KPMG 2020 Customer Experience Survey Ghana Retail Banking Insights

2020 Banking
Industry Customer
Experience Survey:
Ghana Retail
Banking Insights
“Heightened Customer Expectations
in the New Reality and Beyond”
October 2020
Outline
01
Foreword –
02
Key Message
03
A look at the
04
KPMG 2020 Banking
Senior Partner from the Bank changing Industry Customer
of KPMG in customer
of Ghana Experience(CX) -
Ghana
Insights
05
Best practices for
06
Looking Ahead:
07
About the
transforming and Actions for 2020 survey
achieving CX CEOs
excellence
Foreword
KPMG’s Six Pillars of Customer Experience excellence Certainly, the digital customer has been activated and
are a set of qualitative factors that organisations accelerated by the COVID-19 pandemic. It is
combine intricately to craft an outstanding relationship imperative that banks that already have digital service
with customers. Organisations that have mastered the offerings take advantage of this opportunity by
Customers are the fuel that feed the use of these Pillars obtain outstanding results in their continuing to enhance the experiences of their
customer experience. customers while keeping them safe.
engine of banks – from balance sheet
stability to profitable growth and long For the digital laggards, the message is clear- digitise
In this report, we demonstrate how retail banks in
term sustainability. More than ever before, or die. If you missed the digital boat, please get onto a
Ghana have performed across all the Six Pillars. I am
getting customer experience right creates speed boat, but safety of your customers and your
excited to introduce to you the KPMG Six Pillars which
an enduring competitive advantage not bank is critical in the digital world. Don’t stand still is
have been developed after a decade of research and
just for banks but all service providers our advice on both customer strategy and digital
practice. They are: Expectations, Integrity, Resolution,
whether in private or public sector. For strategy.
Time and Effort, Personalisation and Empathy.
financial services providers, it is a critical Banks are implored to walk in the shoes of their
success factor, especially in this new In the new reality of our world today, the Pillars customers, identify attributes(personas) of their
reality and going forward. provide an invaluable guide to navigating the changes customer segments and enhance customers’
required to achieving excellence in both customer and experiences across different touch points.
COVID-19 has disrupted businesses and their employee experiences in your organisation. We I believe the insights from this report can inform your
operating models. However, customers’ observed from our survey that expectation pillar is the customer strategy and digital transformation. KPMG
expectations regarding service experience strongest for increasing customer loyalty and scored stands ready to journey with you on this road.
highest (76.5%). Integrity pillar scored the least
remains undisrupted. Banks must do more to Thank you.
(65.9%) in our survey, an area of concern for
meet the heightened customer experience
customers that banks must improve on.
expectations. It is in this light that the KPMG
2020 Retail Banking Customer Experience Banks must focus on the customer by defining a clear Anthony Sarpong
Survey for Ghana was conducted to provide customer strategy with the customer experience at Senior Partner
insights for banks. KPMG in Ghana
the heart of their corporate strategy. The starting point
is customer experience maturity assessment +233302770454
The KPMG Six Pillars methodology for underpinned by insights from data and analytics. asarpong@kpmg.com
customer experience was used for this
survey. The report highlights the survey Furthermore, our survey reveals that, accelerating
results on Customer Experience survey digital agenda is now a survival and business 3
against the Six Pillars. sustainability issue. Customers demand convenience
through digital channels that are secure and safe in
terms of cyber security risks.
REMARKS BY MRS. ELSIE ADDO AWADZI, SECOND DEPUTY GOVERNOR, BANK OF GHANA, AT THE LAUNCH OF KPMG
BANKING INDUSTRY CUSTOMER EXPERIENCE SURVEY, ON 27TH OCTOBER 2020
Banks are also increasingly accessible, agile, cost- and our Cyber Security Directive,
Senior Partner, Management and Staff of offering their customers more all provide clear requirements
effective, reliable, timely, and
KPMG Ghana, Distinguished Guests, Ladies digital channels to transact that banks must meet on an
safe banking services, and will
and Gentlemen. I am honoured to be the business safely, underpinned ongoing basis to promote
choose a bank they can trust
guest speaker for this event, the launch of by our regulatory approach operational efficiency, resilience,
to deliver on these. Banks that
KPMG’s 2020 Banking Industry Customer and investments in critical consumer protection, and
understand and are guided by
Experience Survey. I bring warm felicitations infrastructure that have confidence in the sector.
these demands will be able to
from Governor Ernest Addison and the entire enabled interoperability and retain their customers’
Management team at the Bank of Ghana. effective partnerships I applaud KPMG’s thought
confidence and loyalty. I
Over the last three years, the Bank of Ghana between banks and payment sincerely hope that banks will leadership in the production of
Elsie Addo Awadzi has undertaken a number of key reforms to service providers. All of these leverage the insights this survey, and I trust that it will
Second Deputy promote resilience and efficiency in the measures are helping to speed contained in this report to serve as an invaluable guide for
Governor banking sector. Due to these recent reforms, up Ghana’s economic recovery better serve the Ghanaian the banking industry as they
Bank of Ghana the banking sector is now well-capitalised, efforts ahead of what was banking public and continue seek to continually deliver value
liquid, and resilient even in the midst of the initially projected at the onset to grow in significance and to their customers.
Covid-19 pandemic with its unprecedented of the pandemic. impact.
economic impacts. I hereby declare the survey
The Bank of Ghana responded to the The KPMG report provides Meanwhile, the Bank of report launched, and I thank you
pandemic by taking unprecedented policy very useful insights for the Ghana has intensified all for your kind attention.
and regulatory measures including a banking industry as well as for supervision of banks to
monetary policy rate cut of 150 basis points, the Bank of Ghana as a promote transparency,
a reduction in the capital conservation buffer regulator. The trends reported integrity, and safety in
and cash reserve requirements for banks, fee in the survey report show that transactions between banks
waivers and an increase in transaction limits customers are increasingly and their customers, and the
on some digital financial services. These more discerning, and are provision of adequate and
measures have helped banks to provide relief demanding banking timely redress for customer
to their customers by reducing lending rates, relationships and products grievances. Our Consumer
restructuring loan repayments, and providing and services that are Recourse Mechanism
additional loans, among other things. responsive to their evolving Guidelines, Disclosure and
needs. Customers require Product Transparency Rules,
The Age of the customer…
...that it is the age of the customer is stating the

