2013 KPMG Nigeria Banking Industry Customer Satisfaction Survey

ISSUE SEVEN
2013 Banking Industry
Customer Satisfaction
Survey
NIGERIA
June 2013
kpmg.com/ng

About this survey
In reading this report, you should bear the following factors in mind:
1.This is a perception study
• This survey focuses on the perceived quality of customer service delivery by the banks from the customer’s per-
spective across the Retail, Corporate/Commercial and Small & Medium Sized Enterprises (SME) segments.
• This survey does not represent the opinion of KPMG on the skills, capabilities or performance of any of the banks
covered.
• KPMG is responsible for defining the survey questionnaire administered to the respondents.
• KPMG conducts the survey, but findings represent the opinions of the customers of the banks.
This survey does not seek to establish anything as an absolute fact, but to report on the feelings and broader perceptions
of customers with respect to services provided by their banks. The rankings are solely based on the customers’ feedback
received from the survey.
2. Perception is neither balanced nor fair, but the study always has a representative sample size
Perceptions are by definition subjective; as a result, they are neither balanced nor fair. Also, banks rated in the survey vary
by size, service offerings and customer profile. However, the minimum number of respondents required for each bank in
the survey guarantees that the result reflects the opinion of a representative customer group in each segment.
2 | Banking Industry Customer Satisfaction Survey 2013
Customer Satisfaction Index (CSI)
Customer Service Factors
Convenience
Convenience Customer Care
Transactions,
Methods &
Systems
Products &
Services
Pricing
Measures accessibility and quality of service from delivery channels
Measures interaction of bank staff with customers
Measures customer support processes/ systems & turnaround time
Measures customers’ perception on fees, charges and rates on products
Measures product range and appropriateness to customers’ needs
Customer Care
Transactions, Methods & Systems
Pricing
Products & Services
© 2013 KPMG Advisory Services, a Nigerian partnership, member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative (‘’KPMG International’’), a Swiss entity. All rights reserved.
Banking Industry Customer Satisfaction Survey Methodology
The Customer Satisfaction Index (CSI)
was used in this survey to determine
customer satisfaction. CSI is simply
a weighted score that assigns
importance ratings of service measures
to the satisfaction ratings of those
measures as provided by customers
on the service delivery of their banks.
Respondents in the survey were
asked to rate their banks on the
following customer service factors
discussed in more detail below:
CSI Formula
(S x I)
SI

Contents
Foreword 4

Detailed findings 6
Outsourcing the frontline 12
Eating the data elephant 14
The future of banking 20
Testing the waters of
‘crowdsourcing’ 28
Demographics 34

Foreword
These are exciting and challenging times in the Nigerian banking industry. After a
very profitable year for the industry, banks are already having to contend with a lower
yield environment and pressures on fee income. Inevitably, the attention will return
to the customer as banks look to grow earnings. Already, customers are redefining
the agenda – for the first time in five years, excellent customer service has replaced
financial stability as the primary reason for maintaining banking relationships in the
retail and corporate segments.
In the face of evolving customer behaviour and expectations, it has become impera-
tive for banks to listen and understand the voice of the customer as input in shaping
their strategies. In this, KPMG’s seventh annual Banking Industry Customer Satisfac-
tion Survey, we share our findings from more than 14,000 retail, over 3,000 SME and
400 corporate/commercial banking customers. We have again expanded the scope of
the survey to cover more customers and increased locations from 10 to 18 (the ad-
ditional locations: Akure, Asaba, Calabar, Enugu, Makurdi, Minna, Nnewi and Yola). We
also introduced a survey to understand the perceptions of young professionals – a
distinct and important demographic group – on how they intend to interact with their
banks in the future. I am sure you will find the results very interesting and insightful.
In the broader survey, our findings reveal that efforts at promoting alternate chan-
nels are yielding positive results. We have seen a two-fold increase in adoption of
almost all the alternate channels and a further increase in ATM usage. After a slow
start, mobile payments appears to be gaining some momentum and should ultimately
transform the payments landscape in the country. However, amidst the proliferation
of channel options, customers want banks to remember that convenience should
remain a key focus - cash availability at ATMs was the most important issue for retail
customers in 14 of the 18 locations covered.
Over the last year, we have also seen an increase in the number of retail banking
customers that are either planning to or have recently switched banks as well as the
prevalence of customers with multi-bank relationships. In the corporate segment, the
feedback for banks is consistent with what we have heard over the last few years –
knowledge of their business is extremely important and a key driver of satisfaction.
With a proper understanding of the client’s business, banks can achieve the level of
product offering/suitability that most businesses desire.
I would like to thank all the survey respondents for their invaluable time and insights.
I hope the findings and additional commentary are valuable and constructive. For us
at KPMG, we again hope this annual publication puts the customer at the heart of the
agenda for all banks.
Bisi Lamikanra
Partner & Head
Management Consulting

Banking Industry Customer Satisfaction Survey 2013 | 5

Detailed findings
Customer expectations
continue to increase in the retail seg-
ment…
This year, there was a marginal decline in
overall CSI within this segment as cus-
tomers expectations continue to increase
especially in the area of convenience.
93% of retail customers rated qual-
ity of service at the ATM as their most
important service measure. Also, the gap
between satisfaction and expectation on
this element increased from 16 to 18 per-
centage points. Staff attitude and queues
in the banking halls were also key areas
of concern.
Zenith Bank emerged as the most cus-
tomer focused bank this year, with last
year’s leader, GTBank coming second.
Stanbic IBTC maintained the third posi-
tion for the third consecutive year.

Top 10 Most Customer Focused Banks
SME issues remain the same...
While overall satisfaction levels among
SME banking customers remained
unchanged from last year, traditional
issues such as limited access to loans
remained. Fewer SMEs (53% compared
to 63% in 2012) expressed satisfaction
with the ease of getting credit from their
banks.
GTBank and Zenith retained their posi-
tions as the most customer focused
banks for the SME segment, albeit with
lower overall customer satisfaction rat-
ings from last year. This year, Stanbic
IBTC moved up a spot to third place.
Slight increase in Corporate
satisfaction...
Overall, the CSI for Corporates im-
proved by two percentage points from
last year, driven largely by customers’
increased satisfaction with pricing of
bank products. However, with an overall
satisfaction rating of 69.1 against cus-
tomer expectation of 92.1, it is clear that
customers expect banks to do a lot more
to bridge this gap.
This year, 93% of organisations ranked
ability of banks to provide a full range of
financial services as important in com-
parison with 83% last year. Increasingly
important to customers however, is the
need for bespoke products and services
tailor-made to meet specific require-
ments.
Zenith and First Bank, each moved up
one spot, attaining the first and second
positions respectively, while Citibank
emerged in third place.
Zenith
GTBank
77.4 78.0 74.1
76.6 77.1 73.0
75.0 76.3 72.9
74.8 75.8 72.3
72.9 74.6 72.1
72.7 74.3 70.9
72.0 74.1 69.9
71.4 73.9 69.8
70.8 73.7 69.7
70.5 72.6 69.5
Stanbic IBTC
Diamond
Standard Chartered
FCMB
First Bank
Fidelity
Sterling
Skye
GTBank
Zenith
Stanbic IBTC
Diamond
First Bank
Sterling
FCMB
Skye
Fidelity
Ecobank
Zenith
First Bank
Citibank
GTBank
Diamond
Fidelity
Stanbic IBTC
UBA
Skye
FCMB
Retail SME Corporate/ Commercial

