Only five banks scored above the threshold of 98% in the 2022 Chartered Institute of Marketing Ghana Customer Satisfaction Index.

This is an improvement over the 2021 edition where only two banks met the threshold.

The survey indicated that Universal Merchant Bank (UMB) topped the list followed by Stanbic Bank and Republic Bank, scoring 99.7% and 99.5% respectively.

However, Absa Bank and First Atlantic bank followed with 97.5% and 96.2% respectively.

CBG Bank, Zenith Bank, GCB Bank Plc, Bank of Africa and SG Bank recorded the least score.

Lead Researcher and Chief Executive of the Consumer Insights Consults Limited, Dr. Ireneus Gundona said banks should improve on 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 the,” he said.

President of CIMG, Dr. Daniel Kasser-Tee, urged the 23 universal banks to subscribe to this report as the findings will be very useful in shaping their decisions and actions on the three important study variables of Service Quality, Customer Satisfaction and Customer Loyalty, and their individual and combined effects on bank performance.

He again advised consumers of the report, particularly the banks, to learn how to put the results to be announced tonight 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".

"It is an established fact that high service quality promotes customer satisfaction, which intend aids in shaping customer behavioural intentions, by way of loyalty, and guarantees positive financial consequences on both the income statements and balance sheets of organisations. Besides this all-important measure, each bank will also be able to determine how they performed against their peers, on the one hand, and the best-in-class on the other, as well as the industry averages", he explained..

Chief Executive Officer of the Ghana Association of Banks, John Awuah, urged its members to be heavy on improving customer service.

“We have seen the report and this will help us in shaping customer service going forward. We will look at the good and improve on it as well as correcting the bad, he opined.

The overall customer satisfaction for remote banking was 88%, while that of total customer loyalty was  81%.