Standard Chartered Bank Ghana Limited has emerged the most credible bank from a list of twenty Ghanaian banks surveyed by Credmap Technology, an institution that focuses on using innovative technology to rank the credibility of institutions and individuals.
A statement issued by Credmap explained that the firm used a novel ‘credibility-rating’ engine that combines crowd rating and data mining to generate ‘credibility scores’ of individuals and institutions using pooled data about their track record, history, commentary, biography, popular sentiment and reputation.
“Credmap’s algorithms mash the data together to distil the complex information into compact rankings, scores and benchmarks,” the statement said.
The survey included all universal banks in the country – which were subsequently benchmarked against Credmap’s measures, compared to each other, and then ranked in what became the Ghana Banking Credibility Index (GBCI).
The process was overseen by a team of senior technical analysts at Konfidants, a management consulting company based in Accra, Johannesburg and Geneva. The primary focus for this particular index was on the quality of bank boards and senior management personnel.
Commenting on Standard Chartered Bank’s performance in the ranking, Chief Executive Officer of the Bank, Mrs. Mansa Nettey said: “Our clients are at the very heart of everything we do. Our aim is to protect our clients’ wealth and funds, and provide exceptional solutions for their needs. At Standard Chartered, we recognise that practicing high standards of corporate governance is fundamental to sustainable growth.
“We continue to embed a culture of ethical banking through our robust conduct management framework. We have sustained our focus on maintaining the right conduct in delivering our services to clients and in our dealings with stakeholders and colleagues.”
According to the Konfidants team, in the wake of recent developments in the banking sector, corporate governance and management competence have emerged as, by far, the most critical factors in determining bank performance and success – hence the need for a Ghana Banking Credibility Index.