With only five banks scoring above the threshold of 98% in the 2022 Chartered Institute of Marketing Ghana Customer Satisfaction Index, Universal Merchant Bank (UMB), one of Ghana’s leading indigenous banks, has taken centre stage by emerging as the overall winner of the coveted “Best Bank” title in the 2022 CIMG Customer Satisfaction Index Awards, held at the Labadi Beach Hotel over the weekend.
This prestigious recognition signifies the indigenous Bank’s unwavering commitment to delivering exceptional banking services and placing customer satisfaction at the heart of its operations.
The awards which was held on the theme ‘Marketing a Tool for Economic Recovery”, saw various individuals and companies recognised for using effective marketing strategies and campaigns to champion the growth of their respective organisations, products and services as well as good causes.
The survey, organized by the Chartered Institute of Marketing Ghana saw a significant improvement over the 2021 edition where only two banks met the threshold. With UMB leading the pack with 100% and followed closely by Stanbic Bank and Republic Bank, scoring 98% each, UMB’s achievement is a testament to the bank’s dedication to excellence and its customers’ unwavering trust.
A statement released by the Bank on the achievement noted, “UMB is very proud about this achievement which underscores our 50-year heritage and pedigree in this market. We have prioritized Customer Service and this objective feedback from our customers is gratifying. This validates our strategy of “Knowing2Serve”, Digital 1st and Transparency as our pillars to drive customer centricity. We dedicate our leadership in service to our customers. They are the reason we are, and we commit to continue to serve mother Ghana with S.P.E.E.D., as we have done since 1972. We must also commend the CIMG and GAB for the world class effort they have put into providing an empirical basis for measuring service in the industry.”
The Chartered Institute of Marketing Ghana (CIMG) is renowned for its rigorous assessment and evaluation of businesses across various industries in Ghana. The CIMG Customer Satisfaction Index serves as a vital benchmark for assessing customer experiences and the quality of services offered by companies operating within the country.
Dr. Daniel Kasser-Tee, President of the Chartered Institute of Marketers Ghana, highlighted the importance of the awards and emphasized that high service quality promotes customer satisfaction, loyalty, and positive financial outcomes for organizations.
He noted that the awards provide a valuable measure for Ghanaian banks to evaluate their performance against peers and industry benchmarks.
He again advised consumers of the report, particularly the banks, to learn how to put the results e announced to good and prudent use, adding “they should first look beyond their positions on the various tables to identify how they fared, for each of the 5 dimensions of service quality, overall customer satisfaction and either dimension of customer loyalty”.
Lead Researcher and Chief Executive of the Consumer Insights Consults Limited, Dr. Ireneus Gundona, added that banks should improve customer service to enhance the financial sector. “Banks have been doing well and it shows in this report, but we need to work more looking at the current problems the sector is facing,” he said.
John Awuah, CEO of the Ghana Association of Banks, urged members to prioritize improving customer service based on the CIMG report, highlighting the need to recognize both strengths and areas for improvement.
Ghana is considered to have one of the most advanced financial services and banking sectors in Africa, regulated by the Bank of Ghana. The overall customer satisfaction for remote banking was 88%, while that of total customer loyalty was 81%.
Customer service is defined by saleforce.com as the support a company offers its customers — both before and after they buy and use their products or services — that helps them have an easy, enjoyable experience with the brand. Customer service is so important that it is now considered a strategic function for organizations across industries.
The Banking industry has particularly focused on customer service in contemporary research, learning and practice as it is considered the key variable to customer acquisition and retention in the industry.
UMB, the overall winner in the survey was established in 1972 as a policy bank of the Republic. The indigenous bank is reputed for bringing a uniquely Ghanaian perspective to banking.
Headquartered in Accra and licensed by the Bank of Ghana, the bank operates out of 35 branches across Ghana and operates the popular mobile banking apps- UMB SpeedApp. The Bank’s strategy is to be number 1 in customer-centricity in Ghana.
