Customer Experience in Banks in Nigeria

Customer Experience in Banks in Nigeria

Customer experience in banks has seen a downward trend in Nigeria since 2012. The study says, Nigerian Banks are going through turmoil. The reason is increasing fraud prevailing in the industry.The loss caused by fraudulent activities has mounted up to 19.06 billion Naira in 2012 from 1.65 billion Naira in 2000. . The fraudsters hit the bank hardest in year 2008 with whooping loss valuing around 34.8 billion Naira. With the increasing fraudulent activities via ATMs and Emails, banks are considering precautionary steps to combat the malpractices. While stringent actions are being taken to prevent fraud, the customer experience is also taking a hit. More and more customers are moving out of banks.

Therefore, to revive the banking industry from frauds & provide their customers’ a superior experience, banks are suggested to follow these aspects:

  • Better interaction with Customers
  • Better accessibility to services
  • Secure and promote the preferred channel of payment and interaction
  • Gain trust of the customer with:

o Better quality of Advice
o Enhanced Security
o Better Problem Resolution

According to globally set standards Nigerian banks are below par by standard. All the above parameters are highly crucial for better customer experience. So, the following info-graphics is an excerpt from Ernest & Young Banking Customer Satisfaction Survey 2013 which not only emulates the key concern areas but also throws light on how to overcome the obstacles. These actions will drastically improve customer experience and bring Nigerian banks at par with global standards.


Sources: Ernest & Young Banking Customer Satisfaction Survey 2013.

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About the author


Karunakar Mohapatra

Market Research Analyst
Karunakar is a Market Research Analyst working with CustomerXPs Software.Karunakar has been in this industry for almost 3 years and specializes in Market Research. You can find Karunakar on LinkedIn.