerable financial expertise launched on March 15, 1972. Since its inception on the Ghanaian market, the financial brand has been able to adequately address the financial needs of various segments of the market. As part of its efforts in making customer experience better, the brand launched an innovative savings account, tailor-made for government workers named as Controller Locksaver Account. The introduction of the account is the first time a Ghanaian bank is offering other products via the Controller and Accountant General’s industry-leading TPRS system. The account allows government workers to secure a savings account which enables them save at their own pace and value. The account, boasts higher interest rates than the industry average and is touted as key to enabling government workers achieve a ‘save-to-invest’ loop.

The bank also organized a maiden virtual edition of the annual SME Clinic for over two hundred of its SME customers across different business sectors. The SME Webinar is one of the many initiatives the Bank implemented to continuously engage and gain deeper understanding into customers’ needs and challenges and to improve service delivery, tailor-make products and services specific to the needs of customers.

Other success stories of UMB include: the establishment of a hire purchase and leasing business in Ghana, the promotion and formation of the first Discount House in Ghana, handled the share issues of 8 out of 10 companies when there was no Stock Exchange in Ghana in the 1970’s, the initiation of the preparatory work in the establishment of the Ghana Stock Exchange (GSE), the sponsorship and registration of about 50% of the companies on the GSE, the arrangement and formation of the mortgage company currently known as HFC Bank Limited, served as an advisory body in the acquisition of SSB Bank by Societe’ Generale and the merger of Ashanti Goldfields and Anglogold.

Due to its outstanding performance, the financial brand won over 18 awards.

2. Stanbic Bank

Following keenly with 99.7% in terms of the ranking is Stanbic Bank. Establishing its first branch in Accra in the year 1999, Stanbic bank’s original vision was to gain a deeper understanding of its customers and enhance the connection between borrowers and lenders since customer priority was their hallmark. As a customer centric bank, Stanbic Bank invested in Queue Management solution from SEDCO, a leading global provider of digital branch transformation solutions. The queue system was to completely transform the customer experience. In view of that, the system took care of each aspect of the customers’ journey.

Stanbic Bank also developed a service charter to clarify the roles and responsibilities of the bank and the client, service principles and the standards by which the bank operates.

Over the past two decades, the banking and financial services industry in Ghana has seen significant improvements in the quality of service delivery and the provision of superior financial products and packages and Stanbic Bank has earned a well-deserved reputation as a customer oriented, business friendly and socially relevant bank.

The bank has been honoured with numerous awards due to its customer centric initiatives.

3. Republic Bank  

Coming third with 99.5% is the Republic Bank. Arguably the most diversified financial institution in the country, Republic Bank has since its inception on the Ghanaian market provided services by appreciating its customers’ needs and building deeper and more effective customer relationships. Having this as the thrust of their business, the bank has provided innovative products that cut across their varied customer base.

One of the notable innovative products has to do with the introduction of the mortgage loans. Republic Bank in partnership with Petra Trust signed an MOU to provide pension-backed mortgages to its customers. With their history of Home Finance Company in Ghana, the bank has been very instrumental in the development of the mortgage industry in Ghana.

Through this innovative product, the bank continues to be the number one home loan provider in the country as it tends to support many Ghanaians both home and abroad to own their homes.

Aside the above, the bank in September 2023 announced the slashing of interest rates on all cedi mortgages for customers.

This amongst many others makes the bank remain committed to making their customers the center of their business by delivering superior customer service at every point in time.

4. Absa Bank            

Taking the fourth spot with 97.5% is Absa Bank, a truly African brand. Committed to finding local solutions to uniquely local challenges and adding value, Absa Bank Ghana, as part of its initiatives in giving back to its customers has in December 2022, launched a highly anticipated customer promotion, “the Card Assist Campaign.” As part of its partnership with the English Premier League, Absa leveraged this platform to engage clients and customers across the continent.

The campaign aimed at encouraging customers to seamlessly manage their transactions using Absa’s contactless cards. Also, in rewarding its customers, Absa bank, in June 2023, unveiled a loyal customer named Michael Gyan-Nyarko as the ultimate winner, earning an all-expenses-paid trip to the UK to watch an English Premiership game when the league resumed in August this year.

In an effort of creating opportunities for their customers to help bring their possibilities to life and empowering them to do more, the bank in May 2021 showcased how it seamlessly integrates technology and innovation into the lives of its customers across the Continent, at each stage of their respective life journeys.

The bank, has since been supporting its customers by anticipating and satisfying their financial needs through differentiated, innovative propositions and products – from chat banking (powered by artificial intelligence) to contactless payments.

Aside the above, Absa has also brought an extensive digital product portfolio to Africa, including being among the first to fully launch WhatsApp Banking service, Absa’s chatbot Abby.

From Vertical cards and contactless payments to biometric Apps and seamless business banking platforms, Absa has a digital financial solution and service offering for every life stage.

5. First Atlantic Bank          

Taking the final spot is the First Atlantic Bank emerging with 96.2%. The key to First Atlantic Bank’s superior customer service quality lies with its excellent distribution channels, the result of a deep understanding of the customer and the economic operating environment, backed by heavy investment in delivery channels.

Even more importantly, the bank has heavily enhanced its digital banking platform and it now offers seamless, and completely secure internet banking including mobile foreign currency transactions.

The bank as at 2019 run 65 ATMs and is the forefront of facilitation of e-commerce too, having deployed 260 point of sales devices so far.

With the bank’s earnest customer service initiatives, at the end of the first quarter of 2019, the Bank was reported to have an outstanding loans and advances with its customers to the tune of GH¢546 million, this being up 58 per cent on the size of the loan book one year earlier. The bank’s profit before tax for the first quarter of 2019, was GH¢10.2 million, up 76 per cent on the pre-tax profit for the corresponding period of 2018. This was achieved on operating income of GH¢58.9 million up from GH¢42.9 million generated during the first quarter of last year.

Importantly, net interest income grew by 56 per cent to GH¢33 million, the reward for lower cost of funding, which in turn resulted from prudent financial management and rising confidence by an increasingly discerning banking public.

BY: DIELLA TEKU/INSTINCTBUSINESS MAGAZINE