The Ghana Association of Banks (GAB) has charged financial institutions to make customer loyalty a key priority in strengthening service delivery.
This follows the release of the 2024 Ghana Customer Satisfaction Index Report, which revealed low loyalty levels in the banking sector.
Speaking to the media after the report’s launch by the Chartered Institute of Marketing Ghana (CIMG), GAB Chief Executive Officer, John Awuah, urged banks to step up their efforts in building stronger customer relationships.
Other performance metrics and assessment points were strong. However, the customer loyalty index was not encouraging for the industry. This indicates that customers are not entirely loyal to their banks, largely because many of them are multi-banked,” he explained.
“Banks therefore have a responsibility to make their customers more committed to their brands. If each institution works to retain its best customers, overall service standards across the industry will improve. Next year, I would like to see the customer loyalty index rise from 45% to around 60%,” Awuah added.
Meanwhile, CIMG President, Michael Abbiw, highlighted the significance of the report, noting that it provides banks with valuable insights into industry performance and areas for improvement.
This report allows banks to clearly see how they are delivering on customer satisfaction and loyalty. It helps them identify their strengths, while pointing out areas that require improvement. With this information, banks are better positioned to enhance service delivery and ultimately achieve higher satisfaction scores in the coming years,” he said.
The 2024 report further revealed that many customers continue to spread their accounts and services across multiple banks. According to GAB, this trend underscores the urgent need for financial institutions to strengthen customer engagement and retention strategies.
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