Changing priorities
RELATIONSHIP ISSUES
Excellent customer service now top of the agenda
As the dust from the financial crisis set-
tles and fears about safety of customers’
deposits take the back seat, custom-
ers are now putting service quality at
the front of their banking relationship
agenda. For the first time in five years,
excellent customer service replaced
financial stability as the principal reason
for maintaining banking relationships
for retail and corporate customers. This
is perhaps a nod from customers to
regulatory efforts aimed at stabilizing the
banking industry in recent years.
In the very competitive banking land-
scape, differentiation is difficult to
achieve on many fronts. However, it is
clear that the quality of service delivery
experience is a differentiating factor and
service promises must be aligned to
customer goals and objectives.
In the retail space, 35% of customers
cited excellent customer service as
a major reason for continued banking
relationships – a 12-percentage point
increase from last year. When asked for
their second most important reason,
financial stability was the next priority as
this remains crucial.
For SMEs, financial stability selected by
31% of customers was closely followed
by excellent customer service which was
chosen by 30% of customers as the top
reasons for maintaining banking relation-
ships.
‘
For the first time in five
years, excellent customer
service replaced financial
stability as the principal rea-
son for maintaining banking
relationships for retail and
corporate customers.
‘
Top Five Reasons for Maintaining Banking Relationships
Excellent
customer service
Excellent
customer service
Excellent
customer service
35%
31%
29% 27% 8% 7% 6%
26%
30%
11%
11%
10%
10%
10%
4%
Financial
stability
Financial
stability
Financial
stability
Image and
reputation
Image and
reputation
Bank’s support
of business
Employer
requirements
Proximity of
branches
Proximity of
branches
Image and
reputation
Pricing
Efficiency of
credit processing
Retail
SME
Corporate/
Commercial

Say my name!
CUSTOMER CARE
Managing customer experience can be
quite a daunting challenge especially as
customers have diverse needs that can
often be at different ends of the same
spectrum. In times past, branch staff had
a more personal relationship with cus-
tomers, sometimes even knowing cus-
tomers by name, but today, with millions
of customers, this will pose a significant
challenge. Nevertheless, today’s custom-
ers are looking for personalised service
and attention thus making the bank’s
frontline staff critical to shaping the cus-
tomer’s experience with the bank.
Indeed, nearly all customers across
the retail and SME segments rated
staff attitude and efficiency in handling
complaints and enquiries as the most
important customer care issues. This
highlights the importance of getting
the right calibre of staff, especially for
customer-facing roles. Banks need to
continue to empower frontline staff with
training in relationship management and
other requisite technical capabilities to
enhance the quality of service delivery.
We have observed the trend of using
‘meeters and greeters’ to help improve
the customer journey within the branch,
but this largely remains inconsistent
even within the same branch or bank.
In some other markets, a few banks
and service providers are beginning to
introduce holographic virtual greeters as
a means of engaging customers.
With renewed focus on enforcing know-
your-customer (KYC) requirements,
banks now, more than ever, have access
to immense customer data and as such
can therefore leverage this data through
detailed analytics to build a strategy
and create new value for customers. By
having a better view of customer data,
banks can equip frontline staff with infor-
mation to meet service objectives and
improve the ability to cross-sell.
In the corporate segment, the good
news is that seven-in-ten customers –
similar to last year – expressed satisfac-
tion with the level of proactive commu-
nication from their banks. But as banks
will quickly acknowledge, this does not
necessarily translate to more business.
Last year, corporate customers reported
a strong need for industry specialisa-
tion within banks and in the intervening
period, it is clear that some banks have
started responding by creating special-
ist teams with a mix of financial and
industry-specific skills. Whilst the strong
gap between expectation and delivery
remains, we note an increase of five
percentage points to 39% of corporate/
commercial customers who said they
were very satisfied with the industry
knowledge demonstrated by their bank
representatives.
The overall customer care CSI in the
corporate segment increased marginally
from last year with Zenith Bank emerg-
ing in first place for the fourth time in
five years, while First Bank and Citibank
came second and third respectively.
‘
In times past, branch staff had a
more personal relationship with cus-
tomers, sometimes even knowing
customers by name, but today, with
millions of customers, this will pose
a significant challenge.
‘
TopThree Banks by CSI Rating - Customer Care
1. Zenith
2. First Bank
3. GTBank
1. GTBank
2. Zenith
3. Stanbic IBTC
1. Zenith
2. GTBank
3. Standard
Chartered
Retail
Corporate
SME
In the retail segment, the overall custom-
er care ratings decreased marginally as
satisfaction levels for all customer care
elements declined compared to last year.
For instance, this year, 79% of custom-
ers were satisfied with the level of staff
knowledge and understanding of the
bank’s products and services compared
to last year’s 88%. Zenith moved up two
places to take the lead with a rating of
80.2, while GTBank and Standard Char-
tered came second and third with 79.5
and 78.6 respectively.

