AGUSTO Releases 2019 Consumer Digital Banking Satisfaction Index Report

Culled—Proshare

November 12, 2019

By Agusto & Co

Agusto & Co Limited, a leading African credit rating agency based in Nigeria, has released its 2019 Consumer Digital Banking Satisfaction Index report, which highlights customer’s preferences and attitudes towards digital banking platforms provided by banks in Nigeria.

The Index survey now in its second year was carried out following an extensive online and offline consumer study carried out by Agusto and Co.Limited across various geopolitical zones in Nigeria. The survey was designed to gain an insight into the behavioural patterns of the respondents, with respondents selected from both the formal and informal sectors. The output of the Index relied on information provided by respondents of the top eight banks in Nigeria by total assets as of 31 December 2018.

Two banks were assigned a “4 Star” rating for Consumer Digital Banking Satisfaction, of which Zenith Bank Plc scored the highest, emerging the “Best Digital Bank in Nigeria”.

4 Star Rating

The “4 Star” rating assigned to Zenith Bank Plc reflects transaction success rates, ease of use, perceived security and good troubleshooting & IT resolution on its different digital platforms. 

The Index revealed that Zenith Bank Plc has the highest transaction success rates on the bank’s digital banking platforms such as mobile app, USSD (Unstructured Supplementary Service Data) or web; the bank’s respondents experienced the most ease in navigating through the digital platforms, the bank has one of the highest numbers of customers who felt it has excellent rating on IT issue resolution.

However, the Index indicated areas where the respondents require improvement on the services enjoyed on the various banks’ digital platforms. These areas include improvement in the interface of the various platforms, an improvement in the success rate of transactions, enhanced security measures on the digital platforms and reduction in charges for frequently used services such as airtime and data top-up.

Independent Appraisal

According to Agusto & Co, the objective of the Index was to create an independent appraisal of the ease of using digital banking platforms by the Nigerian populace following an increased competition by banks on digital platforms as well as the growing quest for financial inclusion using digital means. As a research and credit rating agency, we seek to provide banks with credible information on how best services can improve. We believe the findings from this survey will provide banks in Nigeria insights and suggestions on ways to enhance customer experiences on digital banking platforms.

For over two decades, Agusto & Co. has provided investors with invaluable information and sound financial analysis, promoting transparency and best practices. Its clientele base spans major international corporations as well as key domestic operators. The report is available online at www.agusto.com.

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