African banks need to work harder - report

Banks in Africa need to focus on maintaining their financial stability while simultaneously sharpening their customer service capabilities as respondents in many countries express serious challenges with transaction turnaround times, says a KPMG Africa Banking Industry Customer Satisfaction Survey.

The independent 2013 report, which is yet to be released, uses the Customer Satisfaction Index comprising convenience, customer care, transactions, methods and systems, as well as pricing and product services as key factors to measure customer satisfaction and identify areas that need to be improved.

According to the report, more than one in five respondents said their top criteria for selecting a bank was their ability to remain stable - an understandable requirement given the rate of banking collapses around the world recently. It was attention to customer service that seemed to separate leaders from the rest of the pack. The report shows that customers are rather keen to access their money easier and faster without the depressing hassles of delaying transactions and waiting for long. Thus meaning customers want faster quality service and choose to worry about the bank's charges and fees later.

Editor's Comment
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