A recent banking sector survey has revealed that customers of Bank of AfricaSpecial focus on AfCFTA: Bank of Africa’s contribution towards the implementation of AfCFTA (BoA) are the most satisfied customers in the country’s banking space.
According to the research firm, Global InfoAnalytics, in its Semi-Annual
Banking Sector Brand Health Report, 2022, based on metrics such as customer
care and product-use convenience, the BOA recorded the highest rating among its
peers in the Ghanaian banking industry.
The report showed that the BoA led the customer satisfaction rankings with a
gap of three percent compared to the second-placed bank in the survey,
recording a rate of 11.7 percent.
The BoA was followed by Ecobank with a score of 8.7 percent customer
satisfaction rate in second place, and Cal Bank with 7.7 percent in third place.
The other banks that completed the first 10 customer satisfaction included
Agriculture Development Band (ADB) with 7.1 percent, Ghana Commercial Bank
(GCB) with 6.5 percent, Stanbic with 5.8 percent, ABSA with 4.8 percent,
OmniBSIC with 4.7 percent, Fidelity with 4.4 percent, and First Atlantic Bank
(FAB) with 4.3 percent.
Regarding brand satisfaction, the survey revealed that most banking customers
are satisfied with their brands as 80.64 percent of respondents indicated that
they are extremely satisfied or satisfied with their brands.
However, 15.71 percent of the respondents said they were neutral, while some
3.66 percent were either extremely dissatisfied/dissatisfied with their brands.
Global InfoAnalytics defines customer satisfaction as the rating of a
customer’s satisfaction with banks based on customer service delivery and
product use. The customer assesses the level of satisfaction based on firsthand
experience in patronizing banking services and/or other banking products with
their respective banks as account holders.
It also defined brand satisfaction as the number of times a brand is mentioned on
the web against competitors. Share of voice covers both brand awareness and
customer engagement as it reflects how often a brand is seen online.
Head of Service Excellence, Sheilla Gyamfi-Yeboah, touches on what this rating
means for the brand, emphasizing that one of the bank’s values is
customer–focused.
“My department is solely dedicated to ensuring that our customers are always
satisfied. It is good to know that the efforts we have dedicated toward the
well-being of our customers have been recognized, appreciated, and acknowledged
by our customers,” she said.
Brand equity
In the aspect of brand equity, BoA scored quite low ratings and placed 15th,
which seems unfortunate. However, the Head of Marketing and Corporate
Communications Department, Eric Kojo vanESS Kuranchie, explained the reason for
the low performance, stating that four main factors contribute to good brand
equity – brand loyalty, brand awareness, brand association and perceived
quality.
He indicated that the Bank of Africa has done exceptionally well in these areas
except for brand awareness in the retail sector. This, he indicated, is because
the strategic intent of the bank is to be recognised as the ‘Trade Bank in
Ghana’, and therefore, has directed most of its public engagements to corporate
institutions and SMEs. And because of the excellent work the bank has done in
this area, it was recognised as the ‘Trade Finance Bank’ of the year 2021.
“Nonetheless, we believe this report is a good wake-up call to develop
innovative public awareness strategies for the retail market. Next year, we are
poised to be ranked among the top three banks with solid brand equity in
Ghana,” he said.
Source: B&FT