Accounting firm, KPMG Ghana, has said despite the financial sector clean-up embarked by the Government in 2017 that saw the collapse of some nine banks in the country, majority of Ghanaians (71 per cent) are still willing or more likely to keep their monies with banks.
Fourteen per cent of the respondents interviewed noted they would keep their monies with Fund Management Companies with 6 per cent saying they would keep their monies at home with them.
This is according to the October 2020 Banking Industry Customer Experience Survey released by the firm.
On the issue of confidence in banks, 40 per cent of those interviewed noted they still have confidence in banks, with 51 per cent stating their neutrality. Only 10 per cent said they had no confidence in the banks.
The statistics provided by the firm, confirms the renewed confidence in banks by Ghanaians and corroborates the BoG’s assertion of growth in total deposits after the clean-up exercise as it stated that total banking sector deposits increased to Ghs 78.90 billion in October 2019 from Ghs 67.38 billion in October 2018.
The clean-up exercise which commenced in August 2017, led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, eight finance house companies, two non-bank financial institutions and most recently the revocation of the licences of 53 Fund Management Companies.
The survey undertaken by KPMG focused on retail banking in the country and seeks to provide insights for banks on heightened customer experience and expectations during this era of Covid-19 and how banks can take advantage of the insights provided to inform their customer strategies and digital transformation agenda for growth and profitability.
The survey by KPMG focused primarily on the performance of banks in six areas namely; Expectations, Integrity, Resolution, Time and Effort, Personalisation and Empathy.
Banks in the area of customer expectations scored 76.5 per cent – the highest – but scored 65.9 per cent – the lowest – in the area of integrity.
