GTBank Emerges Nigeria’s Best Digital Bank In 2020

Agusto & Co has declared Guaranty Trust Bank, GTBank, the best digital bank in its 2020 Consumer Banking Satisfaction Index report.

Agusto & Co, a leading research and credit rating agency, in its third edition of Consumer Banking Satisfaction Index report released Monday, disclosed that GTBank ranked highest in user experience.

The statement which is in line with the findings of the report provided insights into improved customer experience in the banking industry.

The Consumer Banking Satisfaction Index dissects the level of customer satisfaction towards digital banking channels in Nigeria.

However, the objective of the Index was to create an independent appraisal of ease of using digital banking platforms by the Nigerian public, following increased competition by banks on digital platforms, as well as, the growing quest for higher electronic banking income by Nigerian banks.

The index revealed customers’ preferences towards digital banking channels in some selected banks in Nigeria.

GTBank emerged the Best Digital Bank in Nigeria with a user experience score of 74.2. FirstBank scored the second highest (72.3), Access Bank was a close third with a user experience score of 71.1.

In the 2019 edition of Consumer Banking Satisfaction Index report, Zenith Bank emerged the highest-ranked bank, with a score of 74.2.

In the third edition, Zenith Bank fell from highest ranked in 2019 to the 4th place, according to the index this year, with a score of 70.9, owing to lower ratings in transaction success rates, troubleshooting & IT support.

Commenting on the report, Mrs. Mariam Dabiri, Senior Analyst, Financial Institutions Ratings, Agusto & Co said, “The 2020 Consumer Digital Banking Satisfaction Survey targeted a focus group of respondents drawn from the formal and informal sectors of the economy. The coverage banks indicated in the survey are also top 10 commercial banks based on the value of total assets and contingents as at 31 December 2019.

“As a research and credit rating agency, we seek to provide banks with credible information on how best services can be improved upon for customers. We believe findings from this Index will provide good insights and suggestions to enhance customer experience.”

Finally, she called on the banks to make more investment in customer service and relationship management,

“Generally, we believe that there is a need for more dedicated investments in customer service and relationship management to support the growing traffic across digital banking channels,” she said