Globally, organisations are increasingly
embracing outsourcing strategies as
a key lever to transform the way they
deliver their services. Though reducing
operating costs is clearly a top driver
for outsourcing; organisations are not
pursuing this goal unilaterally, as improv-
ing process performance and supporting
business growth are among other impor-
tant objectives. To this end, outsourcing
has typically focused on the back office
and support functions.
Over the last few years, however, there
has been a push towards increased
outsourcing of frontline functions within
the Nigerian Banking Industry. A growing
number of the frontline functions out-
sourced, typically referred to as “contract
roles” include bulk cash counting, tellers,
customer services, direct sales and the
call centre have direct interaction with
existing customers and may even be
the first point of contact for prospective
customers.
‘
The typical customer usu-
ally has no clue about the
bank’s operating model, or
the fact the staff serving
him may be an outsourced
staff. Hence an unsatisfac-
tory experience with this
category of staff is viewed
as an indictment and direct
reflection of the bank since
they are “bank staff”
.
‘
Impact on service quality and perspectives
on getting it right
Tokunboh Osinowo
tokunboh.osinowo@ng.kpmg.com
Tokunboh is a Senior Manager
in the Management Consulting
practice of KPMG in Nigeria.
VIEWPOINT
Outsourcing
the frontline

The biggest risk in outsourcing is poor
service delivery
A significant drawback to outsourcing the
frontline function is poor service quality,
evidenced to a large extent by declining
customer satisfaction levels attributable
to circumstances such as the limited
knowledge of employees’ of the bank’s
products and services, unfriendly/ reac-
tive demeanour of employees and also
the inability to promptly resolve custom-
ers’ complaints.
The typical customer usually has no clue
about the bank’s operating model, or the
fact the staff serving him may be an out-
sourced staff. Hence an unsatisfactory
experience with this category of staff is
viewed as an indictment and direct re-
flection of the bank since they are “bank
staff”
. This more often than not crystal-
lizes as a negative perception which may
hamper customers’ loyalty and result in
customers switching in pursuit of better
service.
Getting it right
When companies manage their outsourc-
ing relationships effectively and structure
them for success from the onset, all
stakeholders win. At the end of the day
– “when services are outsourced, it’s all
about people”
.
A few essential ingredients to get the
best from frontline outsourcing include:
• Develop an effective outsourcing
strategy aligned to the organisa-
tion’s strategic objectives to provide
clarity on needs/ drivers and priori-
ties vis-à-vis the envisioned future
state and aligned expectations.
The importance of this step cannot
be overemphasized and provides
answers to the “5Ws” (why, when,
what, who and how) whilst ultimate-
ly driving execution.
• Understand your in-house opera-
tions as an outsourced frontline
process is only as effective as the in-
house operation it replicates. When
an outsourced employee “handles
your mess for less,
” cost savings are
limited to those created by simple
labour arbitrage.
• Partner with the contract staff
provider to select contract staff
with the right attitude. Create the
understanding that the best foun-
dation for excellent service is your
frontline and work with third party
vendors to determine the most ap-
propriate selection process which
should include behavioural based
skills assessments or psychometric
testing. It is generally easier to teach
people the job than it is to change
their attitudes.
• Promote integration between
outsourced and full-time employees
ensuring that resentments and con-
flicts are addressed and resolved.
Contract staff should be treated with
respect and not as second class
citizens to maintain team spirit as
well as a positive and inclusive work-
ing environment. The key objective is
winning over the hearts and minds
of these classes of employees
hence all forms of discrimination
should be avoided.
• Employ a scorecard based meas-
urement scheme and use incen-
tives aligned to strategic objectives
that convert expectations into critical
success factors and key perfor-
mance indicators (KPIs) that can be
measured and incentivized. In addi-
tion, contract staff who demonstrate
the organisation’s core values and
desired behaviours must have these
values tracked or monitored and
should form part of the staff’s overall
performance measurement.
• Spend money to make money
as there is always an investment in
time and training, which can be sig-
nificant. There may even be capital
outlays due to a conscious effort
to insource certain aspects of the
contract employee lifecycle which
are crucial to overall objectives. For
instance, contract staff should be in-
cluded in select bank-wide trainings
to provide well-rounded understand-
ing of the banks’ business, its vision,
product/ services and goals.

VIEWPOINT
Eating the
data elephant
To succeed in today’s marketplace, retail banks must focus on extracting sig-
nificantly more value from their data assets. Harvesting existing data sources
– both internal and external – must be an immediate priority if banks want
to stave off the disruptive threat posed by new entrants into the market and
ensure that value is not unnecessarily lost. The real competitive advantage will
go to those players who are able to successfully combine data from all available
sources to develop a better understanding of customer needs and, as a result,
serve them more effectively.
Neel Arya
neel.arya@kpmg.co.uk
Neel is a Director in the
practice of KPMG in the UK.

Right across the retail banking industry,
there is a strong belief that more must
be done to extract value from internal
customer data assets. As one participant
noted, “we are missing opportunities by
not consolidating all the different nuggets
of customer insight that we have, from
customer risk through to digital customer
behaviour.
”
It seems clear that a growing number of
customer analytics teams now recognise
the need to work more closely with the
business and IT to develop processes
where the capture of customer data is
embedded upfront and not as an after-
thought. “We need to give customer
data the right priority and to think about
data capture upfront before we get to
the analytics,
” opined another inter-
viewee.
But when it comes to harvesting value
from external sources, many banks seem
to feel that they must get their internal
data under control before they start to
look externally. So while most already in-
corporate data from the more traditional
external sources such as Mosaic (which
provides consumer classification infor-
mation) or – on the cards side – bureau
data, benchmarking data and credit data,
there is a tangible reluctance to utilise
a broader set of external sources such
as social media or attitudinal/behavioural
data.
In some cases, this is a result of a belief
that the internal data they already have
is of a better quality than most external
alternatives. “It’s just a matter of exploit-
ing it,
” suggested one participant.
Others, however, note three main chal-
lenges that seem to be dampening their
interest in the emerging external data
sources:
• The ability to link external data to
individual customers;
• Potential data privacy concerns and
reputational impacts of tapping into
customers’ external data; and
• The lack of clarity into which pieces
of external data are going to add the
greatest value.
OPINION
With almost every bank suggesting that
more could be done to capture value
from existing internal data, I believe that
bank executives and customer insight
and analytics leaders must now focus
on ensuring that they are able to extract
the maximum value from their existing
assets.
I am the first to admit that this will likely
be a challenging task. In most cases,
banks are saddled with complex systems
that simply are not capable of deliver-
ing a ‘single customer view’ across all
products and locations.
An overall lack of funding and resources
for customer insight and analytics is also
slowing progress in this space. Many
within the insights and analytics space
suggest that the function is only a mod-
erate strategic priority for their banks. As
one participant I spoke with said, “whilst
it is articulated as being strategically im-
portant, it is challenging to get resources
and funding. Due to the industry climate,
the appetite to spend money is even
lower.
”
Another challenge is the lack of aware-
ness of the value that customer insight
and analytics can provide to the busi-
ness. The simple truth is that retail banks’
DNA focuses on product sales, and – as
a result – many see data analytics purely
as a means to an end rather than rec-
ognising the value of achieving a richer
understanding of the customers them-
selves. “Banks are not primarily data
providers so they don’t think about the
inherent commercial value of the data
they possess,
” added another participant.
In the face of these challenges, I would
argue that banks must change tack and
prioritise their investment in customer
insight and analytics to fully exploit the
powerful data they already own. This will
require a change in mindset throughout
the organisation with customer data
and analytics promoted up the agenda
to become an enterprise-wide strategic
priority. This means that customer insight
and analytics teams will have to become
much better at demonstrating the value
they add to the business while also
developing a highly-honed understanding
of the business itself. But it will also re-
quire executives and business leaders to
become greater champions of analytics
and work to instil an increased sense of
analytical literacy across the organisation.
The risk of not doing so is clear. Retail
banks will quickly become susceptible
to data literate new entrants coming into
the market who understand how to mine
data for its commercial value and use
that insight to erode away the customer
base of traditional banks.
While mastering their available internal
data is certainly a critical first step for
customer insight and analytics teams, it
seems clear that banks that do not also
incorporate external sources of data will
start to fall behind their competitors in
the long-run. Already, a small minority of
the participants that I spoke with noted
that leveraging external data to supple-
ment their analysis was a priority for their
organisation and these banks seem to be
poised to grab the competitive advan-
tage.
So while it may be natural for banks to
focus on mastering the data they control,
the world is moving at an uncompro-
mising pace and new data sources are
emerging continuously. I believe that it is
critical, therefore, for banks to integrate
all customer data they can secure –
whether internal or external – in order to
outperform their competitors and ward
off new, more nimble, market entrants.
Google, for example, is reported to have
received a banking licence in the Nether-
lands more than 6 years ago and – with
the launch of the Google Wallet – the
company now has the ability to aggre-
gate search, email and financial trans-
actional data to build an unprecedented
view of consumer behaviour. Moven is
another new-model competitor that will
use greater insight into individual money
management preferences to tailor cus-
tomer experiences to each individual.
The reality is that, in the digital banking
model of the future, data is the most
important asset. Banks that are able to
combine their internal and external data
to create value will find themselves well
placed to thrive in this new world. I fear
that those that are unable or unwilling do
so at their own peril.

