GTBank, Zenith, Access, First bank, UBA get some Love on Valentine’s Day

Love is in the air and Nigerian bank users have spoken. ‘Who is the love of your life? Who is your crush? Your side boo? Your worst ex? Who will you break up with?’ Here at Ciuci Consulting, our annual banking report – What Retail Banking Customers Want for 2020 has started on a ‘love note’ with the #BankLoveChallenge.

This challenge was conducted to discover the love-hate relationship between Nigerians and their banks. The favourite banks of respondents across all age groups were listed with the reasons why they melt their hearts and fill their tummies with butterflies. The survey conducted by Ciuci Consulting in partnership with The Guardian used a random sample of 1,023 respondents across Nigeria. The results showed that the top 5 most loved banks are GTBank, Zenith Bank, Access bank, First Bank and UBA.

Most Loved Banks
It is that time of the year when hearts flutter unreservedly and almost everything we do is painted with love. Ciuci Consulting’s annual banking report on what Nigerian banking users want has seen a consistent perception ranking – with a few exceptions – of top tier banks over the years. The #BankLoveChallenge results saw respondents across all age groups and gender reveal GTBank, Zenith Bank, Access Bank, First Bank and UBA as the top five most loved banks at 32.75%, 12.71%, 12.12%, 9.97%, and 7.14%, respectively. The respondents stated convenience, reliability and customer service as their reasons for having such strong feelings for these five banks. Access Bank and GTBank also topped the side boo category at 17.20 % and 17.01%, respectively.

Never Want To Date Banks
As much as Valentine’s Day is centered on love, there is no denying the flipside: heartbreaks, breakups, and relationships which just did not work out. For banks they are never going to be caught messing with, respondents selected Ecobank, Access Bank, and Union bank as the top three banks they will never date at 12.51%, 10.71% and 7.43% respectively. Surprisingly, in what seemed like a complicated love affair, a similar number of respondents chose Access bank as the love of their lives, the bank they will never date and the bank they will never go back to. Respondents listed challenges regarding convenience, customer service, reliability, turnaround time and innovation as their major reasons.

GTBank and First bank are also in the category of banks that respondents of certain age groups would never date. For Generation Z (under 21), Access bank, Polaris bank and Unity bank topped the list, while Ecobank, Access bank and Union bank topped the list amongst Millennials (22 – 37). For Generation X (38 – 53), Union Bank, Unity Bank and GTBank were ranked top 3, while GTBank, First Bank, and Zenith bank were ranked top 3 for Baby Boomers (54 – 72).

‘Shoot Your Shot’ (Bank Crush)
Respondents also highlighted the banks they admire, but are not currently banking with. Zenith bank topped the crush list with 19.26%, while GTBank, Standard Chartered, Access bank and First bank rounded up the top 5 at 15.54%, 8.90%, 7.04% and 7.04%, respectively.

Word From The Streets
The following are comments made by the respondents who were interviewed:

A number of respondents were neutral in their choice of banks and were not loyal to any as they felt they are all the same. Banks such as Globus, Heritage, Providus, and SunTrust were not chosen in any category because as some respondents said they were unaware of them.

Nigerians attach pretty strong emotions to the banks they use. While some bank customers are loyal to their banks, others plan to leave their banks for different reasons. The insights gathered from the survey revealed that Nigerian bank customers want their bank experience to be as timely and seamless as possible.

We are just in the 2nd month of the year and corporate goals are yet to be fully activated so there is room for improvement. To gain deeper insights on what Nigeria’s bank users want across all age groups and customer segments, look out for Ciuci Consulting’s 2020 banking report, which will be published later this year.