Kenyan banks have made significant strides in customer satisfaction, driven by increased digital banking adoption and improved service efficiency, according to the Kenya Bankers Association (KBA) Banking Customer Satisfaction Survey 2024.
The industry’s Net Promoter Score (NPS) has increased to 44% in 2024, up from 37.7% in 2023, reflecting a stronger commitment to enhanced service delivery, digital banking innovation, and customer-centric solutions.
The survey, which gathered responses from 37,471 bank customers, found that 51.82% of respondents rated their banking experience as “excellent,” marking a rise from the previous year. Digital banking in Kenya remains the preferred mode of interaction, with mobile and internet banking securing top scores. However, customer service challenges and high banking fees continue to impact satisfaction levels.
“Findings from this survey provide critical insights into customer expectations and experiences, helping banks enhance service delivery while strengthening trust and loyalty. Notably, digital banking adoption is rising, reaffirming Kenya’s position as a global fintech leader.” said Raimond Molenje, CEO of KBA.
Kenya’s position as a global leader in fintech innovation is reflected in the survey’s findings. More than 56% of customers now prefer self-service banking channels such as mobile apps and internet banking, highlighting the growing demand for convenience and 24/7 access to financial services.
While digital platforms continue to thrive, physical bank branches remain relevant, with some customers still preferring in-person interactions. The survey found that bank branches ranked third among preferred channels, reinforcing the need for a balanced approach to service delivery.
The survey revealed a notable increase in customer loyalty, with promoters likely to recommend their bank rising to 58.1% from 54.8% in 2023. Banks such as KCB Bank, NCBA Bank, and Equity Bank emerged as the top institutions for customer experience.
However, challenges persist. Poor customer service and high banking fees were cited as the primary reasons for switching banks, with 47.3% and 46.0% of respondents respectively highlighting these concerns. Additionally, complaint resolution efficiency remains an area for improvement, despite 75.44% of customers reporting that their issues were resolved within two days an improvement from 66.4% in 2023.
The survey also underscored the importance of financial inclusion, revealing that 10.63% of respondents require special accommodation such as braille or screen readers to access banking services. Encouragingly, 93.04% of those requiring special accommodation reported being able to use digital banking services independently.
In today’s rapidly evolving banking landscape, delivering exceptional customer experiences is not just an operational priority, it is a strategic imperative. This Banking Customer Satisfaction Survey is designed to serve as a cornerstone of the banking industry’s customer-centrism, providing deep insights into how the banking public perceives, and rates the industry’s products and services.
The banking Customer Satisfaction Survey is an annual flagship initiative designed to capture valuable insights from the banking public, providing a robust foundation for understanding customer perceptions and expectations. Conducted online using the SurveyMonkey platform, the survey leverages a simple random sampling technique, renowned for its methodological rigor.
This approach significantly minimizes sampling biases and systematic errors, ensuring the data is not only representative but also highly generalizable to the broader population of bank customers across Kenya. By adhering to these principles, the survey offers a credible and actionable snapshot of customer satisfaction trends within the banking sector.
As the banking sector continues to evolve, the focus remains on enhancing digital banking platforms while maintaining strong customer service and competitive pricing. The survey suggests that banks investing in technological innovation and personalized service offerings will be best positioned to sustain customer satisfaction and loyalty.
Kenya’s banking industry stands at a crossroads, balancing technological advancement with customer-centric strategies. As digital banking adoption accelerates, banks must navigate the challenge of ensuring quality service while expanding financial inclusion to all segments of society.
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