2018 Agusto & Co. Consumer Digital Banking
Satisfaction Index
The 2018 Agusto & Co. Consumer Digital Banking Satisfaction Index, comprising a survey and a scorecard, examines customers’
preferences and attitude towards digital banking platforms hosted by their respective Banks.
A focus group of respondents were drawn from the formal and informal sector segments of the economy. Respondents were sampled
from various geopolitical regions within Nigeria including the South-West, South-East, South-South, North-Central and North-West
regions. Respondents were also a combination of students, self-employed and employed customers of various commercial banks in
Nigeria. The data collection technique used was a questionnaire designed to gain insight into the behavioural pattern of the sample
population. The survey focused on issues around service quality and ease of carrying out transactions.
The questionnaire comprised of multiple choice, closed and open ended questions. The questionnaire was administered both
electronically and physically, thus encouraging a wider pool of respondents across the country.
Table of Contents Section One: Profile of Respondents ......................................................................................................................................................... 3
Section Two: Comparative Findings ........................................................................................................................................................... 5
Primary platforms used ............................................................................................................................................................................. 5
Ease of navigating through the primarily platform used ............................................................................................................... 6
Perceived security when initiating transactions ............................................................................................................................... 7
Resolution of IT issues encountered ..................................................................................................................................................... 8
Phishing Activity .......................................................................................................................................................................................... 9
Transaction success rates ...................................................................................................................................................................... 10
Conclusion ....................................................................................................................................................................................................... 12
Table of Figures Figure 1: Gender distribution of respondents ....................................................................................................................... 3
Figure 2: Age distribution of respondents ............................................................................................................................. 3
Figure 3: Distribution of Respondents .................................................................................................................................. 3
Figure 4: Digital Banking awareness responses ................................................................................................................... 4
Figure 5: Primary Platforms used per Bank ........................................................................................................................... 5
Figure 6: Excellent rating on navigation ............................................................................................................................... 6
Figure 7: Good rating on navigation ...................................................................................................................................... 6
Figure 8: Average rating on navigation ................................................................................................................................. 6
Figure 9: Subpar rating on navigation ................................................................................................................................... 6
Figure 10: Poor rating on navigation ..................................................................................................................................... 6
Figure 11: Excellent rating on perceived security ................................................................................................................ 7
Figure 12: Good rating on perceived security ....................................................................................................................... 7
Figure 13: Average rating on perceived security .................................................................................................................. 7
Figure 14: Subpar rating on perceived security .................................................................................................................... 7
Figure 15: Poor rating on perceived security ........................................................................................................................ 7
Figure 16: Excellent rating on issue resolution .................................................................................................................... 8
Figure 17: Good rating on issue resolution ........................................................................................................................... 8
Figure 18: Average rating on issue resolution ...................................................................................................................... 8
Figure 19: Subpar rating on issue resolution ........................................................................................................................ 8
Figure 20: Poor rating on issue resolution ............................................................................................................................ 8
Figure 21: Very Frequent Phishing Activity Noted ............................................................................................................... 9
Figure 22: Frequent Phishing Activity Noted ........................................................................................................................ 9
Figure 23: Occasional Phishing Activity Noted ..................................................................................................................... 9
Figure 24: Rare Phishing Activity Noted ................................................................................................................................ 9
Figure 25: No Phishing Activity Noted................................................................................................................................... 9
Figure 26: Transaction Success Rates per Bank .................................................................................................................. 10
Figure 27: Agusto & Co. Digitalisation & User Experience Score Parameters ................................................................ 11
Figure 28: Index Performance –Top 10 Largest Banks ...................................................................................................... 12
Section One: Profile of Respondents Question 1: Please state your gender Question 2: Please select age category
Source: Agusto & Co.
The age distribution of respondents, is consistent with Nigeria’s demography, which has over 70% of its population below the
age of 40, which represents the youthful and active group of individuals. An increasing proportion of millennials are also captured
within the 18-25 and 26-40 age brackets.
Question 3: Who do you Bank with? (Select one)
Figure 3: Distribution of Respondents
Source: Agusto & Co.
