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CIMG urges banks to focus on emotional loyalty to enhance customer trust
The Chartered Institute of Marketing Ghana (CIMG) has called on banks to prioritise emotional loyalty over behavioural loyalty as a way to build stronger trust with their customers. This recommendation was highlighted during the launch of the 2023 Ghana Customer Satisfaction Index Report for the banking sector on Friday (27 September) at the Coconut Grove … The post CIMG urges banks to focus on emotional loyalty to enhance customer trust appeared first on Asaase Radio.
The Chartered Institute of Marketing Ghana (CIMG) has called on banks to prioritise emotional loyalty over behavioural loyalty as a way to build stronger trust with their customers.
This recommendation was highlighted during the launch of the 2023 Ghana Customer Satisfaction Index Report for the banking sector on Friday (27 September) at the Coconut Grove Hotel, Accra.
The report, which serves as a key benchmark for the banking industry, emphasises the importance of understanding customer needs and improving service quality.
According to the CIMG, despite changes in the banking landscape, customer satisfaction continues to hinge on the quality of service provided.
CIMG National President, Daniel Kasser Tee, noted that the report is a comprehensive study assessing banks in three key areas: service quality, customer satisfaction, and customer loyalty.
“The report reflects the voices and trust of customers whose lives are impacted by the services offered by banks,” he stated. “It is a tool that measures the performance of banks in meeting the needs and expectations of its most valuable assets, which is the customer.”
The 2023 report revealed that service quality across the banking industry increased by one percentage point, reaching 94%, up from 93% in 2022.
Omni Basic Bank emerged as the top performer in service quality. However, overall customer satisfaction dropped slightly from 95% in 2022 to 93% in 2023, with Prudential Bank Limited recognised as the best in customer satisfaction.
Customer loyalty, measured across two dimensions—behavioural and emotional—scored 74.2% and 72.9%, respectively, with an overall loyalty score of 73.6%, marking a slight decline from the previous year. First Bank Ghana Limited was awarded the best performer in customer loyalty.
Among other top performers were Agricultural Development Bank (ADB), Access Bank, National Investment Bank (NIB), and Consolidated Bank of Ghana (CBG), which all earned five-star ratings in business banking customer service.
These banks shared insights on best practices, such as prioritising customer concerns to reduce complaints.
The survey also highlighted the growing importance of emotional loyalty, with Kasser Tee urging banks to focus more on this area to foster deeper connections with their customers.
“Celebrating these achievements not only inspire other institutions to follow suit but also emphasis[es] the importance of a customer-centric approach to banking,” he added.
Representing the Bank of Ghana (BoG), Kwasi Osei-Yeboah, Head of Financial Stability, commended the banks for their efforts in improving overall customer satisfaction.
He also stressed the need for enhanced security measures to protect customers from fraud, which remains a key concern.
The Bank of Ghana praised CIMG for its continued dedication to promoting high standards in marketing and customer satisfaction within Ghana’s banking sector.
Banks were encouraged to use the findings of the 2023 Index Report to further improve their services in the coming years.
Reporting by Nhyira Kwabi Angela in Accra
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The post CIMG urges banks to focus on emotional loyalty to enhance customer trust appeared first on Asaase Radio.
