BrandArena: Agusto & Co. Releases 2019 Consumer Digital Banking Satisfaction Index Report

Monday 4 November 2019

Agusto & Co. Releases 2019 Consumer Digital Banking Satisfaction Index Report

...Assigns ‘4 star’ ratings to two banks in Nigeria

Agusto & Co Limited, leading Pan African credit rating agency in Nigeria for over 26 years has released its 2019 Consumer Digital Banking Satisfaction Index report which highlights customer's preferences and attitude towards digital banking platforms provided by banks in Nigeria.

This Index in its second year was carried out following an extensive online and offline consumer survey carried out by Agusto and Co. Limited across various geopolitical zones in Nigeria. The survey was designed to gain an insight into the behavioural patterns of the respondents, these respondents were selected from both the formal and the informal sector.

The output of the Index is based on information provided by respondents on the top eight banks in Nigeria by total assets as at 31 December 2018. Two banks were assigned a ‘4 Star’ rating for Consumer Digital Banking Satisfaction of which Zenith Bank Plc scored the highest, emerging the ‘Best Digital Bank in Nigeria’.

The ‘4 Star’ rating assigned to Zenith Bank Plc reflects transaction success rates, ease of use, perceived security and good troubleshooting & IT resolution on its different digital platforms. The Index revealed that Zenith Bank Plc has the highest transaction success rates on the bank’s digital banking platforms such as mobile app, USSD (Unstructured Supplementary Service Data) or web; the bank’s respondents experienced the most ease in navigating through the digital platforms, the bank has one of the highest number of customers who felt it has excellent rating on IT issue resolution.

However, the Index indicated areas where the respondents requires an improvement on the services enjoyed on the various banks’ digital platforms. These areas include improvement on the interface of the various platforms, improvement on the success rate of transactions, enhanced security measures on the digital platforms and reduction in charges for frequently used services such as airtime and data top-up.

According to Agusto & Co, the objective of this Index is to create an independent appraisal of the ease of using digital banking platforms by the Nigerian populace following increased competition by banks on digital platforms as well as the growing quest for financial inclusion using digital means. As a research and credit rating agency, we seek to provide banks with credible information on how best services can be improved for customers. We believe the findings from this survey will provide banks in Nigeria insights and suggestions on ways to enhance customer experiences on digital banking platforms.

For over two decades, Agusto & Co. has provided investors with invaluable information and sound financial analysis, promoting transparency and best practices. Its clientele base spans major international corporations as well as key domestic operators. The report is available online at

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