A case for continued
branch excellence
CONVENIENCE
With the exception of cash withdraw-
als and balance enquiry - which many
customers prefer to perform via the ATM
– the branch remains a prominent chan-
nel for other activities and is thus key to
customer satisfaction. The results show
a gradual shift in the role of the branch
from a transactional channel to a sales
channel as more than 90% of customers
would like to seek financial advice and
take out new products at the branch. This
is in spite of an increasing reluctance to
stay on long queues – about half of retail
customers from this year’s survey are
not satisfied with the length of queues at
bank branches.
The desire for continued branch interac-
tions may be explained in part by the fact
that overall satisfaction with all electronic
channels still trails the branch experience
by a huge margin. As such, amidst the
push to migrate customers to alternate
channels, there must be corresponding
investments to provide a consistent,
high-quality experience across all chan-
nels. Such investments also offer banks
the opportunity to take advantage of the
digital channels for marketing and deep-
ening of customer insights.
‘
More than 90% of customers
would like to seek financial ad-
vice and take out new products
at the branch.
‘
Q. What is your preferred channel for carrying out the following?
Channel Preference
1%
1% 2%
2%
3%
2%
2% 3%
8%
93%
4% 84% 95%
Making
complaints
Bills
payment
Buying
financial
products
75%
8%
2% 1% 2%
1% 3%
3% 3%
85% 91%
37%
5% 4%
25% 55%
Cash
withdrawal
Funds
transfer
Getting
financial
advice
Balance
enquiry
Branch
ATM
Internet
Social Media
Contact Centre
Mobile
Branch
ATM
Internet
Social Media
Contact Centre
Mobile
POS
1. Zenith
2. Citibank
3. GTBank
1. Zenith
2. GTBank
3. Diamond
1. Zenith
2. GTBank
3. Diamond
Retail
Corporate
SME
TopThree Banks by CSI Rating - Convenience

Increasing adoption of alternate
channels
As banks explore more avenues of
engaging their customers, we believe
they should continue current efforts to
promote the use of alternate channels
as our findings reveal these are yielding
positive results. Across the industry, we
have seen a variety of approaches aimed
at encouraging customers to use other
channels including the use of incentives
such as cash back on POS usage.
When compared to last year’s results,
more customers are using alternate
channels for their banking transactions.
13% of retail customers surveyed use
internet banking (up from 7%), POS 15%
(up from 6%), mobile payments 6% (up
from 2%), contact centre 12%(up from
5%) and mobile banking 10% (up from
6%). The ATM remains the most utilised
alternate channel with nine-in-ten cus-
tomers using it within the last year.
Customers of different age groups also
demonstrate varying channel usage
patterns. Majority of customers (70%)
above 60 still prefer to visit a branch to
enquire about their balance compared to
only 30% of customers under 30. On a
weekly basis, a slightly higher number of
older customers visit the branch than the
ATM (34% compared to 23%).
Amidst the proliferation of these chan-
nels, we note a year-on-year decline
in overall satisfaction with the internet
banking and ATM channels. Custom-
ers still want improved online security
and more user-friendly internet banking
platforms as well as reduction in cash
dispense errors at ATMs. As penetration
deepens, it is imperative for banks to
remember that customers are primar-
ily looking for convenience and service
quality beyond mere availability of these
channels.
Overall, we have also seen a two-fold in-
crease in the number of people using at
least one other channel in addition to the
branch and ATM, a sign that customers
are continually looking for convenience
across a variety of channels.
In May 2013, the Central Bank of Nigeria
reported that the value of daily electronic
funds transfer had reached the N80
billion mark. A study by RBR has also
forecast the Nigerian ATM market to
overtake Saudi Arabia in 2017
, to become
the third largest market in the Middle
East & Africa region1
.
Alternate Channel Usage - 2013 vs. 2012
2013 10% 13% 15% 12% 6%
6% 7% 6% 5% 2%
2012
Mobile
banking
Internet
banking
POS
Contact
centre
Mobile
payments
1
RBR (2012) Global ATM Market and Forecasts to 2017
.