Deductions: The survey respondents cut across 19 Banks, out of a total of 22 commercial banks operating in Nigeria. We however
primarily focused on the top ten banks (by total assets) for the maiden edition of the index. Merchant banks have also been
excluded in this survey on account of their wholesale banking nature. We however recognize that these banks are increasingly
investing in technology to facilitate transactions for both High Net Worth customers and corporates. Customers of the top 5
largest commercial banks Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Access Bank Plc, and Guaranty
Trust Bank Plc, dominated 64.3% of survey respondents.
13.5%12.0%
5.6% 6.3%
12.6%
20.7%
1.8%
9.9%
1.4%
7.7%
Access Bank Diamond
Bank
Ecobank Fidelity Bank First Bank GTBank Stanbic IBTC UBA Union Bank Zenith Bank
Figure 1: Gender distribution of respondents Figure 2: Age distribution of respondents
48.4%
51.6%
46.0%
47.0%
48.0%
49.0%
50.0%
51.0%
52.0%
Female Male
18-2536.7%
26-4051.1%
41-5510.7%
Above 551.5%
Question 3: What online/digital banking platforms are you aware of for your Bank?
Source: Agusto & Co. Research
Overall findings for the exercise indicate that over 50% of respondents are aware of the three major banking platforms - mobile
& App, internet and Unstructured Supplementary Service Data (USSD) platforms provided by banks. Furthermore, customers are
also aware of other digital banking platforms particularly the new wave of Chat banking (Leo by UBA, Tamara by Access Bank,
Ada by Diamond Bank, etc). Services such as EmailMoni, PayWithCapture, ALAT digital bank by WEMA Bank and GAPS, all hosted
by various banks have also been identified by respondents.
Figure 4: Digital Banking awareness responses
54.0%
76.3%
49.3%
8.2%
Internet Banking
Mobile & App Banking
USSD Banking
Other (please specify)
Section Two: Comparative Findings We consider the top 10 largest banks by total assets and analyze the survey results according to responses from customers who
use the respective digital banking platforms.
Primary platforms used
Figure 5: Primary Platforms used per Bank
Source: Agusto & Co. Research
A significant number of respondents use mobile app platforms most frequently, across all banks, followed by USSD banking.
14.14%
11.36%
17.07%
17.39%
11.96%
19.21%
23.08%
20.83%
0.00%
14.29%
60.61%
60.23%
36.59%
41.30%
51.09%
58.94%
38.46%
41.67%
50.00%
48.21%
20.20%
22.73%
34.15%
32.61%
29.35%
17.88%
23.08%
34.72%
30.00%
28.57%
5.05%
5.68%
12.20%
8.70%
7.61%
3.31%
15.38%
2.78%
20.00%
8.93%
0.00%
0.00%
0.00%
0.00%
0.00%
0.66%
0.00%
0.00%
0.00%
0.00%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
Other (please specify) None of the above (If you don't use any) USSD banking Mobile & App banking Internet banking
Mobile &
App Banking
the
preferred
choice
among
respondents
across banks
Ease of navigating through the primarily platform used
Figure 6: Excellent rating on navigation
Figure 7: Good rating on navigation
Figure 8: Average rating on navigation
Figure 9: Subpar rating on navigation
Ease of navigation
remains an essential
factor cutting across
varying age brackets
and literacy levels
Figure 10: Poor rating on navigation
Source: Agusto & Co. Research
Some highlights include:
Access Bank and UBA respondents largely felt ease of navigation was excellent
8.3% of First Bank respondents gave 2/5 for subpar ease of navigation compared to 7.6% of Zenith Bank respondents.
However, while other Banks respondents gave a poor rating for ease of navigation, no respondent of Union Bank and Stanbic
IBTC affirmed such.
36.8%
14.5%
2.5%
11.6%
20.2%
30.7%
23.1%
31.9%
25.0%
20.8%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
32.6%
27.7%
32.5%
16.3%
28.6%
28.6%
38.5%
31.9%
25.0%
15.1%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
23.2%
44.6%
50.0%
55.8%
41.7%
32.9%
38.5%
29.0%
50.0%
54.7%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
5.3%
7.2%
5.0%
7.0%
8.3%
5.0%
0.0%
5.8%
0.0%
7.6%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
2.1%
6.0%
10.0%
9.3%
1.2%
2.9%
0.0%
1.5%
0.0%
1.9%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
Perceived security when initiating transactions
Respondents were asked to rate how secure they felt when initiating transactions on their respective Banks’ platforms.
