The majority of respondents (43%) in Kenya surveyed would go for Equity Bank when first considering to open a bank account.
A tracker conducted by Kasi Insight in March 2021 and 2022 revealed that majority of respondents (43%) in Kenya surveyed would go for Equity Bank when first considering to open a bank account. This is followed by 36% who would go for Kenya Commercial Bank and 34% Cooperative Bank of Kenya.
There is a consensus across segments when it comes to the first bank to be considered apart from Baby Boomers who prefer Cooperative Bank as the first choice and Equity Bank as the second choice. Additionally, Kenya Commercial Bank is preferred by male and young bankers (Gen Zers). While more males 36% prefer Kenya Commercial Bank, more females prefer Cooperative Bank of Kenya and have it as a second choice after Equity Bank.
Good customer service drives bank retention in Kenya
The majority of respondents surveyed (40%) agreed that their main bank had the best customer service. This was closely followed by those that believed that their bank helped customers achieve their goals (39%) and those with a wide network of agents or branches (bank size) were at 36%.
Across segments there are differences in what consumers associate with their main bank. For female consumers, customer service comes first followed by bank size and goal achievement. For males, ‘achieving goals’ comes first, followed by customer service and bank size.
Across age groups, Baby Boomers consider customer service comes first followed by customer treatment and achieving goals. For Gen Xers bank size comes first followed by customer service then goal achieving and for Millennials, – goal achieving, customer service then bank size.
Further, more than 80% of respondents are satisfied with their main bank’s customer service and products. Only 20% are not satisfied. There is room for traditional banks to improve their customer service in order to retain or attract new customers. Across segments, there is an agreement as majority of the respondents surveyed whether young or old were satisfied.
Kenyan banks should be vigilant to curb competition from mobile money providers
Banks should work on their customer service. Majority of respondents surveyed prefer banks that have proper customer service. Though mobile money providers have customer care services, they may not be as well established as those of traditional banks which ensures that one goes physically to the banks premises to be served.
Incorporating mobile money services may improve their market share. When it comes to the sole bank that respondents pick for financial services, Kenya Commercial Bank comes in second. With time, more consumers will prefer using M-PESA services as opposed to the traditional banks. Banks like Kenya Commercial Bank have incorporated the KCB M-PESA which has contributed immensely to its growth in the country. The rest of the banks should follow suit.
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