The latest Kenya Bankers Association (KBA) Banking Customer Satisfaction Survey 2024 highlights significant progress in the banking sector, with improved digital services, rising customer loyalty, and a growing preference for self-service banking. However, challenges such as high fees and customer service concerns remain.
Banking Trends and Customer Preferences
The banking sector in Kenya continues to evolve, with digital banking leading the way. Mobile and internet banking are the most popular choices among the 37,471 customers surveyed. A significant 56.49% of customers have embraced self-service banking, highlighting the growing digital trend in the industry.
Customer loyalty is also on the rise, with 58.1% of respondents classified as promoters, up from 54.8% in 2023. The Net Promoter Score (NPS) increased to 44.0%, indicating stronger trust and satisfaction with banking services. Customers are leaving their banks primarily due to poor service and high fees.
Banking and Digital Transformation
Digital banking remains a strong driver of customer satisfaction. The survey shows that mobile apps and online banking received top ratings, with 42.86% of customers prioritizing mobile banking functionality. Despite this, accessibility remains a concern, with 10.63% of respondents requiring special accommodations such as braille or screen readers to access banking services.
Additionally, 75.44% of customer complaints were resolved within two days, up from 66.4% in 2023, demonstrating improved operational efficiency. However, long wait times and service delays impact overall satisfaction levels.
Banking: Future Outlook and Recommendations
The survey findings emphasize the need for banks to balance digital innovation with improved customer service. Key recommendations include:
- Enhancing digital banking platforms for accessibility and user-friendliness.
- Addressing high transaction fees to improve customer retention.
- Strengthening customer service strategies to reduce complaints and wait times.
- Expanding financial inclusion efforts to cater to diverse customer needs.
With the correct strategic focus, the banking sector can continue to build trust, enhance customer experiences, and drive financial inclusion in Kenya. The Kenya Bankers Association remains committed to supporting innovation and excellence in the industry.