GAB pushes banks to prioritise customer loyalty
By Praisebell Rosemond Larbi
The Ghana Association of Banks (GAB) has called on financial institutions to make customer loyalty a top priority, following new data showing weak client commitment across the sector.
The charge comes after the 2024 Ghana Customer Satisfaction Index Report, released by the Chartered Institute of Marketing Ghana (CIMG), revealed that while overall service quality improved, customer loyalty remained low.
Speaking to the media after the report’s launch, GAB Chief Executive Officer John Awuah highlighted the need for banks to deepen their relationships with customers.
“Other performance metrics and assessment points were strong. However, the customer loyalty index was not encouraging for the industry. This indicates that customers are not entirely loyal to their banks, largely because many of them are multi-banked,” Mr Awuah explained.
He challenged the industry to set measurable goals, adding: “Banks therefore have a responsibility to make their customers more committed to their brands. If each institution works to retain its best customers, overall service standards across the industry will improve. Next year, I would like to see the customer loyalty index rise from 45 per cent to around 60 per cent.”
CIMG President Michael Abbiw stressed the report’s importance as a tool for continuous improvement.
“This report allows banks to clearly see how they are delivering on customer satisfaction and loyalty. It helps them identify their strengths, while pointing out areas that require improvement. With this information, banks are better positioned to enhance service delivery and ultimately achieve higher satisfaction scores in the coming years,” Mr Abbiw noted.
The 2024 findings show that many customers continue to spread their accounts and services across multiple banks, a trend that GAB says underscores the urgency for stronger engagement and retention strategies.
