GTB emerges Nigeria’s best digital bank in Agusto & Co index

• Followed by First Bank, Access Bank, Zenith Bank

Agusto & Co, an indigenous African credit rating agency and a leading provider of industry research and knowledge in its third edition of the consumer banking satisfaction index has revealed that Guaranty Trust Bank (GTB) emerged the best digital bank in Nigeria for the year 2020 with a user experience score of 74.2, ahead of First

Bank of Nigeria, which ranked second, while Access Bank ranked third and Zenith Bank, slipping from its number one spot in the 2019 edition with a score of 74.2 dropped to the 4th position, with a score of 70.9 due to lower ratings in transaction success rates and troubleshooting as well as IT support.

According to the report, GTBank’s top position was underpinned by comparably higher transaction success rates, adding that the bank’s position was also upheld by the significant level of awareness of its digital banking services compared to the other banks in the survey sample, which is most crucial in the current ‘COVID-19 pandemic.

The survey also explained that mobile banking applications remain the most popular platform for digital banking as the increasing use of mobile banking has also been backed by the growing base of mobile phone users, which has grown by a five-year compound annual growth rate of 6% to 184.4 million at the end of 2019 with approximately 82% of the survey respondents are aware of their respective bank’s mobile banking service while internet banking recorded 57% awareness.

“In addition to the vast digital service offerings provided by banks, Agusto & Co found that there are still several key desired services, which include a chat option with a relationship officer, chosen by 67% of the survey respondents.

“Approximately 39% of the survey respondents would like to have a further breakdown of their bank statements to reflect their spending habits while 31% yearn for a branch or ATM finder option on their bank’s digital platform.

“Other desired services include additional account opening options, credit card requests and investment advisory,” It further stated.

On her part, Mariam Dabiri, senior analyst, Financial Institutions Ratings at Agusto & Co noted, “As a research and credit rating agency, we seek to provide banks with credible information on how best services can be improved for customers.

“We believe findings from this Index would provide good insights and suggestions to enhance customer experience.

“Generally, we believe that there is a need for more dedicated investments in customer service and relationship management to support growing traffic across digital banking channels,” she said.