Co-Operative Bank Named Winner – The Co-operative Bank of Kenya has once again clinched the top spot as the Overall Winner in the Banking Industry Customer Satisfaction Survey conducted by the Kenya Bankers’ Association (KBA). This marks the second consecutive win for Co-op Bank, securing victory in the Tier One Bank Category and the overall title for 2022. The comprehensive survey, encompassing over 30,000 customers nationwide, highlights the bank’s commitment to delivering a superior customer experience. In tandem, Family Bank earned recognition as the best tier two bank, with Sidian Bank emerging victorious in the tier three bank category.
Co-operative Bank Managing Director
Co-op Bank’s Group Managing Director & CEO, Dr Gideon Muriuki, expressed their dedication to enhancing customer satisfaction through substantial investments in teams, tools, and technologies. This commitment underscores the pivotal role that customer experience plays in the bank’s strategic vision.
Initiated in 2018, the annual Banking Industry Customer Satisfaction Survey serves as a catalyst for efforts led by the KBA to elevate customer experience standards within the banking sector. Co-op Bank’s consistent success in this survey signals its ability to meet and exceed customer expectations, affirming its position as an industry leader.
The Banking Survey
Notably, the survey shed light on evolving trends in customer banking habits. Over 60% of bank customers in Kenya were found to hold more than one bank account in 2023. Among the 30,000 respondents, 62.6% acknowledged having multiple accounts, with 53.2% managing two or more and 8.2% holding between four to five accounts. Respondents with more than six accounts constituted a minor 1.2%.
The survey also highlighted the growing preference for mobile banking channels, reaching nearly 70% in 2023, up from 67.8% in the previous year. This surge in mobile banking adoption underscores the transformative impact of digitalization on customer interactions.
KBA CEO, Habil Olaka
Habil Olaka, CEO of KBA, emphasized the importance of sustained investments in the digital space. Factors such as increased internet penetration and the availability of affordable, quality gadgets contribute to the success of digital banking channels. Rita Mureithi, Customer Experience Manager at Sidian Bank, highlighted the effectiveness of digital channels in reaching customers quickly. However, she emphasized the continued value of physical branches, affirming their ongoing role in the banking landscape.
In conclusion, the Banking Industry Customer Satisfaction Survey not only celebrates Co-operative Bank’s continued success but also provides valuable insights into shifting customer behaviors and preferences. The evolving landscape of banking requires institutions to navigate the delicate balance between digital innovations and maintaining the relevance of physical branches. Co-op Bank’s triumph reflects its ability to navigate this dynamic landscape while prioritizing customer satisfaction.
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