obvious. In the customer age, the most successful
enterprises will have to reinvent themselves to
systematically understand and serve increasingly
powerful customers
KPMG, 2020
Insights from the KPMG
Banking Industry Customer
Experience Survey
Major customer shifts happening …..
Insights from customer surveys…
2016- KPMG Banking Industry Changing customer profiles,

Customer Experience Survey demographics and expectations
2019-KPMG Banking On the

Future_ Millennials Insights
What is Shifting channel usage in favour of
2020: KPMG Banking shifting? 100 digital, COVID-19 is an accelerator
Customer Experience Survey
_ Retail Banks
Changes at the top: CX leaders today

Nearly 13years in Nigeria…
are not leaders tomorrow
© 2020 KPMG, a partnership established under Ghanaian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG 7
International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International Cooperative (KPMG International).
2020 KPMG Retail Banking Customer Experience (CX) in Ghana - Highlights
76.5% Expectation score – driven by banks own investment in
digital, COVID-19 responses from banks and regulatory
directives
Overall 65.9% Integrity score- as customers expressed disappointment

Customers’ with Banks not keeping to some of their promises, high fees,
view governance issues that came to light during the reforms
71.7% Time and Effort score- Customers want to interact

seamlessly with their banks with little effort as they become
increasingly time poor and digitally rich
© 2020 KPMG, a partnership established under aGhanaian

