Dr. Kwesi Osei-Yeboah, Head of Financial Stability at the Bank of Ghana, highlighted significant improvements in customer service quality during the Media Launch of the 2023 Ghana Customer Satisfaction Index (GH-CSI) report, hosted by the Chartered Institute of Marketing, Ghana (CIMG).
According to Dr. Osei-Yeboah, customer satisfaction in traditional banking services reached 95% in 2022, signaling excellent service delivery by financial institutions.
He stressed that fair treatment of customers and product transparency are key pillars for sustainable growth in the banking sector, asserting that the Bank of Ghana (BoG) has prioritized customer protection and the equitable treatment of clients through the implementation of regulatory frameworks to ensure financial institutions uphold high ethical standards.
Dr. Osei-Yeboah emphasized that financial institutions must adopt robust procedures for managing customer complaints. This includes tracking complaints with unique registration numbers and resolving them within 20 working days. Furthermore, he called for banks to provide written responses to complainants, including summaries of complaints, outcomes, and information on the appeal process.
In line with promoting financial system stability, BoG’s supervision now also focuses on enhancing customer experiences, encouraging equitable access to banking services, and ensuring financial inclusion. Dr. Osei-Yeboah noted the importance of financial literacy and urged banks to expand education programs, particularly for vulnerable groups.
Fraud protection remains a priority, and he urged banks to improve security systems, adopt multi-factor authentication, and strengthen internal controls. Recent fraud reports have pointed to issues like cash suppression, which Dr. Osei-Yeboah urged banks to tackle head-on.
The BoG official commended the decline in customer complaints by 29% in 2023 compared to the previous year, attributing this success to proactive customer service measures taken by banks. He applauded the industry’s efforts while challenging banks to continue improving service quality and product offerings.
The GH-CSI findings revealed that customer satisfaction scores for consumer and business banking had fluctuated over the past few years. While consumer banking satisfaction stood at 93.8% in 2023, down from 98.2% in 2022, business banking saw a similar decline from 99.5% to 94.8%.
Dr. Osei-Yeboah concluded by urging financial institutions to strive for excellence, transparency, and fairness, reminding the audience that customer satisfaction is central to the success of the banking sector. He affirmed the BoG’s commitment to fostering a customer-centric banking environment, vital for driving Ghana’s economic development.
Source:norvanreports.com