Q. How often do you interact with your banks through the following channels?
Channel Usage - All Age Groups
Branch
ATM
POS
Internet Banking
Mobile Banking
Contact Centre
Mobile Payments
Weekly At least once every 2 weeks Once a month Rarely Never No response
Leveraging online channels
Not surprisingly, people aged under-30
account for 50% of all internet banking
users but only 15% of them ever use
internet banking. With an estimated 12.5
million total active internet subscriber
population1
, adoption of internet banking
at 15% suggests there is still untapped
potential for this channel as has been
witnessed in other markets. Online retail-
ing in the country was estimated at over
N77
.5bn in 20122
and is expected to grow
further with increasing internet penetra-
tion.
Online banking presents banks with the
opportunity to deepen relationships with
younger customers. Four-in-ten internet
banking users indicated a weekly usage
of the channel. Loyalty amongst very
satisfied internet banking customers is
also high, with seven-in-ten saying they
will absolutely recommend their banks to
other customers. When the same people
were asked about their branch experi-
ence, less than three-in-ten expressed
similar levels of satisfaction.
Social media (i.e. Facebook, Twitter etc)
is also gaining ground as a means of
customer interaction. However, only
9% of customers interact with their
banks using these platforms against
70% of users who use it for other
personal purposes. Currently, only a
few banks in the country have fully
embraced social media but much of
it still remains at the level of informa-
tion dissemination. However, we note
the success of GTBank surpassing the
one-million fan mark on Facebook in
early 2013. With younger customers
increasingly using social media as a pri-
mary filter that informs their purchasing
decisions, banks can no longer afford to
ignore this medium.
In the corporate segment, eight-in-ten
organisations expressed satisfaction
with the quality and availability of their
bank’s internet banking platform – an
eight percentage point increase from
last year.
‘
Online banking presents banks
with the opportunity to deepen
relationships with younger
customers.
‘
Social Media Usage by Persons Aged
Under 30
11%
71%
I use social media for
personal purposes
I interact with my bank
through social media
56%
32%
5%
4%
3% 8%
9%
4%
8%
3%
3%
13%
14% 3%
11%
12%
11%
11%
12%
2%
2%
2%
1%
1%
1%
1%
2%
1%
2%
1%
1%
5% 76%
83%
73%
79%
77%
82%
9%
30%
8%
19%
12%
2%
2%
1
NCC, January 2013
2
BusinessDay, January 2013

For most customers, an ideal scenario
would be one where they did not have
to queue to get business done. With
significantly higher usage of ATMs and
charges associated with over-the-counter
transactions, queues are no longer
restricted to banking halls but are now
common place at ATMs. After ‘queues in
branches’, ‘queues at ATMs’ was another
painpoint cited by customers interviewed
during the survey. More than any other
driver of convenience, nearly all (95%) re-
tail customers indicated cash availability
and uptime at ATMs as being of critical
importance.
Clearly, banks are aware of the ongo-
ing issue of crowding at branches; in
recent years, we have seen banks issue
service promises guaranteeing specific
turnaround times for varying transactions
but these promises have not yielded the
much expected results.
Tackling queues at bank branches must
involve different approaches which
may vary from branch layout redesign,
deploying more ATMs or assigning more
resources to branches as required or
as one customer suggested - Nigerian
banks may want to consider serving cold
fresh juice to waiting customers!
The transaction methods and sys-
tems service area received the high-
est industry average amongst the five
components of the CSI in the corporate
segment. Specifically, 43% of organisa-
tions (compared to last year’s 35%) were
very satisfied with quality and clarity of
information received from their banks
although, customers generally felt that
more work was required in the area of
account statements reconciliation and
SMS/ email notifications on transactions.
A future without queues
TRANSACTIONS, METHODS & SYSTEMS
TopThree Banks by CSI Rating -Transactions, Methods & Systems
Citibank led with a rating of 79.0 – a
seven-percentage point increase from
last year. Zenith and First Bank came
second and third place respectively with
ratings of 78.9 and 76.9.
In the retail segment, Zenith emerged in
first place while Stanbic IBTC led in the
SME segment.
1. Citibank
2. Zenith
3. First Bank
1. Stanbic IBTC
2. GTBank
3. Zenith
1. Zenith
2. GTBank
3. Stanbic IBTC
Retail
Corporate
SME

The future of banking
Young professionals:
a wakeup call for
retail banking
As young professionals become a key demographic driving the bottom
line of retail banks, banks are going to have to rethink the way they at-
tract and retain this class of customers or risk being left behind.

Think of customer demographics as a
pipeline of sorts - as people are moving
into retirement at one end, a new cohort
of young men and women is entering at
the other, to embark on what (for most
of them) will be a 40 to 50 year experi-
ence as workers, consumers, savers,
borrowers and investors. This idea lends
itself to two key points:
• Young professionals today will be
significant drivers of retail banking
revenues tomorrow.
• Understanding what this group
wants will differentiate the winners
from the losers in the race for the
retail banking space.
In this context, KPMG set out to survey
Nigerian young professionals between
the ages of 18 to 30. We see this group
as interesting as they are a good indica-
tion of banking customers of the future.
Research was conducted to gain insight
on the role of the branch, specific prod-
ucts and services, social media and what
a “great” bank would look like in the
future.
“I don’t ever want to have a need to go to the bank. This is the
21st century. I should be able to meet all my banking needs
online or on my phone – from opening an account to signing
up for internet banking. - Survey respondent
“
Many young professionals tend to select
their primary banks, either at the onset
as a student or youth corps member or
because of the bank’s perceived popular-
ity. Specifically, from this survey, 30% of
respondents commenced their banking
relationships as students or as corps
members, whereas 18% chose their
bank because of its image and reputa-
tion. Targeting the young professionals
at an earlier stage during their time at
university, service years, or through a
strong brand presence may be an impor-
tant way for banks to attract this group of
customers.
However, once banks have acquired this
category of customers, sustaining these
banking relationships is the next critical
step. Presently, 18% of respondents
indicate that they remain with their bank
because of the internet banking service;
11% cite excellent customer service;
and 9% cite image and reputation as
their reason, 16% admit that they are
not aware of a bank that is significantly
better than their current bank. Although
a bank’s popularity is a crucial factor for
selection, it is of minimal importance in
determining whether customers stay
with the bank.
Yet the majority of young professionals
tend to maintain at least two to three
bank accounts, with 79% of them aged
18 - 24 falling within this category. Given
that young professionals tend to have
more than one account, it will be impor-
tant for banks to position themselves as
the primary transaction account.
Regarding the use of credit products,
less than ten percent of young profes-
sionals currently use credit facilities.
21%, 20%, and 35% of respondents in-
dicated their potential need for personal
loans, car loans, and mortgages respec-
tively over the next 10 years. For person-
al loans, 73% did not select a response,
while for both mortgages and car loans,
79% did not select a response suggest-
ing that young professionals may either
not be interested or may not be aware of
particular products available to them.
Why young professionals maintain bank accounts