© 2020 KPMG, law established
partnership and a member firm
under of the KPMG
Ghanaian network
law and of independent
a member firm of the member firms affiliated
KPMG network with KPMG
of independent International
member Cooperative
firms affiliated (“KPMG
with KPMG International”),
International a Swiss(“KPMG
Cooperative entity. All rights reserved. The KPMG name and logo are 8
registered trademarks or trademarks of KPMG International
International”), Cooperative
a Swiss entity. (KPMG International).
All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International Cooperative (KPMG International).
2020 KPMG Retail Banking Customer Experience (CX) in Ghana - Highlights
25% 23% 14%

of respondents are very
18%
of respondents are
of respondents say of respondents are very
service experience is satisfied with their dissatisfied with the likely to recommend
their number one reason bank’s staff professional length of wait times their banks based on
for choosing or changing attitude and willingness when making a innovative products
their banks to assist. complaint and services
67% 69% 37% 63%

of respondents use mobile of respondents are very of respondents expressed
apps at least once a day, of respondents open bank
dissatisfied with their their satisfaction with the
once a week or monthly for accounts using the branch
banks promptness to their ease and speed of setting
banking transactions but almost all will prefer
enquires/complaints them up on online
digital means to do so
platforms
Shifting Channel Usage(weekly) – 2016 vs 2020 KPMG insights
14% 43% 2%
19% 31% 7%
Key Insights
Call • Branch usage decreasing in
Branch ATM ` Centre favour of digital channels_
mobile first
• ATM, Mobile and Internet
banking accelerated by COVID-
22% 30% 19?
3% 4% • Call Centre usage declining as
complaints go social-
Internet Mobile Complaints made via
2016 2020
banking banking Facebook, Instagram, Twitter
“The Covid-19 pandemic has completely changed the banking terrain.

Therefore, banks that quickly accelerate their digital offerings are likely John Awuah
to experience growth. As Millennials have in 2020 shifted focus Chief Executive Officer
significantly to digital experiences, so should banks do – Banks must Ghana Association of Bankers
think digital and act digital to remain relevant in the future of banking“
© 2020 KPMG, a partnership established under Ghanaian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG
Customers say their banks were responsive during COVID-19
How responsive was your bank to your needs during the COVID-19?
“Increase in ATM
withdrawal limit,
 “I have
alternatives to
90%
of respondents were
frequent banking without
aware of their banks
communication with going to the The impact of COVID-19 will
regards to COVID-19 support during to the
and banking activities”
branch”
pandemic . undoubtedly be a challenge for our
banking profession, but it is also an

opportunity to demonstrate how our
“Expired ATM cards

are renewed
 “My Bank sends daily
reminders about the
new working hours to
In terms of satisfaction,
customers of CAL Bank
were most satisfied with
technical and professional skills,
creativity, empathy and judgement can
be deployed to support very
automatically without COVID-19 Response prevent clients going measures put in place
to the branch only to followed by ABSA and vulnerable customers and businesses
going to the bank”
find out the branch is Stanbic and Standard in distress. An opportunity to show
closed” Chartered in third how banking has a positive social
position
purpose, and that we bankers care
“The Mobile and USSD about our customers’ financial health”
“I have not received banking avenue which
any communication are supposed to help
from my bank about reduce the amount of Charles Ofori-Acquah
visits to branches are
covid-19” Negative Feedback CEO, Chartered Institute
usually not operating
efficiently (they do not
work 8 out of 10 times)”

Positive Feedback
of Bankers
Banking Industry Clean up and confidence in banks
Banking customers are still confident in their banks post the regulatory clean up
How has the recent financial clean-up impacted your Following the financial clean-up, where are you
confidence in Banks? likely/willing to invest (deposit) your money – Top 3?
Confident 40% 71%

