Credit Bank emerges top in service and digital experience

Credit Bank Marketing Manager Monica Chege (3rd left) receiving a performance award from officials of the Kenya Bankers Association. The bank has been rated the best in Tier Three in service and digital experience. PHOTO | NDUNG'U GACHANE | NATION MEDIA GROUP 

In Summary

• Digital banking platforms continued to be an important channel in 2019.
• Preference for mobile banking in 2019 rose to 57 per cent from 49 percent in 2018.
• The survey received 11,751 responses, up from the 6,121 responses received in 2018.

By NDUNG’U GACHANE
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Credit Bank PLC has been rated the best in its tier in offering dignity, respect and satisfactory digital experience.

This came out after a survey on customer satisfaction in results released by the Kenya Bankers Association (KBA) on February 27, 2020.

Financial service providers in Kenyan have over the years continued to roll out initiatives designed to maximise the sector’s contribution to the national development agenda.

The survey indicates that while technology has become an integral part of banking, human interactions continue to be paramount in customer service.

While Credit Bank leads in Tier Three, Standard Chartered Bank and National Bank, which are in Tier One, have been ranked top in their category in digital experience.

MORE PRODUCTS

“At Credit Bank, we have gradually invested in tools and opportunities that enable us to serve our community of clientele better. We are expecting to launch more products within the digital space that will enhance and give a greater boost in facilitating our clientele to have a better digital experience,” Credit Bank Head of Business and Marketing Pamela Mutembei said.

According to the research KBA and whose results were released during an award ceremony, digital banking platforms continued to be an important channel in 2019.

There has been a rise in internet and mobile banking. But mobile banking has risen at a much higher pace than internet banking.

MOBILE BANKING

Preference for mobile banking in 2019 rose by 8 percentage points to 57 per cent from 49 percent in 2018.

Similarly, the use of internet banking continued to rise, with its usage growing two-fold from 16 per cent in 2018 to 34 per cent in 2019.

The high preference of mobile banking has in part been attributed to the high penetration of mobile phones with almost near-saturation levels compared to internet adoption.

Overall, this shows that customer resistance in the use of digital channels is on a decline.

LOW COST CAPABILITIES

These transformations have been enabled by the bank’s continued investment in lower cost digital capabilities which have consequently boosted customer adoption given their simplicity and convenience.

“This survey has featured questions hinged on Central Bank of Kenya’s Banking Sector Charter as part of the industry’s keenness to entrench compliance to regulatory requirements, with a deliberate focus on the charter’s guidelines on consumer protection,” said KBA CEO Habil Olaka.

SURVEY RESPONSE

The survey received 11,751 responses, up from the 6,121 responses received in 2018.

“From this survey’s findings, it is noteworthy that the banking industry has sustained efforts geared towards providing a better customer experience to the banking public. As attested by the findings, bank customers recognise the industry’s commitment to responding to the public’s customer experience needs and enhancing service delivery,” Mr Olaka added.

From the survey, 31 per cent of customers said they prefer using ATMs, 13 per cent prefer bank branches while only four percent prefer agency banking.

The survey instrument was developed by KBA in collaboration with the Customer Service Working Group.