Audit, tax and advisory provision firm, KPMG Ghana, has told banks in the country to prioritize and accelerate the provision of digital services to clients to remain afloat and relevant in the industry.
According to KPMG, the ‘digital customer’ has been activated and accelerated by the COVID-19 pandemic, hence It is imperative that banks also accelerate their digital services to clients, as doing so has now become “a survival and business sustainability issue” for banks.
KPMG noted that banks that do not accelerate or lag behind in the provision of digital services to clients might not survive for long.
Speaking on the need for banks to accelerate their digital transformation agenda, John Awuah, Chief Executive Officer of the Ghana Association of Bankers, said; “The Covid-19 pandemic has completely changed the banking terrain. Therefore, banks that quickly accelerate their digital offerings are likely to experience growth. As Millennials have in 2020 shifted focus significantly to digital experiences, so should banks do. Banks must think digital and act digital to remain relevant in the future of banking.”
“For the digital laggards, the message is clear- digitise or die,” said Anthony Sarpong, Senior Partner, KPMG Ghana, in the 2020 Banking Industry Customer Experience Survey released by the firm.
The survey which focused on retail banking in the country, 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.