KPMG Survey Shows 42% of Customers Use Online Banking Platforms

KPMG
  • KPMG Survey Shows 42% of Customers Use Online Banking Platforms

As part of efforts to improve the growth of banking in Nigeria and other countries in Africa, KPMG Nigeria has developed a retail customer satisfaction survey.

The report also showed that 42 per cent of bank customers in Nigeria use online banking platforms to carry out transactions.

The firm explained that the report was part of its drive to chart a solid road map for the sector and stakeholders.

Speaking at the presentation of the report in Lagos yesterday, the Head of Financial Services Africa, Adebisi Lamikanra, said much has changed across Africa’s banking industry in the past three years, adding that from their report they found out that retail customers were most concerned about the financial stability of their banks.

She also noted that customers were still concerned about financial stability; while seeking for enhanced high-quality service, more innovation and greater convenience, “regulators across the continent have been highly focused on building up the stability of their banks with higher capital ratio requirements, and tighter lending requirements and more stringent regulatory requirements.”

Lamikanra explained that other regulatory and policy reforms focused on improving financial inclusion as a way to drive economic growth and development, had driven higher levels of competition across many markets.

She added that regional players have continued to expand their footprints across Africa, emboldened by more liberalised market regulation and the growing maturity of regional trade and economic blocs.

The report noted: “Nigerian banking customers are more than twice as likely to use an ATM as they are a branch, with almost half of Nigerian respondents (47 percent) saying their ATM preference is related to the proximity and closeness of the machines. Interestingly, while 86 percent say they prefer ATMs for cash withdrawal, 66 percent say they prefer the machines for balance enquiry.”

The reported that the bank branch is the most preferred channel for banking, despite the presence of alternative channels on the rise across the continent, adding that the usage of all other banking channels increased significantly between 2013 and 2016, presenting numerous opportunities for banks, “internet Banking Usage has increased from 14 per cent to 21 per cent while usage of the Call Centre has increased from 14 per cent to 27 per cent.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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