Don’t believe otherwise. All Nigerian banks are the same. They have the same products. They merely give the products different names. They have the same banking software. Although one software is sexier than the other. They have the same managers. But some earn fat salaries; others earn learn salaries. The banks’ corporate logos and brand identities may differ but it is the same gloss. As such, the banks have the same ambience, the same look and feel, and the same facade. Because of these similarities, the characters of their environments are not inviting.
Although many of the banks have invested in sexy water dispensers and thinner plasma television, these acquisitions do not have a reassuring effect on the nerves of a frustrated customer. Besides, many of the banks sited their headquarters on the Lagos Island. Others are on the mainland. One of them recently relocated to Lagos in order to join the party. Anyway, because a bank’s headquarters is nestling on another side of town does not make the bank smart. All bank customers have a resemblance. Some are frustrated; others are yet to be frustrated.
Meanwhile, I am sure you know that we have three types of banks in Nigeria. Some banks are indigenous. Some are foreign. Others are mixed. The mixed is jointly owned by foreigners and Nigerians. The foreign ones are fully owned and controlled by foreigners. However, some bank customers do not care about the heritage of the bank. They just want to be served properly. That is why some of the customers visit another branch in another side of the city to get good services. Others are contented with the mainland ethos. The staff, however, have no say in this matter. Some are married, the majority are single.
If the Nigerian banks shift in their thinking, the smallest action will increase customer experience. This will in turn increase customer satisfaction. Then, some banks will stand out.
Aside from this, you do not need an oracle to understand the difference between the local banks and the ones abroad. The Nigerian banks pursue a cash deposit. The foreign ones approach customers with a credit facility. For instance, some colleagues were in Kenya to attend a Fintech conference. At a dinner with the hosts, a bank manager offered a business loan to my colleagues.
The manager’s goal was to make it easy for the “businessmen to run a profitable business”. Shocked, the Nigerians refused the loan offer. The manager was stunned. The hosts laughed hysterically. When everything calmed down, the host introduced the Nigerians. Then, everybody laughed some more. However, what happened in Nigeria recently is not a laughing matter. A mixed bank is not a good example of banking. The bank was out to frustrate the customer from the onset. This is the story.
Your corporate account was dormant. It was activated. Know your customer mandate and other official shenanigans were done. You had to do endure the paper process because the fund was expected to hit the account. You know, the survival of many people was tied to the fund. Therefore, you did what was required to ensure the account was okay. Then, on the verge of transferring the fund into the beneficiaries’ accounts, #EndSARS protest erupted in Lagos. Gosh! Not now, please. Can you postpone the protest to another day? You prayed silently. You didn’t get an answer because the protest forced the bank branch to close shop. You were advised to visit another branch. You did. Then your frustration mounted.
To verify your signature, the bank verification number [BVN] status was compulsory. It is a Central Bank of Nigeria [CBN]’s standing instruction. You placed your index finger on the biometric machine. It read your fingerprints in seconds. But, not so fast. Sorry, your BVN status was incorrect. Your names were not placed in the “correct position”. Your middle name was missing. To find this, you must return to the originating bank. That is not a problem. You shunned the luxury of your car and flagged down a motorbike. You were in another bank.
The customer service personnel requested your “government-issued identity card” that “captured your middle name”. Your driver’s license sufficed. He returned your driver’s license. You need a “sworn affidavit” document to back your request. He told you without blinking. Time was 4 pm! Your legs felt like lead. Cold sweat streamed down your armpits. The nearest court was miles away. You flagged down another motorbike and disappeared. You made it to the court premises. But the “commissioner of the oath” has left!
It was a Friday. What’s the solution? The court clerk collected the document. You left and waited for another 48 hours in frustration. On a Monday, with the affidavit in hand, you got to the bank. The BVN was corrected. Did you hear him say it would be ready in two to four hours? You smiled. Time dragged slowly. Sensing your restlessness, the bank teller called. “Madam, your BVN would be ready in 24 hours!” Then your heart skipped a beat!
With eyes closed, questions tumbled in your mind. What has happened to technology? Why can’t I correct my BVN via a link? Why can’t it be delivered to me via SMS? Why wait for 24 hours when I need it now? Who has turned a BVN technology into a slow-moving train? Why can’t the Nigeria Inter-Bank Settlement System [NIBSS] open the application programming interface? Why can’t we allow young brains to innovate around the BVN? Frustrated, you trudged out of the banking hall. You headed home. The sun tingled your eyes.
In Retail Banking Trends and Predictions 2017 report, improving the customer experience is a top priority for banks around the world. Nigerian banks should adopt the same focus.
An old shrivelled man shuffled past you with his guide. He had come for BVN verification. You are too frustrated to give the man and his situation a thought. But, technology could have saved the day. Anyway, the BVN was perfected. You were back in the first bank. “Please come with me”. The bank manager approached you. Seated in his office, he told you tales. The bank branch could not respond to the email. #EndSARS protest caused the delay. He told you sweetly as if he was describing his birthday cake.
As a lady, you were too frustrated to talk. Meanwhile, the other people who relied on the funds for survival had sent you stinkers. You are a fleece! One of the short messages insulted you. This came after you have explained the scenario to the fund-owners. Anyway, on the second week after the #EndSARS protest, you called the bank manager. You couldn’t shout. All you needed was to transfer the funds to the leeches. Get on with your life. So, on this sunny day, you sauntered into the banking hall. Your goal was to get the transfer done. After another four frustrating hours, it didn’t happen. You were close to tears. What happened? The BVN impasse is alive. It is quite frustrating.
If it is difficult to amend, can technology make it easy? If technology is not working, can we innovate around it and make it better? Nigerian banks do not think so. It is evident in the way customers are approached. It is evident in their customer engagement. It is evident in the manner the customer is treated. For Nigerian banks, customer experience is the battlefield. Banking is a customer-facing industry. Technology can help. But it needs trust to thrive.
According to The Financial Brand, customer experience results in customer satisfaction and retention. Nigerian banks need to rethink their customer experience initiatives. In Retail Banking Trends and Predictions 2017 report, improving the customer experience is a top priority for banks around the world. Nigerian banks should adopt the same focus.
This is because most bank customers are knowledgeable. They are demanding. They are tech-savvy. They have high expectations. If the Nigerian banks shift in their thinking, the smallest action will increase customer experience. This will in turn increase customer satisfaction. Then, some banks will stand out. Until then, all the Nigerian bank are the same. Please, don’t believe otherwise.
*Olaegbe ([email protected]; Tweet @RarzackO; Skype:rarzackolaegbe).