Figure 11: Excellent rating on perceived
security
Figure 12: Good rating on perceived security
Figure 13: Average rating on perceived
security
Figure 14: Subpar rating on perceived
security
Ability to ensure users
feel secure is key to
attracting and retaining
digital banking customers
Figure 15: Poor rating on perceived security
Source: Agusto & Co. Research
Some highlights include:
37.7% of respondents who bank with UBA as well as 30.8% of Stanbic IBTC gave an excellent rating on perceived security
when initiating transactions, much higher than ratings of peers.
25% of Union Bank respondents did not feel secure giving an indication of subpar perceived security compared alongside
3.2% of Access Bank respondents.
8.4% of Diamond Bank, 7% of Fidelity Bank and 3.6% of GTBank respondents, feel very unsecure using the Banks’ digital
banking platform according to responses.
29.5%
12.1%
12.5%
14.0%
17.9%
25.7%
30.8%
37.7%
25.0%
17.0%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
39.0%
37.4%
27.5%
37.2%
40.5%
35.0%
38.5%
33.3%
12.5%
32.1%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
25.3%
34.9%
47.5%
34.9%
35.7%
26.4%
30.8%
23.2%
37.5%
41.5%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
3.2%
7.2%
7.5%
7.0%
6.0%
9.3%
0.0%
4.4%
25.0%
7.6%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
3.2%
8.4%
5.0%
7.0%
0.0%
3.6%
0.0%
1.5%
0.0%
1.9%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
Resolution of IT issues encountered
In terms of troubleshooting, respondents had a range of responses on how effective and timely technical issues have been
resolved.
Figure 16: Excellent rating on issue resolution
Figure 17: Good rating on issue resolution
Figure 18: Average rating on issue
resolution
Figure 19: Subpar rating on issue resolution
In addition to
availability of service
personnel to address
issues encountered on
digital platforms, timely
and efficient resolution
of issues must be
tracked and continually
improved on.
Figure 20: Poor rating on issue resolution
Source: Agusto & Co. Research
Some highlights include:
19% of Access Bank, 18.1% of Diamond Bank and 17% of Zenith Bank respondents felt issue resolution stood excellent for
their respective bank platforms.
9.3% of Fidelity Bank respondents however indicated complete dissatisfied with resolution of issues encountered while
using the Bank’s digital platform giving a poor rating alongside 7.9% of GTBank respondents, 6% of First Bank and 5% of
Ecobank respondents.
19.0%
18.1%
7.5%
4.7%
11.9%
15.0%
7.7%
15.9%
12.5%
17.0%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
35.8%
37.4%
27.5%
30.2%
42.9%
30.7%
38.5%
36.2%
12.5%
24.5%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
28.4%
24.1%
42.5%
46.5%
27.4%
32.9%
53.9%
37.7%
62.5%
39.6%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
12.6%
15.7%
17.5%
9.3%
11.9%
13.6%
0.0%
8.7%
12.5%
15.1%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
4.2%
4.8%
5.0%
9.3%
6.0%
7.9%
0.0%
1.5%
0.0%
3.8%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
Phishing Activity
Figure 21: Very Frequent Phishing Activity
Noted
Figure 22: Frequent Phishing Activity
Noted
Figure 23: Occasional Phishing Activity
Noted
Figure 24: Rare Phishing Activity Noted
Bogus emails and other
phishing activity has
been noted as an
inevitable global trend
on the back of
technological strides.
Filters and multiple
layers of firewalls are
some of the mitigants
typically adopted.
Figure 25: No Phishing Activity Noted
Source: Agusto & Co. Research
Some highlights include:
The bulk of responses lay in occasional and rare phishing activity noted via emails and text messages.
