The Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, has advised commercial banks to strengthen collaboration and deepen their commitment to excellence, innovation, and security in service delivery to customers.

She made the call while delivering the keynote address at the Consumer Reporting Officers and Stakeholders Engagement Programme, held under the theme “Excellence in Service, Innovation in Delivery, and Security in Practice.”

Mrs. Asante-Asiedu emphasized that in today’s banking environment, customer expectations have evolved, with consumers demanding not only efficiency but fairness, professionalism, and empathy in how their complaints and concerns are addressed.

“Consumers expect excellence; that’s the minimum,” she noted. “They want to walk into a banking hall and transact without hindrances. But beyond that, they desire fairness, speed, and professionalism in how we handle their complaints.”

Drawing on real-life examples, she stressed that customer service is not only about immediate problem-solving but also about how institutions respond to customers’ issues.

“Even when you cannot provide an instant solution, how you respond matters. It makes the customer believe that you genuinely care and are interested in helping,” she said.

According to Mrs. Asante-Asiedu, complaints lodged with the Bank of Ghana increased from 695 in 2023 to 743 in 2024, representing a 7 percent rise. She expressed concern that many of these could have been resolved internally by the banks if more attention and collaboration had been shown within institutions.

“Sometimes, you may not have the answer, but someone in another department might. Internal collaboration is key to delivering the level of service our customers deserve,” she added.

Turning to the issue of digital transformation and fraud, the Deputy Governor highlighted that while technology has enhanced access and convenience, it has also introduced new risks. The Bank of Ghana’s Fraud Report recorded 16,733 cases in 2024, up by 5 percent from the previous year, with total losses nearing GH¢100 million.

Equally alarming, she said, was that 33 percent of the fraud cases involved bank staff, underscoring the urgent need for stronger ethics, vigilance, and internal controls.

“This is very concerning and calls on all of us, not just compliance officers, to be more intentional about ethics, discipline, and oversight. We must ensure that technology is not a tool for vulnerability but for trust,” Mrs. Asante-Asiedu stressed.

She urged banks to make cybersecurity an integral part of their operations, emphasizing that no level of innovation or customer service quality can compensate for weak security systems.

“Cybersecurity must be embedded in the DNA of every bank, not only in infrastructure but in every transaction and system update,” she said.

Mrs. Asante-Asiedu encouraged financial institutions to take advantage of the Bank of Ghana’s regulatory sandbox, designed to help banks and fintechs test innovative solutions safely before deployment.

She concluded by reiterating that service excellence, innovation, and security can only thrive through collaboration and shared responsibility across all levels of banking operations.

“It’s not just the job of the compliance officer or the head of risk; it’s everyone’s job,” she affirmed.