The role of banking channels
The service quality of alternate channels
will be important for engaging this cus-
tomer category now and in the future.
Branch based banking is simply too time
consuming for young professionals, who
would prefer a more expedient way to
fulfil their banking transactions.
44% of respondents ranked internet
banking as the most important way for
them to interact with their banks in the
future, whereas only 1% of respondents
selected the branch. Five-in-ten respond-
ents said they could not see themselves
ever using a branch going forward. Other
ways young professionals would like
their banks to interact with them include
e-mails (20%) and applications on smart
phones and tablet devices (15%).
The common factor behind these re-
sponses is convenience. Young profes-
sionals would like to interact with their
bank from work, from home, and/ or on
the go. They do not want to plan their
day around the tedious task of carrying
out banking activities in a banking hall.
Hence, they will be more interested in
the quality of the bank’s digital capabili-
ties, than the bank’s ability to fulfil all
banking activities at the branch.
“I want a bank that really knows
me: my transaction trends,
from which it can decipher my
preferences and market more
solutions to me, even if it is not
a banking solution. A concert,
a chance to watch sports live,
a chance to listen to a favour-
ite musician live, etc. - Survey
respondent
“
Top Five Reasons for Choosing and Maintaining Banking Relationships (Young professionals Under 30)
Q.What will be your most preferred mode of interaction with your bank in the future?
Email
Smartphone
apps
Internet
banking
Video
Conferencing
Phone
calls
Online
chat
Others
Started with student/
NYSC account
Why I chose my bank Why I still maintain my current
banking relationship
Internet banking service
Image and reputation
I’m not aware of a bank
that is significantly better
Employer requirements
Excellent customer
service
Excellent customer
service
Service is really not bad enough
to compel me to change
Internet banking service
Image and reputation
30%
16%
18%
11%
11%
9%
18%
12%
9%
8%
44% 20% 15% 7% 5% 5% 4%

“I expect the bank of the future
to be more like a retail outlet
than a typical bank branch;
with smoother and simplified
processes as well as strong
data privacy practices. - Survey
respondent
“
The role of social media
Social media tends to be considered as a
good way to interact with young profes-
sionals. However, given various options
of ways to interact with their bank, only
0.4% of respondents selected social
media as their preferred option. Yet when
probed further on whether they would
like their bank to contact them via social
media, 41% of respondents said yes,
while 36% said no.
Clearly, young professionals prefer to
contact their bank utilizing such tools
as internet banking or e-mails; however,
they would not be completely adverse
to their bank contacting them through
social media. Their preferred social
media interaction would include getting
updates on new products, advertise-
ments, promotions and other general
information.
Q.Would you like your bank to interact with you via social media?
Q. Do you think you will need financial planning advice in the future?
41%
36%
23%
Yes
No
Not sure
Financial planning
Financial planning through the use of
personal finance advisers has yet to take
a strong foothold in Nigeria. The results
from this survey suggest that young
professionals are no exception as only
12% of respondents currently have a
financial planner. Of those who do not
have a financial planner, 45% expressed
the need for one now and six-in-ten of
these respondents believe they will need
a financial adviser in one to two years.
The majority of young professionals sur-
veyed (71%) indicated that they would
like to get financial advice from a trained
financial planner, while 16% of them
would like to receive financial advice
through materials provided by banks via
their websites.
Yet, since this customer category is
growing at a rapid pace and has a keen
interest in performing banking activities
online, an online personal financial man-
agement (PFM) platform may in fact be
the suitable tool to meet their needs.
PFM tools can provide customers with
solutions to track expenses with analysis
on customers’ spending, automated cat-
egorization of expenses, and advanced
budgeting capabilities. Such a platform
may lead to deepening of customers’
relationships with their bank, particularly
if the platform is user-friendly. Financial
advice offered must also be transparent
and in the customer’s interest.
66%
62%
57%
23% 23%
28%
9%
2%
7%
7% 7%
9%
18 - 24
Ages
25 - 27
28 - 30
Yes, in
10 years
Yes, in
5 years
Yes, in
1 - 2 years
No, never

The bank of the future
While the advent of more sophisticated
technologies have increased customer
convenience in conducting transactions,
customers have become even more
demanding, as they expect better quality
at lower costs.
When asked what a great bank would
look like in the future, responses from
young professionals included the desire
for more transparency in banking interac-
tions as well as improved security on
online services.
• 25% of the respondents feel that a
‘great’ bank will be one that will act
responsibly and honestly.
• 20% stated that a ‘great’ bank in
the future will provide smoother
and simplified processes for online
services.
• 19% stated that a ‘great’ bank of the
future will have highly secure online
banking.
The young professionals of today will
be a significant revenue driver for retail
banking in the future. Their priorities and
preferences are distinctive – and will
require careful consideration by banks as
they shape their business models for the
future. Listening and taking action will be
important; the great bank of tomorrow
will need to rethink its strategy today.

Open innovation
PRODUCTS AND SERVICES
In an environment where it is difficult to
differentiate on the basis of price, the
ability to deliver quality products be-
comes crucial. Nearly all corporate/com-
mercial customers indicated that quality
of a bank’s e-payments capabilities and
product suitability were of critical impor-
tance. This is not surprising as the CBN’s
cashless policy continues to shape the
payments landscape. 77% of this group
of customers affirmed their satisfac-
tion with the quality of internet banking
solutions provided by their banks. When
asked for one innovation they would like
to see over the next 12 months, online
and epayments solutions was the leading
response.
There was a slight increase, from last
year, in the number of customers report-
ing they were very satisfied with the
suitability of banking products to their
needs (36% vs. 31%). However, when
matched with customers’ expectations,
there is still room for improvement
with customers still demanding greater
specialisation and industry depth from
banks. Perhaps, banks should begin to
consider inviting customers to form part
of the product development process as
the concept of crowdsourcing is already
recording some success in consumer
retailing and IT. If approached and struc-
tured properly, similar successes may be
achieved in banking.
A difficult area for customers across all
segments is ease of getting credit facili-
ties. Only 14% and 19% of retail and
SME customers respectively were very
satisfied with ease of getting loans. The
satisfaction level for access to long-term
credit is also low amongst corporate cus-
tomers as only 19% were very satisfied
with this area.
In the retail and SME segments, there
was a marginal decline in overall CSI rat-
ings in this area with GTBank leading in
both segments. Zenith Bank maintained
second position in the retail segment
while Stanbic IBTC moved a spot up
to come third place. Stanbic IBTC also
came in second position in the SME seg-
ment while Skye bank came third for the
first time since 2009.
‘
With customers still demanding greater
specialisation and industry depth from
banks, perhaps banks should begin to
consider inviting customers to form part of
product development.
‘
TopThree Banks by CSI Rating - Products and Services
1. Zenith
2. Citibank
3. First Bank
1. GTBank
2. Stanbic IBTC
3. Skye
1. GTBank
2. Zenith
3. Stanbic IBTC
Retail
Corporate
SME
Overall CSI ratings increased in the corpo-
rate segment by three percentage points
from last year’s ratings driven by higher
satisfaction levels (74% compared to
61% in 2012) with the breadth of financial
products and services provided. Zenith
Bank, Citibank and First Bank occupied
the top three positions respectively.