A significant 23.1% of Stanbic IBTC respondents as well as 7.6% and 7.5% of Zenith and Ecobank respondents respectively
receive such very frequently.
Commendably, 25% of Union Bank 20% of GTBank have not noted any phishing activity higher than peers.
16.8%
19.3%
17.5%
16.3%
4.8%
20.0%
7.7%
21.7%
25.0%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
4.2%
1.2%
7.5%
4.7%
6.0%
5.7%
23.1%
2.9%
0.0%
7.6%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
9.5%
24.1%
10.0%
16.3%
8.3%
16.4%
7.7%
7.3%
25.0%
13.2%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
27.4%
33.7%
40.0%
32.6%
46.4%
30.7%
30.8%
34.8%
25.0%
28.3%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
42.1%
21.7%
25.0%
30.2%
34.5%
27.1%
30.8%
33.3%
25.0%
32.1%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
Transaction success rates Respondents gave an indication of the average success rates of transactions initiated on their respective Banks’ digital platforms.
Figure 26: Transaction Success Rates per Bank
Source: Agusto & Co. Research
Some highlights include:
The highest transaction success rates (100%) were noted by Stanbic IBTC, UBA and Access Bank respondents.
7.5% of Ecobank respondents disclosed low success rates of about 40% and below for transactions initiated alongside 4.8%
of Diamond Bank respondents, 4.3% of GTBank’s respondents and 3.8% of Zenith Bank’s respondents.
22.1%
13.3%
10.0%
2.3%
10.7%
18.6%
46.2%
23.2%
12.5%
18.9%
50.5%
48.2%
37.5%
44.2%
56.0%
57.9%
30.8%
49.3%
50.0%
39.6%
17.9%
27.7%
37.5%
39.5%
27.4%
12.9%
23.1%
23.2%
12.5%
34.0%
6.32%
6.02%
7.50%
11.63%
4.76%
6.43%
0.00%
1.45%
25.00%
3.77%
3.2%
4.8%
7.5%
2.3%
1.2%
4.3%
0.0%
2.9%
0.0%
3.8%
Access Bank
Diamond Bank
Ecobank
Fidelity Bank
First Bank
GTBank
Stanbic IBTC
UBA
Union Bank
Zenith Bank
Below 40% 40% 60% 80% 100%
Transaction success
rates have been
linked to the level
of investments in
systems and
processes limiting
'downtime"
recorded when
transacting on
digital platforms
Consumer Digital Banking Satisfaction Index Agusto & Co.’s 2018 Consumer Digital Banking Satisfaction Index for Nigerian banks takes into account a number of factors.
These include ease of navigation, range of services customers are aware of, range of platforms known by customers, perceived
security strength and transaction success rates, aggregated using various weightings. These factors were embedded in the survey
questions administered, and then aggregated, with responses benchmarked to expected performance indicators developed by
Agusto & Co. score categories are thus defined as follows:
Figure 27: Agusto & Co. Digitalisation & User Experience Score Parameters
Score
(out of 100) Star Rating
User
Experience
80-100 Excellent
70-79 Very good
60-69 Good
50-59 Modest
40-49 Sup-par
< 30 Weak
Parameter Definition
Range of Platforms Known To serve the Nigerian market and its diverse set of users, banks must offer a variety of
electronic banking platforms and alternate banking channels to maximize customer
experience, acquisition and retention. This parameter examines the depth of awareness of
platforms offered.
Range of Services Aware Of
and Actively Used
Here, awareness of various features available to users and how closely their electronic
banking service needs are met in real-time are measured.
Perceived Security Strength This parameter looks at how secure transactions carried out are and how sensitive data is
preserved/protected from fraud and other cyber-attacks. This parameter also takes into
consideration security concerns that result in customers not using certain functions.
Troubleshooting & IT
Support
Internet and Mobile banking platforms are scored on immediate and effective IT support
based on user experiences.
Ease of Navigation This parameter focuses on the functionality of platforms, and to what extent users are able
to understand key features and use comfortably.
Transaction Success Rates An estimated rate of successful online transactions is compared to failed ones as indicated
by users.
