Absa and Zenith top rankings according to Ghana Banking Index

The inaugural Ghana Banking Sentiment Index published by PwC Ghana in collaboration with DataEQ reveals that Absa Bank and Zenith Bank lead in customer sentiment online, with the industry achieving a positive Net Sentiment score. Despite this achievement, the report highlights significant operational challenges impacting the broader industry. 

This year’s Index analysed over 62,400 social media posts about banks in Ghana from 1 April 2023 to 31 March 2024, providing an unfiltered view of public opinion. The study found that Ghana’s banking sector achieved a positive overall Net Sentiment of 10%, outperforming key global markets such as the United Kingdom (-26%) and Saudi Arabia (0%), but lagging behind Kenya (16%) and South Africa (24%). 

Reputational conversations accounted for 77% of the online discussions, driven by bank-initiated marketing campaigns, sponsorship initiatives, and community engagements. However, operational challenges, such as app glitches, failed transactions, and poor customer service response times, significantly pulled down the sector’s Operational Net Sentiment to -24%. 

Leaders in customer sentiment 

Absa Bank and Zenith Bank emerged as leaders in customer sentiment due to their customer-focused strategies: 

• Absa Bank: Praised online for its competitive loan offerings tailored to SMEs, agriculture, and women-led businesses, Absa’s streamlined application processes and favourable timelines resonated with customers, driving positive sentiment. 

• Zenith Bank: Zenith stood out for its innovative digital offerings, particularly its ZMobile app and AI-powered WhatsApp chatbot ZiVA, which were lauded for their efficiency and user-friendliness. 

On Reputational Net Sentiment, Standard Chartered Bank and GCB Bank led the industry, respectively supported by their effective campaigns and community initiatives. 

 Challenges and opportunities 

While Ghana’s banking sector has shown strengths in reputation management, operational shortcomings have created gaps in service delivery. Social media conversations revealed the following: 

• Digital inefficiencies: Complaints about app downtime, login failures, and failed transactions were common. 

• Customer service gaps: Customers expressed frustration with slow response times and inadequate resolution of queries. 

• Transparency concerns: A lack of clarity around fees and charges contributed to negative sentiment. 

Vish Ashiagbor, Country Senior Partner at PwC Ghana, highlighted the critical need to bridge these gaps: “Mapping customer experiences for various service journeys and overlaying these with equally comprehensive employee journey maps will give banks priceless insights into what holds back their potential for providing excellent customer experience. With such insights, banks can develop solutions driven by well-trained employees, agile technology, and seamless processes.” 

Future focus 

Liska Kloppers, Head of Client Strategy at DataEQ, added: “Listening to public opinion on social media provides an unfiltered view of customer feelings, offering invaluable insights that can drive meaningful improvements in service delivery and customer satisfaction.” 

The report recommends a multi-faceted approach for the sector to address these challenges, including enhanced digital platforms, proactive customer service, improved transparency in communication, and an expansion of sustainability-focused efforts to build stronger reputational standing.