Co-op Bank rated best in service

Co-operative Bank of Kenya offered the best customer service in the first nine months of this year, according to a new survey.

In a mobile feedback survey by M-Survey, Co-operative Bank had a net promoter score (NPS) of 24.3, pipping its lenders in the handling of customers.

KCB came second with an NPS of 21 in a mobile feedback survey that assesses customer loyalty across various sectors.

Although Equity Bank’s overall performance in the nine months under review was poor (16), compared with Co-operative Bank and KCB, it improved significantly in the third quarter, with the lender scoring 21 same as Co-operative Bank.  

NPS is a globally recognised metric which enables businesses to measure their customer loyalty and boost their customer retention.

Co-operative Bank’s good performance was due to its investment in a mass retail service network that seeks to provide reach across the country.

The bank performance was also attributed to its opening of mall branches in the emerging popular shopping malls to enhance banking convenience for customers.

Equity Bank recorded marked improvement in quarter three, according to the customers. “The customers’ improved experience has been driven by the availability of courteous and reliable agents across various parts of the country – this theme and the impact it has on the likelihood of promotion for Equity is significantly different to other banks,” read part of the survey.

NPS for the banking sector was 19 in the third quarter of 2018, against the highest possible score of 100. 1000 mSurvey audience members were surveyed in the period under review. This is out of mSurvey’s audience of 37,000.

The survey found that Airtel, despite having the biggest drop in NPS from 37 in quarter two to 28 in quarter three, according to customers, continues to have the best experience in the industry.