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Survey Reveals Interesting Banking Trends Among Kenyans

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More than a half of bank customers maintained more than one bank account in 2023, a trend that highlights a growing desire for customised convenience in services and products.

According to the Banking Industry Customer Satisfaction Survey (2023) released 5th March 2024 by Kenya Bankers Association (KBA), the level of bank clients with two bank accounts stood at 53% with the proportion of holders of 2 to 3 and 4 to 5 bank accounts representing 8.2% and 1.2% respectively.

The preference of digital and mobile banking channels to bank branch visits also continued to grow during the period under review, with preference for mobile banking rising to 69.9% from 67.8% in 2022.

Kenya Bankers Association Chief Executive Officer, Dr. Habil Olaka, said the growing trend in multi-banking underscored increasing competition among players in the banking sector in product offerings as well as in customer experience.

“Considering the elevated level of flexibility at the banking public’s disposal, banks that prioritize the needs of customers will continue to have a significant competitive edge over the rest,’’ said Dr. Olaka.

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Further, the survey findings place the access rate to banking services by Persons with Disabilities (PWDs) at 88%. However, 6.5% of PWDs still require a third party to access services, denying the banking population an opportunity to manage their finances independently and equally participate in the economy.

Dr Olaka noted that efforts are underway to address the challenge under the banking industry Persons with Disability Accessibility project. Coordinated by KBA, the project seeks to enable banks to put measures in place that will ensure full and independent access to banking services.

The survey respondents ranked Cooperative Bank as the best overall bank in customer experience, followed by NCBA Bank and Family Bank respectively. In the Tier I category, Cooperative Bank maintained the top position, followed by NCBA Bank and KCB Bank in position three.

Meanwhile, Family Bank emerged best in the Tier II category with National Bank and Prime Bank taking the second and third positions respectively. ABC Bank topped in the Tier III category while Sidian and HFC Bank took the second and third positions respectively.

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