Digital services, customer satisfaction put CIB in the lead

Daily News Egypt
5 Min Read

Digital services have become indispensable in the banking sector, significantly influencing customer satisfaction levels. Reliability, comprehensive service offerings, extensive branch networks, and seamless digital channels are key factors driving customer satisfaction.

CIB: Technology Investment Drives Customer Satisfaction

The Commercial International Bank (CIB) tops Business News’ customer satisfaction index, a testament to its reputation among companies, who voted it second in the “Net Promoter Score” sub-index with a 29% approval rate. CIB’s continuous investment in technology, constituting 50% of its total capital expenditure (CapEx) in the past year, along with its robust communication channels and extensive ATM network, has contributed significantly to its positive standing. The bank conducted 73 million transactions, reflecting a 35% growth from 2021.

By the end of last year, CIB’s customer base reached 1.9 million, including 1.7 million mobile banking users and 1.3 million internet banking users. Customers conducted 7.6 million phone banking inquiries.

NBE: Widespread Presence and Strong Relationships Drive Satisfaction

The National Bank of Egypt (NBE) comes in second in the customer satisfaction index, benefiting from its extensive market presence, the largest ATM network, and strong relationships with companies. It received positive votes in the “Net Promoter Score” sub-index with a 27.7% approval rate, securing the highest number of votes due to its extensive customer base.

According to previous data from NBE, its customer base exceeded 18.5 million, representing 44% of the banking sector’s clients. The bank invested approximately $500m between 2018 and 2022 to enhance its technological infrastructure.

Kuwait National Bank: Technology Expenditure Pays Off

The third position in the index goes to Kuwait National Bank, garnering favourable votes in the “Net Promoter Score” sub-index and having the second-highest technology expenditure as a percentage of total investment.

Abu Dhabi Commercial Bank-Egypt: Balancing Branch Network with Technology

In fourth place is Abu Dhabi Commercial Bank-Egypt, earning the fifth position in company voting. Despite its lower ranking in branch coverage with ATMs compared to its peers, the bank compensates with higher technology spending.

HSBC: Reliability and Quality Prevail Despite Technology Spending Gap

The British HSBC, while losing its lead in the customer satisfaction index due to insufficient information about its technology spending, is commended for the reliability and quality of its services. It maintains a spot among the top five banks for customer satisfaction, particularly with its shift toward digital-only platforms, including recent initiatives such as digital trade financing.

HSBC secured the first position in the “Net Promoter Score” sub-index, measuring companies’ satisfaction with the banking services provided, with a positive vote of 38%. Over 500 companies participated in the survey.

In its annual report, HSBC reported an 8% growth in its customer base during the past year, reaching 252,000 clients. The bank focused on employee service solutions for companies, attracting 80 new corporate clients.

Overall Trends: Digital Channels and Technology Investments Key

Overall, banks that succeeded in improving the quality and speed of their services, ensuring reliable digital channels, received favourable evaluations from surveyed companies. Some companies opted to transfer their accounts to smaller banks that placed them in a higher customer tier, ensuring better service.

Net Promoter Score: HSBC Leads, CIB Follows

The Commercial International Bank secures the second position in the “Net Promoter Score” sub-index, following HSBC. NBE comes next, followed by EG Bank. Abu Dhabi Commercial Bank-Egypt and NBK-Egypt tie for the fifth position with equal percentages of 26.31%, while SAIB Bank closely follows with 26.19%. Bank of Egypt holds a percentage of 24.73%, with Abu Dhabi Islamic Bank rounding out the list with approximately 23.8%.

Digital Channels: Mobile and Internet Banking Widespread, Interactive ATMs Limited

Most banks have launched digital communication channels, including mobile and internet banking, and mobile wallet services. Interactive ATMs have limited deployment, but Banque Misr and NBE plan to introduce them soon.

Accessibility: ATMs Tailored for Persons with Disabilities

Following Central Bank directives, most banks have introduced ATMs tailored for people with disabilities, enabling them to conduct banking services.

Branch Coverage per ATM: Faisal Islamic Bank Leads

Faisal Islamic Bank leads in the list of banks with the most branch coverage per ATM, with an average of 13.9 machines per branch. HSBC follows

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