To ensure sustained customer satisfaction, banks must continuously monitor and adapt to the changing needs of their clients, Vish Ashiagbor, Country Senior Partner at PwC Ghana has advised.
He emphasized that banks must be proactive in recognizing that customer expectations are not static. What clients sought two or five years ago may no longer be relevant today, and these preferences will inevitably evolve over the next five to twenty years. To stay competitive and relevant, banks must anticipate these shifts and adjust their strategies accordingly.
Speaking at PwC’s Banking Customer Experience (CX) Breakfast Forum in Accra, Mr. Ashiagbor stated, “Banks need to have a clear understanding of the evolving needs of their customers at all times. This clarity enables them to refine their internal processes and business models to continue satisfying their clients. The needs of customers today may not be the same as those of tomorrow, and it’s essential for banks to adapt to these changes.”
He further noted that fully digitizing banking operations will take more than five years, given the current demographics and infrastructure challenges in Ghana. Despite significant progress, a large portion of the population is still adapting to digital banking. Additionally, network connectivity remains concentrated in urban areas, while rural regions, where significant banking activities occur, still face challenges. “Achieving 90-95% digital penetration will take time, as it requires both educational outreach and substantial infrastructure development,” he added.
PwC’s 2024 Ghana Banking Survey highlights the evolving expectations of bank customers, particularly the demand for speed, predictability, and employee expertise. The survey underscores the importance of banks investing in 24/7 technology and seamless digital channels to meet these demands.
Furthermore, PwC introduced the Ghana Banking Sentiment Index, which reveals significant customer dissatisfaction with account administration, customer service, and digital experiences.
“On the whole, the sentiment is that banks ought to do better in terms of the experience they provide their customers.”
The Index also highlights the growing intolerance for poor service, urging banks to carefully balance opportunities and risks as they plan their future strategies.
The Ghana Banking Sentiment Index (GBSI), co-developed by PwC and DataEQ, offers a comprehensive gauge of customer sentiment towards Ghana’s banking industry by analyzing social media conversations. The inaugural GBSI report, based on 62,450 conversations on Facebook and X (formerly Twitter) from April 2023 to March 2024, covers 13 of the 23 banks operating in Ghana.
Key findings reveal that 77% of conversations were reputational, driven primarily by marketing efforts, while 23% were operational, highlighting customer experiences. The GBSI recorded a Public Net Sentiment score of 10%, outperforming the UK, UAE, and Saudi Arabia but trailing behind Kenya and South Africa. Operationally, the Net Sentiment was -23.5%, with reputational sentiment at 21.8%.
The analysis also identified the five most negatively perceived areas: account administration (-93.2%), customer service (-84.2%), transactions (-82.5%), digital experiences (-75.1%), and physical infrastructure (-63.8%). Poor technology, slow resolution of issues, and subpar digital services were the primary drivers of customer dissatisfaction, particularly with mobile apps, ATMs, and branches.
By Eugene Davis
