Co-op Bank Customers the Most Loyal in the Banking Industry – mSurvey

Customers affiliated with Co-operative Bank of Kenya are the most loyal in the banking industry with a 30 percent score according to a Net Promoter Score (NPS) Industry Benchmark released by mSurvey.

The report disclosed that customer service, transaction fees, and accessibility as the most impactful customer experience themes in which Co-op bank took the top position among the leading Banks in Kenya.

The Kenya Commercial Bank (KCB) came in second with 22 percent while Equity Bank held that third position with 19 percent.

The report noted that KCB’s Mpesa feature and Equity’s innovative Equitel and Eazzy app services were huge sources of delight for customers, in addition to the great customer service which makes them feel valued.

The energy sector had the highest NPS in the 7 industries including Telcos, Digital TV Providers, Banking, Retail/Modern Trade, Insurance, and Health Facilities.

Some of the reasons given for promotion across the top brands which were accessibility across geographies in the country, Customer-centric and friendly staff, and Quality products.

Unfortunately, high prices and fluctuations were termed as the key drivers for detraction yet the factors are not within the companies’ control.

The mSurvey noted that there was a need to inform customers the fact that energy prices are not set by them but by the Energy Regulatory body.

In the Telcos Sector, Telkom Kenya was ranked top for having Affordable and fast data followed by Safaricom Plc and Airtel came in third.

“Telkom improved its Internet service in order to better appeal to the Kenyan millennials, which is its target market, and the high NPS is reflecting this focus,” read the report.

The efficiency of Mpesa and the variety of services and promotions that come with Safaricom were the most mentioned reasons by the company’s promoters.

“However, the increasing number of detractors feel that the experience is diluted by what they say is expensive pricing. There is also a significant proportion who say that data (bundles) are consumed faster / cost more,” noted the mSurvey.

The Airtel experience was described as economical, affordable and cost effective by many on the other hand. The provider’s network coverage, however, was a big impediment to a great experience for many.