Q. In what areas would you like your bank to improve on its product and service offerings?

Testing the
waters of
‘crowdsourcing’
Innovation-minded financial services
companies are testing the waters of
‘crowdsourcing,’ to better understand
their customers’ deepest wants and
needs. This new twist on market re-
search – which meshes online collabora-
tion tools with social media – could help
organisations polish their brands, launch
tailored products and transform their
processes.
To differentiate themselves from compet-
itors old and new, and bolster customer
loyalty, financial services companies
around the world are rethinking their
brands, products, and delivery models. To
do so, a number of leading providers are
exploring the emerging research tech-
nique of crowdsourcing, to improve the
quality of their market intelligence, and
tap into the ‘voice of their customer.’
A recent phenomenon, crowdsourcing
applies social media tactics – like online
polling or discussion groups – making
it possible to engage in an ongoing dia-
logue with targeted customers, employ-
ees and other key stakeholders to gather
deeper, and potentially innovative, mar-
ket insights and ideas. This helps an or-
ganisation develop or fine-tune products,
programs or processes. In its simplest
form, crowdsourcing updates the classic
focus group for the digital era; enabling
marketers and innovation leaders to
collaborate with online communities of
hundreds or hundreds of thousands.
Unlike those very visible, open social me-
dia campaigns often seen on Facebook,
a crowdsourcing program enables you to
build a closed, controlled community, in
which you might invite your most valued
customers, opinion leaders or influenc-
ers, – also known as ‘prosumers’ – to
register and take part in a single or ongo-
ing conversation.
The benefits of crowdsourcing can
include:
• Increasing the capacity and breadth
of your market research, while re-
ducing cost and time to market;
• Combining qualitative and quantita-
tive data, with quicker turn-around
and analysis;
Jeff Poole
jeff.poole@kpmg.co.uk
Matt Sevenoaks
matt.sevenoaks@kpmg.co.uk
Jeff is a financial services Principal
Advisor in the Management Consulting
practice of KPMG in the UK.
Matt leads KPMG’s crowdsourcing
offering, Crowd Connection.
‘Although consumer product retailers and manufacturers were
among the fastest to embrace crowdsourcing, the financial sec-
tor is eagerly testing the waters and creating ‘managed commu-
nities’ to gather fresh market intelligence.
‘
VIEWPOINT

• Obtaining deeper customer insights,
to tackle organisational challenges,
resolve service gaps, or discover
new revenue opportunities;
• Lowering the risks of product de-
velopment, by involving your most
valued stakeholders; and
• Increasing customer loyalty, through
collaboration and regular conversa-
tion.
Although consumer product retailers
and manufacturers were among the
fastest to embrace crowdsourcing, the
financial sector is eagerly testing the
waters and creating ‘managed communi-
ties’ to gather fresh market intelligence.
Among them, a Singapore bank applied
crowdsourcing to involve its generation Y
clients in new branch design, a German
insurance company invited clients to cre-
ate and evaluate insurance options, while
an Australian bank encourages custom-
ers to post, vote on and discuss new
product ideas.
There are also opportunities to use
crowdsourcing to engage corporate and
commercial banking clients, or to help
financial firms comply with new regula-
tions that demand greater public consul-
tation and community engagement.
Since KPMG formed an alliance with
Chaordix Inc., we have combined Chaor-
dix’s Crowd Intelligence™ methodology
with KPMG’s subject matter expertise to
consult clients on crowdsourcing strate-
gies to address key business challenges.
In this time, we have observed a variety
of best practices that contribute to pro-
ject success:
• Ensure executive sponsorship for
any crowdsourcing initiative;
• Carefully design program set-up and
management; ideally embedded in
an organisation’s existing business
functions (e.g. customer insights,
marketing, sales, operations and hu-
man resources);
• Clearly define purpose, goals, par-
ticipants, incentives, promotion and
management of any crowdsourcing
program;
• Keep it simple in the early stages,
and accept the likely hits and misses
on the path to achieving ROI; and
• Follow-through, by delivering actions
or implementing solutions, to show
commitment, and build credibility,
with your fledgling crowdsourcing
community.
By pursuing crowdsourcing as the natural
evolution of traditional market research,
innovation-minded financial services
companies can tap into their customers’
deepest insights, and put them at the
heart of critical brand building, product
design and process improvement strate-
gies.

Cost-to-serve: a core imperative?
PRICING
As in previous years, pricing appears not
to be a game changer for most retail cus-
tomers – only 3% maintain their banking
relationships because of pricing. About
61%of retail customers are satisfied with
the cost of maintaining accounts with
their banks and only 12% of those plan-
ning to switch banks will do so because
of pricing.
In contrast, about half of SMEs and cor-
porate customers are either dissatisfied
or indifferent about charges on loans and
rates on investment products. In fact,
53% of corporate customers that will
switch banks will do so because of inter-
est rates and fees. Care must be taken
not to view pricing only in the context
of interest rates and fees when dealing
with corporate or commercial organisa-
tions – only 10% were dissatisfied with
the cost of maintaining accounts. Rather,
pricing for this group of customers re-
lates more to the perceived value derived
from the banking relationship.
With the gradual removal and reduction
of some service and transaction related
charges, the discussion on getting the
cost-to-serve right will become even
more significant for banks and busi-
nesses as banks look to sustain growth
in the face of increasing pressures on
the top line.
Although, the industry made significant
improvements in cost efficiency that
helped boost profitability positions last
year, this may not suffice over the long
term. A view of the cost-to-serve can fa-
cilitate effective pricing decisions through
an understanding of the costs required
to deliver products and services vis-à-vis
the relative importance of these to differ-
ent customer categories.
Retail customers would like more clar-
ity and proactive communication from
their banks about imminent changes
in rates and charges, this is imperative
given the recent alterations in service
charges across the industry. Indeed,
10% of retail customers indicated they
are likely to be more satisfied if their
banks offered more competitive rates
and charges.
Q. How satisfied are you with the cost of maintaining banks accounts with your banks?
Satisfaction with Pricing
SME
In the retail segment, GTBank retains num-
ber one position for the third consecutive
year, while Standard Chartered and Stanbic
IBTC came in second and third respec-
tively. GTBank also emerged in first place
in the SME segment while First Bank led in
the corporate segment.
TopThree Banks by CSI Rating - Pricing
1. First Bank
2. Diamond
3. Citibank
1. GTBank
2. Unity
3. Standard
Chartered
1. GTBank
2. Standard
Chartered
3. Stanbic
IBTC
Retail
Corporate
SME
41% 44%
28% 22%
17%
17%
21%
10%
Satisfied
Very satisfied
Indifferent
Dissatisfied
Corporate/ Commercial