Banks
51 % 14%
Neutral
6% Fund management
companies
At home
10 %
Not
Confident
Beyond Regulation…
We join the many to congratulate the Bank Embedding ethics, professionalism and simply
of Ghana for winning the Central bank of treating customers fairly, are not “a nice to do”
the year award 2020 and Dr Ernest for banks. These are the fundamentals to
Addison, for winning the Governor of the building a sustainable banking business model,
year award 2020 for excellence in customer experience and a safe
Sub-Saharan Africa. financial system.”
“The 5R approach (rebuilding capital, reforming regulation, “Excellence in customer experience creates
restructuring banks, reducing systemic risks and restoring enduring competitive advantage for
governance) in banks is important. We note the efforts being organisations. The customer experience,
made by the Bank of Ghana, the Chartered Institute of however, is a reflection of the employee
Bankers (CIB), Ghana and others, to put ethics and experience, because both go hand-in-hand.
professionalism back on the agenda of banks. Indeed, banking is a people business. Let’s
re-professionalise banking together, with a laser
focus attention on the customer!”
Robert Dzato
Lead, Financial Services Strategy
KPMG In Ghana
© 2020 KPMG, a partnership established under Ghanaian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International cooperative ("KPMG International") a Swiss entity. All rights
reserved. Printed in Ghana. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss entity.
13
Document Classification: KPMG Confidential

Customer Experience
Excellence –state of
play using KPMG’s Six
Pil ars of Customer
Excellence
KPMG Customer Experience Excellence Methodology
The Six Pillars of Customer Experience
Excellence
Personalisation Resolution
Using individualised attention to Turning a poor experience into a great one.
Guiding international best drive an emotional connection.
practice
Over a decade of research

Integrity Expectations
Being trustworthy and engendering Managing, meeting and exceeding customer
trust. expectations.
Across KPMG global network
Over 4 million consumer

evaluations
Time and Effort Empathy
Minimising customer effort and Achieving an understanding of the customer’s
creating frictionless processes. circumstances to drive deep rapport.
State of Play: Banking Customer Experience in Ghana across using our Six Pil ars
Banking Customer Experience (Scores) in Ghana across KPMG’s Six
Pillars for Customer Experience Excellence - Integrity scored lowest
76.5 Insights on Performance – Retail Banks in Ghana

• Expectations - Banking customers suggest that their
banks provide a consistent service every time they use
75.7 them
• Integrity - Customers want their banks to:

71.7
 Stand for something more than profit
 Keep to their brand promise
65.9
• Banks should fully implement BoG Guidelines:
 The Consumer Recourse Mechanism Guidelines emphasise
71.0 “Resolution”
 Disclosure and Product Transparency Rules emphasise
“Integrity” in disclosure and application of charges to loan
products
74.5
Source:2020 KPMG Ghana Banking Industry Customer Experience Survey
Empathy Integrity Time and Effort
Personalisation Resolution Expectation
2020 Customer Experience Leaders –Top 5 Retail Banks in Ghana
Few Customer Experience Excellence Delighters :
01  Regular messages recommending customised services
78.0 and products
 No wait times at the branches

02  Transact online without going to the branch
77.6
 Clear messaging about fees & charges
03
 80% of the time staff are professional and willing to
77.0 assist
 Interact with Bank staff via WhatsApp
04  Instant issuance of debit cards
75.4  Up-time of ATMs and availability of cash almost every
05 time
74.7  Take regular feedback from customers

 Complaints shared via Twitter, redress within 30 minutes
Transforming your
customer experience -
message for bank
CEOs
In transforming the customer experience(cx), remember…
Resolution is key in Customer experience Customers want to The digital shift
delivering integrity is a journey… minimize Time & Effort & millennials power
“What customers experience is a reflection of

employee experience. Therefore, there should be an
alignment of the organisation’s culture and strategy. “
Daniel S. Adoteye
Partner, Deal Advisory & Management
Consulting
KPMG in Ghana
Looking Ahead
Future of Customer Experience
Insight-led Innovative Intentional Empowered Digitally-enabled
Harness data to help Develop compelling Design a seamless and Create a customer centric Architect intelligent
develop a real-time and customer value personal customer, organisation and culture digital technologies and
multi-dimensional view propositions employee and partner platforms for humans
of the customer experience
Outside in Human First
© 2019 KPMG Advisory Services, a partnership registered in Nigeria and a member firm of the KPMG network of independent member firms 21
affiliated
© 2020 KPMG, a partnership with KPMG under
established International Cooperative
Ghanaian (“KPMG
law and International”),
a member firm aofSwiss
theentity.
KPMG All rights
networkreserved.
of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are
registered trademarks or trademarks of KPMG International Cooperative (KPMG International).
…essentially, banks will need to understand
(
the data they have about their customers, the

