Bank customers prioritise experience over cost: KPMG survey
Business
By
Brian Ngugi
| Jul 11, 2024
A customer experience survey across Kenya's banking sector has found that customers prioritize excellent service over cost considerations when selecting their preferred banking channels.
The "Beyond Satisfaction, Towards Delight" survey, recently conducted by global consulting firm KPMG, polled 866 retail and business banking customers across ="https://www.standardmedia.co.ke/business/article/2001347253/why-banking-customers-are-an-angry-lot">three key regions of the country< - Nairobi, the Coast, and Western Kenya.
A key finding revealed that branch customer experience was the top reason (47 per cent) cited by customers for selecting their preferred banking channel, while charges and rates ranked lowest at just 6 per cent.
This suggests that customers' sensitivity to banking fees and costs is relatively low, with the quality of service emerging as the primary driver in their channel preferences.
="https://www.standardmedia.co.ke/sports/business/article/2001491076/mobile-rules-as-co-op-bank-tops-customer-service">The findings build< on previous customer satisfaction surveys conducted by the Kenya Bankers Association (KBA), which named the Co-operative Bank of Kenya as the overall winner for both 2022 and 2023.
READ MORE
Battle royale experienced at Interbank Golf event
Cheche: We have a big task at the World Cup next month
KCB's Karan Patel focused on clinching Burundi Rally
Africa Paves the Way for a Greener Future: Global Conference Highlights Ecosystem Revitalisation
Media urged to go digital to tap shifting consumer trends
Jail term, hefty fine for pastors with unregistered churches
Ambitious Awuor eager to leave a mark on her World Cup debut
Experts warn of bureaucratic hurdles in new movable property bill
Ruto hails Parliament as his key partner
Kenya Navy golfer Mochanga overcomes all odds to take command at Sea-Link Mombasa Course
In terms of channel usage, the survey found that mobile banking apps were the preferred option for the majority (42 per cent) of banked Kenyans, followed by bank branches at 24 per cent.
Internet banking was the least preferred channel at 4 per cent.
In previous customer satisfaction surveys conducted by the Kenya Bankers Association (KBA), Co-operative Bank of Kenya was named Overall Winner for both years 2022 and 2023.