14% Ghanaian consumers either switched or planned to switch banks in 2023 – KPMG survey

In a notable shift, 14 percent of Ghanaian consumers either switched or planned to switch banks in 2023, a one-percent increase from the previous year, as revealed by the 2023 KPMG West Africa Banking Industry Customer Experience Survey.

KPMG, in its report, underscored the high-interest rates and fees imposed by commercial banks as the primary drivers for this trend, followed by concerns regarding turnaround times for inquiries and requests, as well as the proximity of bank branches.

While this dynamic presents an opportunity for new banks to strengthen their foothold and cultivate robust consumer relationships, the challenge persists with interest rates hovering around 35 percent.

“Data from our survey indicates that 9% and 14% of Nigerian and Ghanaian respondents respectively have switched or plan to switch their primary banks, highlighting the challenge for newcomers to establish relationships,” portions of the KPMG’s report read.

Notably, in the second quarter of 2023, most commercial banks demonstrated positive turnarounds following the Domestic Debt Exchange Program (DDEP).

This research, marking KPMG West Africa’s inaugural combined customer study, represents the 17th consecutive edition in Nigeria and the 4th in Ghana, shedding light on diverse value-seeking behaviors across customer segments.

KPMG, in its report, further urged banks to remain resilient by redefining their values to meet the demands of contemporary consumers.

“For banks to not only weather the storm but also emerge as trusted partners in the financial journey of their customers, they must recognise the multifaceted nature of customer value and incorporate emotional nuances. It is through this holistic approach that banks can redefine value, ensuring resilience and relevance in ever-evolving economic landscapes,” KPMG said.

Click here to read the 2023 KPMG West Africa Banking Industry Customer Experience Survey

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