Stanbic, FCMB, UBA, Wema Top Retail, Consumer Banking – KPMG

Latest KPMG Nigeria Banking Industry Customer Experience Survey scored Stanbic IBTC, First City Monument Bank, (FCMB), United Bank for Africa (UBA) and Wema Bank as top performers in the retail and consumer banking landscape.
The report, which examined customer experience across six critical pillars, highlighted the evolving priorities of Nigerian banking customers and the growing competition between traditional banks and fintech disruptors.
According to the report, Stanbic IBTC maintained its position as the highest-rated retail bank for the fourth consecutive year. The bank received accolades for its enhanced mobile app features, including a budgeting tool and improved security measures, which resonated strongly with customers. Despite this achievement, Stanbic recorded a nearly three-percentage-point decline in its overall customer experience score compared to the previous year, pointing to the need for further enhancements in mobile app reliability.
FCMB secured second place in the retail banking rankings, its first top-five finish in six years, as the bank’s efficient transaction processing and swift customer support responses were key drivers of this improvement. Customers particularly appreciated its efforts in addressing transaction-related concerns effectively.
UBA rose to third place, supported by positive feedback on its user-friendly digital platforms and chatbot services, which were praised for their effectiveness and ease of use. Meanwhile, Wema Bank tied with UBA, marking a milestone in its customer experience journey. Both banks earned recognition for their strong relationship management and the reliability of their digital offerings.
In the SME segment, Stanbic IBTC retained its leadership, excelling in personalisation and addressing key challenges in delivering tailored services. Wema Bank and UBA also earned recognition for their strong relationship management and adaptive digital features.
Commenting on the report, UBA’s group managing director and chief executive, Oliver Alawuba, noted that the “recognition is a testament to our ability to turn aspirations into achievements and challenges into victories. At the heart of this success lies our unwavering commitment to the Customer First (C1st) philosophy. It is not just a slogan but the essence of who we are. Through C1st, we have redefined customer satisfaction, delivered value, and earned the trust and loyalty of our clients.”
Alawuba, who credited UBA’s success to the dedication of its employees, said, “From retail branches to corporate offices, from technology teams to front-line staff, every effort contributed to this extraordinary transformation. I extend my heartfelt gratitude to our exceptional team for making this possible.”
According to the GMD, UBA has for several years, placed its customers at the centre of its operations, guided by its six pillars of Customer Experience: including Integrity- Building trust through honesty; Resolution- Promptly addressing customer concerns; Expectations-Anticipating and exceeding customer needs; Time and Effort- Simplifying processes to save time; Empathy- Demonstrating genuine care and understanding as well as Personalisation- Delivering tailored solutions.
KPMG’s findings suggest a pressing need for traditional banks to innovate and differentiate their service offerings. The close gap in customer experience scores between the top-ranked and eighth-ranked banks reflects a largely undifferentiated market. Securing account information and delivering on expectations emerged as the most critical drivers of satisfaction, emphasising the importance of robust digital capabilities.
The corporate banking segment witnessed a resurgence of industry heavyweights, with GTBank reclaiming the top spot for the first time in seven years. Zenith Bank and Access Bank tied for second place, lauded for their proactive client relationship management.