In a groundbreaking move for Ghana’s banking sector, PwC Ghana, in collaboration with DataEQ, has unveiled the country’s first-ever Ghana Banking Sentiment Index. This index, which analyzed over 62,400 social media posts between April 1, 2023, and March 31, 2024, highlighted Absa Bank and Zenith Bank as industry leaders in customer sentiment.
Despite an overall positive Net Sentiment score of 10%, the report revealed a banking sector grappling with operational inefficiencies. Nonetheless, Ghana’s performance surpassed countries like the United Kingdom (-26%) and Saudi Arabia (0%), though it lagged behind Kenya (16%) and South Africa (24%).
Absa Bank and Zenith Bank stood out for their customer-centric approaches. Absa Bank was lauded for its specialized loan products tailored to small and medium enterprises (SMEs), agricultural ventures, and women-led businesses. Customers commended the bank’s streamlined loan application processes, which have bolstered access to credit for underserved sectors.
Zenith Bank’s digital innovations also won widespread approval. The bank’s ZMobile app and its AI-driven chatbot, ZiVA, were celebrated for their efficiency and user-friendly interfaces, setting new standards for digital banking in Ghana.
In terms of reputational sentiment, Standard Chartered Bank and GCB Bank emerged as top performers. Their success was attributed to impactful marketing campaigns and consistent community engagement, which resonated well with customers.
Despite positive strides in reputation management, the sector’s Operational Net Sentiment fell to -24%, dragged down by recurring issues:
-Frequent digital platform failures:Customers frequently reported app downtimes and transaction errors.
- Slow customer service responses: Delays in addressing queries and resolving issues were common complaints.
- Transparency concerns: Customers expressed frustration over unclear fees and charges.
Vish Ashiagbor, PwC Ghana’s Country Senior Partner, stressed the need for a holistic approach to reform. “Mapping customer experiences alongside employee journeys can reveal barriers to excellent service delivery. This insight will drive solutions powered by skilled employees, agile technology, and seamless processes,” he said.
Liska Kloppers, Head of Client Strategy at DataEQ, highlighted the critical role of social media in understanding customer needs. “Public feedback offers unfiltered insights, essential for improving service and satisfaction,” she remarked.
The report recommended targeted investments in digital infrastructure, proactive customer service strategies, improved transparency, and sustainability initiatives. These measures, it noted, are crucial for banks looking to solidify their reputations and maintain competitive advantage in an evolving financial landscape.
As Ghana’s banking sector navigates operational challenges, the inaugural Ghana Banking Sentiment Index offers a valuable benchmark for growth, innovation, and customer satisfaction.
