Nigeria Banking Industry Survey

Created:

2017

Research Type:

Quantitative

Method of Data Collection:

Online Survey

Participants:

Customers of Commercial Banks in Nigeria

Sample Size:

307

This survey is aimed at gaining insight about the Nigeria Banking Industry and measure customer satisfaction among Nigeria Bank Customers.

A well-tailored online based survey was used to gather the responses of 307 randomly selected bank customers. The result reveals that Guaranty Trust Bank holds the highest number of customers among the respondents followed by Access Bank PLC. Guaranty Trust Bank was also the top selected favourite bank in Nigeria with ease of transaction, accessible and effective electronic platform being the two major reasons for the respondents’ choice of favourite bank.

Automated Teller Machine (ATM) is the most used bank service channel while the respondents also identified the long waiting/queue as a major challenge when visiting the banking hall and ATM stands.

About 60.3% (representing 187 out of 307 respondents) of therespondents perform 1 – 3 transactions daily and 57% (representing 176 out of 307respondents) of the respondents operate an account with more than one bank. Nearness to another bank and Zero Account Opening Balance are the top two reasons for this while good customer service and nearness to Automated Teller Machine also contributed to a large extent why bank customers operate multiple bank accounts. 33% (representing 101 out of 307respondents) of the respondents does make use of online banking while more than half ofthose that use the service use it for money transfer. A time saving and easily accessible online banking platform will encourage 69% (representing 143 out of 206 respondents) of therespondents to make use of this service.

What this report contains / List of Figures

  • Figure 1: Location of Respondents
  • Figure 2: Gender distribution of Respondents
  • Figure 3: Age distribution of Respondents
  • Figure 4: Occupation of Respondents
  • Figure 5: Educational level of Respondents
  • Figure 6: Account type
  • Figure 7: How long have you been using bank service?
  • Figure 8: Frequency of visit to the bank
  • Figure 9: Respondents’ bank
  • Figure 10: Favourite bank
  • Figure 11: Reason for the choice of favourite bank
  • Figure 12: Will you recommend your favourite bank to friends, relative and associates?
  • Figure 13: Future bank choice of Respondents
  • Figure 14: Bank services channel
  • Figure 15: Customers experience with customer service representatives and bank cashier
  • Figure 16: Customer’s satisfaction with favourite bank facilities
  • Figure 17: Number of daily transactions
  • Figure 18: Multiple accounts
  • Figure 19: Why do you have multiple account?
  • Figure 20: Challenges of visiting the banking hall
  • Figure 21: Time spent on queue in banking hall
  • Figure 22: Time spent on queue at the Automated Teller Machine (ATM)
  • Figure 23: Have you contacted your bank by telephone in the last one month?
  • Figure 24: How often do you contact your bank on phone in a month?
  • Figure 25: Challenge(s) encountered when calling your bank phone
  • Figure 26: Do you make use of online banking service?
  • Figure 27: Online banking operation
  • Figure 28: Do you trust online banking security?
  • Figure 29: Challenges of using online banking
  • Figure 30: Factors that will encourage the use of online banking services