focus should be beyond an investment in data
mining tools; rather how the data drives day-
to-day activities”
“
Andrew Akoto
Partner & Head of Advisory
KPMG in Ghana
Imperatives for CX transformation
1 Customer Strategy
2 Digital Transformation
3 Data Analytics and Insights
4 Cyber Security
5 Employee Experience
23
© 2020 KPMG, a partnership established under Ghanaian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are
registered trademarks or trademarks of KPMG International Cooperative (KPMG International).
Document Classification: KPMG Confidential
About the 2020
Survey
24
2020 KPMG Banking Customer Highlights- Demographics
2% … across Ghana
46% First Degree (HND/BSc)
35% 29%
Other
Upper Upper East
3%
Postgraduate Degree (MSc/PhD) West
66%
Secondary School Certificate North East
About (WASSCE)
1000 Female Male Highest Level of Education Northern
Respondents Bono
10% Below GH¢1,000 Ashant
73%
16% Eastern Volta
Western i
11% GH¢1,000 – GH¢2,999 North Greater
Accra
20%
Millennials GH¢3,000 – GH¢5,999 Central
23
Western
26% 37% GH¢6,000 – GH¢8,999 Respondents Region

Gen Z’s
Commercial GH¢9,000 and above
Banks
Monthly Income
*19% of respondents did not indicate their gender
Gen Z’s refer to respondents from the ages of 5 to 25. For this year’s survey the respondents were 18 years and above
Millennials refer to respondents from the ages of 26 to 40
Anthony Sarpong Andy Akoto Daniel Adoteye
Senior Partner Partner, Head of Advisory Partner, Advisory
Tel: +233 (302) 770454, 770618 Tel: +233 (302) 770454, 770618 Tel: +233 (302) 770454, 770618
Email: asarpong@kpmg.com Email: aakoto@kpmg.com Email: dadoteye@kpmg.com
www.kpmg.com www.kpmg.com www.kpmg.com
Robert Dzato Akisi Ackah KPMG

Lead, Financial Services Strategy Lead, Sales & Markets Marlin House
13 Yiyiwa Drive
Tel: +233 (302) 770454, 770618 Tel: +233 (302) 770454, 770618 Abelenkpe
Email: rdzato@kpmg.com Email: akisiackah@kpmg.com P.O. Box GP 242
www.kpmg.com www.kpmg.com Accra, Ghana
kpmg.com/socialmedia kpmg.com/app
© 2020 KPMG, a partnership established under Ghanaian law and a member firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative, a Swiss entity. All rights reserved.
The KPMG name and logo are registered trademarks or trademarks of KPMG International.

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2020 Banking

...that it is the age of the customer is stating the

2016- KPMG Banking Industry Changing customer profiles,

2019-KPMG Banking On the

Changes at the top: CX leaders today

Overall 65.9% Integrity score- as customers expressed disappointment

71.7% Time and Effort score- Customers want to interact

© 2020 KPMG, a partnership established under aGhanaian

25% 23% 14%

67% 69% 37% 63%

“The Covid-19 pandemic has completely changed the banking terrain.

“Expired ATM cards

Confident 40% 71%

Document Classification: KPMG Confidential

Over a decade of research

Over 4 million consumer

76.5 Insights on Performance – Retail Banks in Ghana

• Integrity - Customers want their banks to:

Empathy Integrity Time and Effort

Personalisation Resolution Expectation

 No wait times at the branches

74.7  Take regular feedback from customers

“What customers experience is a reflection of

Outside in Human First

the data they have about their customers, the

3 Data Analytics and Insights

Secondary School Certificate North East

1000 Female Male Highest Level of Education Northern

10% Below GH¢1,000 Ashant

26% 37% GH¢6,000 – GH¢8,999 Respondents Region

Robert Dzato Akisi Ackah KPMG

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