Our findings reveal that customers are
increasingly willing to shop around for
banking services that meet their needs –
about 10% of retail customers expressed
willingness to switch banks within the
next 1-3months – a fairly significant
number considering that over 40% of
respondents already hold more than one
bank account. We expect that competi-
tion for loyalty amongst banks will be the
next battlefield.
Younger customers (under-30) are
particularly less loyal, they are twice
more likely to change banks compared to
customers above 60. This presents a big
opportunity for banks looking to capture
this segment provided they can deliver
on innovative, technology-driven products
and services with underlying conveni-
ence.
While attrition may appear low in the
corporate segment, many corporate
customers have main-bank relationships
even where they have as many as eight
bank accounts. Loyalty in this context
would mean choosing to increase the
volume of business done with one bank
at the expense of another or increasing
the number of products and services
held.
Keeping with last year, service quality
remains the leading reason for retail
customers planning to switch banks
‘
Younger customers (un-
der-30) are particularly less
loyal, they are twice more
likely to change banks com-
pared to customers above
60.
‘
LOYALTY
More customers
looking elsewhere

whereas more than half of corporate
customers who indicated their plans
to switch banks will do so because of
interest rates and fees.
Frontline staff have a strong role to play
in delivering service quality. Earlier, we
highlighted the critical value of branch
interactions in influencing the overall
customer experience. Amongst retail
customers, we found a strong relation-
ship between loyalty and satisfaction
with the bank’s staff attitude. Thus,
banks need to continue to train and
enable their staff to identify and meet
customers’ needs and aspirations. The
approach to this must be strategic and
embedded within the bank’s culture
otherwise there will be little perceived
value.
Significantly, loyal customers have the
potential to become a bank’s biggest
brand ambassadors with consequent
impact in reducing its costs of sale and
increasing its share of the customer’s
wallet.
Q.Would you recommend your bank to others?
Q.What is the primary reason for changing or planning to change
your bank? (Retail)
51% 59% 49%
21% 23% 28%
18% 11% 15%
8% 5% 4%
2% 2% 4%
Absolutely will
Retail SME Corporate
Absolutely will Absolutely will
Often will Often will Often will
Sometimes will Sometimes will Sometimes will
Absolutely will not Absolutely will not Absolutely will not
No response No response No response
51%
Service quality
Turnaround time for requests and enquiries
Proximity of branches
Interest rates and fees
Financial stability
Innovative products and services
13%
13%
12% 6%
5%

Demographics
Retail Respondents
Commercial/ Corporate Respondents
Gender
Income (Monthly)
Annual Turnover
Annual Turnover
Number of employees
Number of employees
Occupation
Age
Below N50,000
Below N1 million
N500million - 1 billion
Less than 10
Less than 300
Self-employed
N101,000 - N250,000
N5 - 10 million
N2 - 5 billion
51 -100
501 -1,000
Student
Greater than N1 million
N250 - 500 million
Retired
N251,000 - N500,000
N10 - 50 million
N5 - 10 billion
100 - 250
1,001 - 2,000
Public sector
employee
N501,000 - N1 million
N50 - 250 million
Above N10 billion Above 2,000
Unemployed
N50,000 - N100,000
N1 - 5 million
N1 - 2 billion
10 - 50
300 - 500
Private sector
employee
SME Respondents
n = 14, 424
n = 3, 035
n = 425
Male 56%
50%
34%
45%
42%
33%
34%
21%
14%
19%
6%
15%
12%
33%
15%
5%
14%
2%
Female 44%
Below 30
31 - 40
41 - 60
Above 60
24%
3%
3%
1%
3%
3%
1%
1% 2%
23%
23%
21%
58%
56%
35%
18%
13%
5%
5%
8%

Survey Locations
Acknowledgements
We would like to thank all respondents who took part in the research, par-
ticularly those who participated in in-depth interviews and provided impor-
tant insights and contributions.
We are also grateful to Communications and Marketing Research Group
(CMRG), KPMG Nigeria partners and staff as well as Daniel Knoll,
Gaelan Bloomfield, Neel Arya, Jeff Poole, Matt Sevenoaks and
Tokunboh Osinowo for sharing their insights.
The KPMG project team: Bode Abifarin, Torera Banjo, Wale Abioye,
Funso Ero-Phillips, Tinuke Esan and Olaseni Shoyoola.
The survey was conducted between January and
March 2013. Majority of the interviews were con-
ducted in person across eighteen major cities in Ni-
geria, targeting a minimum number of respondents
for a representative sampling across the 20 banks.
Kano
Kaduna
Abuja
Onitsha
Aba
Ilorin
Ibadan
Lagos
Benin
Port Harcourt
Enugu
Makurdi
Minna
Akure
Yola
Calabar
Asaba
Nnewi

For further information about this publication and our services, please contact:
kpmg.com/ng
The views and opinions expressed herein are those of the survey respondents and do not necessarily represent the views and opinions of KPMG.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.
Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is
received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a
thorough examination of the particular situation.
© 2013 KPMG Advisory Services, a Nigerian partnership, member firm of the KPMG network of independent firms affiliated with KPMG International
Cooperative (“KPMG International”), a Swiss entity. KPMG International provides no client services. No member firm has any authority to obligate or
bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Any trademarks or service marks identified in this document are the property of their respective owner(s).
The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.
Designed in Nigeria. Publication name: Banking Industry Customer Satisfaction Survey Issue number: 7 Publication date: June 2013
Contact us
Bisi Lamikanra
Partner and Head
T: +234 704 527 6005
E: bisi.lamikanra@ng.kpmg.com
Ngozi Chidozie
T: +234 704 527 6024
E: ngozi.chidozie@ng.kpmg.com
Bode Abifarin
T: +234 704 527 6485
E: bode.abifarin@ng.kpmg.com
Marie-Therese Phido
Marketing, Knowledge & Communications
T: +234 704 527 6012
E: marie-therese.phido@ng.kpmg.com

2013 KPMG Nigeria Banking Industry Customer Satisfaction Survey

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