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Co-op Bank Tops Brands With Strongest Customer Loyalty In Kenya

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Ajua’s third quarter Customer Loyalty Benchmark Report has revealed some of Kenya’s most exceptional brands in nine industries. According to the report these are the brands that customers want to give repeat business because they genuinely listen to them and have built products that solve cater to their needs.

In addition, these brands empathise with customers and, most of all, solve their problems. The companies in the report were ranked using the Net Promoter Score (NPS), a globally recognized customer experience metric.

In Q3 2021, Kenyan consumers in the banking industry mainly looked at customer service, interest rates and convenience as the three main reasons to stay loyal to their banks. The banks rated top three by Kenyans were KCB Bank, which scored a Net Promoter Score (NPS) of 36, Co-operative Bank was second with an NPS of 35 and Equity Bank a distant third with an NPS of 21.

A Co-operative Bank customer interviewed in the survey talked of “low-interest rates, readily available loans even to small scale retail business” as the big attraction to the bank.

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This new achievement comes barely a month after Co-operative Bank was named the best bank in Kenya at this year’s African Banking Awards 2020 organised by EMEA Finance in November. The EMEA (Europe, Middle East and Africa) Finance Awards recognise financial institutions that continue to increase profitability, deliver affordable credit to the retail and wholesale markets, and support local and transnational corporations do business.

Co-op Bank has also been at the forefront of innovation in delivery of services through e-commerce card-based online payments as well as internet banking.

Meanwhile, Kenya’s top 3 Mobile Money Lenders in the Ajua third quarter 2021 report were KCB-MPESA with an NPS of 27, followed by M-Shwari with an NPS of 27, and Safaricom’s Fuliza with an NPS of 19. Consumers in this industry chose a lender based on their interest rates, repayment period, speed and efficiency.

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In the insurance industry, Britam Insurance ranked highest with an NPS of 30, UAP Old Mutual Insurance with an NPS of 22 followed by Jubilee Insurance with an NPS of 19. The main reason Kenyans picked an insurer were, customer service, premiums and the speed and efficiency of dispensing claims.

In the Telco industry, Safaricom ranked best in customer experience delivery with an NPS of 39, followed by Telkom with an NPS of 33 and Airtel with 24. Customers in this industry opted to subscribe to a provider largely due to their network coverage, customer service, speed and efficiency.

“Consumers in Kenya are more empowered than they’ve ever been,” says the report, “they’ve got options and the web has made the markets even more competitive. Businesses can no longer afford to give services adequately; they now have to be intentional and go the extra mile to get customers to actually love their brand.”

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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