In the 2022 Chartered Institute of Marketing Ghana Customer Satisfaction Index, only five banks achieved a score exceeding the 98% threshold.

This marks a notable improvement compared to the 2021 edition, where just two banks managed to meet the threshold.

The survey, conducted by the Chartered Institute of Marketing in Ghana, revealed that Universal Merchant Bank (UMB) claimed the top spot, with Stanbic Bank and Republic Bank following closely with scores of 99.7% and 99.5%, respectively. ABSA Bank and First Atlantic Bank secured the next positions with scores of 97.5% and 96.2%, respectively.

On the other hand, CBG Bank, Zenith Bank, GCB Bank Plc, Bank of Africa, and SG Bank received the lowest scores in the survey.

Lead Researcher and Chief Executive of Consumer Insights Consults Limited, Dr. Ireneus Gundona, stressed the significance of elevating customer service to fortify the financial sector. He conveyed, "While banks have performed commendably, as indicated in this report, there is a need for continued efforts to address the ongoing challenges within the sector."

The 23 universal banks were urged to subscribe to this report by Dr. Daniel Kasser-Tee, president of CIMG, as the findings will be very helpful in guiding their decisions and actions regarding the three key study variables of Service Quality, Customer Satisfaction, and Customer Loyalty, and their individual and combined effects on bank performance.

He again advised consumers of the report, particularly the banks, to learn how to put the results to be announced tonight to good and prudent use, adding “they should first look beyond their positions on the various tables to identify how they fared, for each of the 5 dimensions of service quality, overall customer satisfaction and either dimension of customer loyalty”.

Chief Executive Officer of the Ghana Association of Banks, John Awuah, urged its members to be heavy on improving customer service. “We have seen the report and this will help us in shaping customer service going forward. We will look at the good and improve on it as well as correcting the bad, he opined.

A statement from UMB on the achievement noted, “UMB is very proud about this achievement which underscores our 50-year heritage and pedigree in this market. We have prioritized Customer Service and this objective feedback from our customers is gratifying. This validates our strategy of “Knowing2Serve”, Digital 1st and Transparency as our pillars to drive customer centricity. We dedicate our leadership in service to our customers. They are the reason we are, and we commit to continue to serve mother Ghana with S.P.E.E.D., as we have done since 1972. We must also commend the CIMG and GAB for the world-class effort they have put into providing an empirical basis for measuring service in the industry.”

Ghana's financial services and banking sectors are widely regarded as among the most advanced in Africa, overseen by the regulatory authority, the Bank of Ghana. The collective customer satisfaction rating for remote banking services stands at 88%, with an overall customer loyalty rating of 81%.

Customer service, according to salesforce.com, encompasses the support provided by a company to its customers—both before and after they make a purchase and utilize the products or services—aimed at ensuring a seamless and enjoyable interaction with the brand.

The significance of customer service has grown to the extent that it is now recognized as a strategic function for organizations spanning various industries. In the realm of contemporary research, education, and practice, the banking industry has placed significant emphasis on customer service, recognizing it as the pivotal factor for customer acquisition and retention within the sector.