Business News
Customer Experience: GTB, FCMB, Citibank, others emerge best banks in 2019
GTBank, Citibank, FCMB, Zenith Bank, others have been ranked in the order of customer experience in 2019 by KPMG. #GTBANK,#ZENITH,#FCMB
GTBank Plc, FCMB Plc, and Citibank Plc have been rated best among others in the order of customer experience in 2019. The latest Nigeria Banking Industry Expectation Survey released by KPMG disclosed.
According to the report of the multinational professional services firm obtained by Nairametrics, the trio top the chart across the three segments captured in the year. The segments are retail, Small Medium Enterprises (SMEs) and wholesale banking.
KPMG stated that the banks had never been under pressure to perform as competition heightened to improve on customer service experience. The survey covered 25,466 retail customers, 3,045 SMEs and 369 commercial/corporate organisations.
[READ ALSO: Bank contract staff record biggest drop in 4 years (Opens in a new browser tab)]
Best banks in the retail segment
KPMG stated that there had been a two-year decline in overall customer experience (CX) performance in the retail segment with nearly all the rated banks falling below the industry average.
Retail banking refers to the provision of financial services by banks to individual customers (private individuals), rather than corporations, local and central governments, and other banks.
- Under the retail segment, GTBank (74.2), Zenith (73.4), Access (72.1), Sterling (72.1) and First Bank (71.8) were rated the best banks in terms of customer experience in 2019.
- Specifically, GTBank replaces Zenith Bank as the top-rated bank in the latest ranking.
- Sterling Bank, First Bank, and UBA were the biggest movers in 2019, coming 3rd, 5th, and 7th respectively.
- According to the report, two banks recorded actual increases in their CX scores, and this reflects higher customer expectations and rapidly evolving customer expectations.
SMEs Segment
Under the SME segment, there were lower levels of overall satisfaction for SMEs, as analysis of performance in the segment discloses some levels of dynamism.
- The top 5 performers in the SME segment in 2019 are FCMB (74.4), Fidelity Bank (74.2), Access (73.7), Zenith (73.3) and Ecobank (73.3).
- According to the report, Fidelity Bank and Ecobank made the greatest improvements as both banks moved up more than four places into the top five banks.
Wholesale/Corporate
Wholesale banking refers to banking services that are offered just to other institutional customers, corporate organizations with strong balance sheets, government agencies and so on. In the wholesale segment, there was also a dip in overall CX scores compared to the previous year’s performance.
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- Meanwhile, Citibank, GTBank, Standard Chartered, Zenith, and Access Bank ranked top in the segment.
- A further breakdown shows that Citibank and GTBank maintain top spots from the previous year, with new entrants (Standard Chartered and Access Bank) making top five positions.
Banks rank high in integrity
The survey was conducted based on over 3 million detailed customer evaluations, anchored on six pillars of experience excellence. The six pillars include personalisation, resolution, integrity, time and effort, expectations and empathy.
According to KPMG, leading banks demonstrated mastery of these pillars and were outstanding at all of them. However, when assessed, integrity (defined as being trustworthy and engendering trust) is the pillar where Nigerian banks performed the strongest.
Personalisation (bank’s ability to use individualised attention to drive an emotional connection with the customer) falls behind other pillars.
Business News
BUA Group, French company announce progress in 200,000 bpd refinery project
This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.
The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.
This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.
BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.
READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont
The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.
The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.
The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.
READ: FG reacts to reports of revoking 32 refinery licenses
While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.
He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.
Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.
READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020
He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.
The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.
READ: FG to open LPG distribution channels in all local governments
Bottom line
The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.
This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.
The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).
President Macron lauds Abdul Samad Rabiu as BUA, Axens make progress on BUA’s 200,000bpd Refinery in Akwa Ibom
…Appoints Abdul Samad Rabiu as Chairman of the French Nigeria Investment Club.
Lagos – 14apr2021
./1 pic.twitter.com/tOoOsDW3lZ
— BUA Group (@BUAgroup) April 14, 2021
Coronavirus
Covid-19: Nigeria records over 1 million vaccinations
The NPHCDA has stated that it has vaccinated 1,043,737 persons, which is 51.9% of the targeted total proportion.
The National Primary Health Care Development Agency has disclosed that Nigeria, as of April 14th, 2021, had vaccinated 1,043,737 persons, which is 51.9% of the targeted total proportion.
The NPHCDA revealed this in a statement on Wednesday evening.
Kwara State leads in the vaccination percentage of target reached, at 110% with 30,708 vaccinations.
READ: Only 10 countries have administered 75% of all vaccinations – UN Secretary-General
Meanwhile, Lagos State has conducted the most vaccinations so far at 192,061 representing 75.7% of its percentage target reached so far.
The Federal Capital has vaccinated 40.1% of its target so far at 44,098 and Kogi State has conducted the least number of vaccinations at 5,568.
READ: Covid-19: Pope Francis set to get vaccinated, says its ethical
In case you missed it
Nairametrics reported earlier that the Nigerian government aimed to get 70 million Johnson and Johnson single-shot COVID-19 vaccines after the African Union recently announced a deal with the drugmaker for 400 million vaccine doses.
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