Nearly two years on, the COVID-19 pandemic is still a major feature in our daily lives and more so in our interactions with brands. Last year, we saw extensive shifts in customer behaviour and corresponding responses from organisations. More customers – including many first-time users – adopted digital channels while banks and other organisations adjusted their operating models in response. Some of those shifts will be long-term as we have continued to see significantly high levels of digital channel adoption. However, it is difficult to say exactly how these trends in customer behaviour and engagement will eventually settle as the operating environment continues to remain uncertain.

What is certain though is the unprecedented level of change within Nigeria’s financial services industry over the last 24 months as banks, fintechs and increasingly non-banking players compete to transform the market. The emergence of new business models in banking such as embedded finance and the shift towards platforms and ecosystem-based models are changing the way value is offered to customers. As such, it has never been more important for players to go beyond the traditional banking account or transaction-based view of the customer to one that acknowledges the multidimensional nature of the Nigerian customer.

To this end, our research this year expands on the assessment of the banking customer experience to offer wider insights on the Nigerian consumer. We have adopted KPMG’s “Five Mys”, a framework to help navigate the complexity of consumer decision making across five key dimensions of customer behaviour – motivation, attention, connection, watch and wallet. Considering any one of these dimensions in isolation tells only one aspect of a customer’s story. Together, however, they enable companies to navigate the complexity of consumer decision making, and build a richer understanding of changing attitudes, needs and behaviour.

On the banking experience front, our 15th consecutive annual customer experience review reveals improvements in the SME and wholesale banking segments while the retail segment recorded a marginal decline in the overall customer experience score. This year’s leaders demonstrate digital banking excellence and have adapted well to higher transaction volumes and complaints. In the wholesale banking segment, they are seen as partners to corporates and move quickly to address their needs and exceed them.

In the report, we explore, in more detail, key priorities for corporates such as transaction banking support as well as the payments experience for retail customers. We hope that these insights offer value to both banking and non-banking organisations with interest in the Nigerian market.  Access the complete survey here in PDF format...

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