Transaction Success Rates
Troubleshooting & IT Support
Range of Services Aware Of and Actively Used
Range of Platforms
Known
Perceived Security Strength
Ease of Navigation
100
Figure 28: Index Performance –Top 10 Largest Banks
BANK
Range of
Platforms
Known
Range of
Services
Aware Of &
Actively
Used
Perceived
Security
Strength
Troubleshooting
& IT Support
Ease of
Navigation
Transaction
Success
Rates
Overall User
Experience
Score*
(100)
Access Bank Plc 5.5/10 12.8/15 17/20 9.3/15 19/20 19/20 82.5
Diamond Bank Plc 4.8/10 12.5/15 12.5/20 8.4/15 15.9/20 14.6/20 68.6
Ecobank Nigeria Plc 4.1/10 12.5/15 10.3/20 4.6/15 13/20 10.6/20 55.0
Fidelity Bank Plc 4.9/10 12.5/15 13.1/20 5.5/15 10.2/20 10.3/20 56.4
First Bank of Nigeria Ltd 5.9/10 12.5/15 16.4/20 9.3/15 18.5/20 18/20 80.6
Guaranty Trust Bank Plc 5.9/10 11.5/15 16/20 6.6/15 19/20 17/20 76.0
Stanbic IBTC Bank Limited 6.8/10 12.5/15 19/20 8.7/15 20/20 19/20 86.0
United Bank for Africa Plc 6.2/10 14/15 17/20 8.8/15 19/20 19/20 84.0
Union Bank of Nigeria Plc 5.9/10 12.5/15 9.5/20 3.7/15 20/20 14.9/20 66.4
Zenith Bank Plc 5.3/10 12.5/15 12.4/20 6.8/15 13.3/20 15.7/20 66.0
*Marginal variances may be noted in the summation of parameter scores vis a vis the total score assigned. These variances are
attributable to rounding up of components of the scorecard.
Conclusion
gusto & Co.’s premiere Consumer Digital Banking Satisfaction Index has provided key insights of Bank customers across
key markets in Nigeria. The results of the survey administered affirm various customer satisfaction levels as rated on a
number of subject matters. We note that commercial banks must pragmatically address customer concerns as highlighted
in the survey, particularly in view of the pace of evolution of digital banking. These include security concerns, customer service
and timely transaction success rates. Furthermore, as revealed by the survey, a significant portion of respondents receive
A
phishing/bogus emails portraying to be their Banks. In our opinion, Nigerian Banks must further augment customer awareness
campaigns on identifying phishing emails/SMS and how to avert being victims of same. Marked strides in deepening customers’
use of digital platforms is critically contingent on improved perceived security, and indeed actual safety when performing
transactions.
The following form a cross –section of customer responses on desired improvements to user experience, per bank.
Acc
ess
Ban
k P
lc •USSD Banking should have better security and be made more reliable
• Improve reversals and resolving refunds on incomplete transactions
•Providing user guides
Dia
mo
nd
Ban
k P
lc •More reliable transactions.
•Reduction in service charges.
•More user friendly
Eco
ban
k N
ig L
td •More security measures
•Mobile app should be easier to use
• Improve speed of transactions.
Fid
eli
ty B
ank
Plc •Improve on the user interface and and make
the enrollment procedure less cumbersome
•An improvement in the speed of processing transactions
Fir
st B
ank
of
Nig
L
td •Integrate a transaction failure complaint option
•An improvement in inter-bank transfer services
•Improved security against scams. GT
Ban
k P
lc •Improve customer service or make resolution of issues easier via a more interactive platform
•Enhance notification process particularly for receiving alerts ontime
•Reduce the cumbersome processes of transactions
•Reduce the rate/level of system down time
Sta
nb
ic I
BT
C
•Improve Encryption and firewall
•Improve customer service
Un
ion
Ban
k P
lc •Improve efficiency and security
•Voice recognition option for security
•Improve user interface
UB
A P
lc
•The bank should give more instructions on mobile banking
•Improve the speed of processing transactions
•Train their support staff to bridge the IT knowledge gap
Ze
nit
h B
ank
Plc •Reduction in service charges
•An effective or improved customer service.
•Speed of transactions.
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