Zimbabwe Banking Sector Customer Satisfaction Survey November 2020

Introduction

This survey focused on gauging the level of customer satisfaction in the Zimbabwe Banking Sector. Like all commercial entities, banks rely on customers for survival. In the competitive banking industry, banks need to differentiate themselves from other banks by providing high-quality customer service.

Industrial Psychology Consultants (Pvt) Ltd does not hold itself liable to any derogatory comments and or opinions expressed as part of and through this survey. Our objective, however, is that this report may be used constructively towards creating a competitive financial services sector that satisfies its customers.

Summary of Key Findings

1. The Overall Zimbabwe Banking Sector Customer Satisfaction Index is 62%. This suggests that in every 10 of the Banking Sector customers, 6 are satisfied with the services provided by the banks. Please note that this number includes those that were not willing to disclose the name of their bank. This figure therefore would not be aligned to the weighted index calculated as an average of each bank.
2. Stanbic Bank has the highest weighted score on customer satisfaction of 60% followed by NED Bank (53%), CBZ (52%) and FBC (55%).
3. The Bank brand contributes more (75%) to the overall customer satisfaction compared to other dimensions.
4. 76.01% of Zimbabwe Banking Sector customers have low confidence in the local currency.
5. Turnaround time (which include queues, notifications etc.) is what most (49%) respondents dislike about their banks.
6. Stanbic Bank was rated as the bank with the best call centre among all banks in Zimbabwe.
7. The results show that participants rate Nedbank as the best bank when it comes to resolving customer queries.
8. Of all the banks in Zimbabwe, Nedbank was rated as the best in terms of turnaround time at their branches.
9. Standard Chartered Bank was rated as the provider of the best technology which serves customers in the Banking Sector.
10. Standard Chartered Bank was rated as the most trustworthy and the best brand bank in Zimbabwe.
11. Standard Chartered was rated as the provider of best products and services to customers in the Banking Sector.
12. 75% of the participants are satisfied with the brands of their banks, whilst 25% are not.