The Kenyan banking sector is making strides in customer satisfaction, with the latest findings from the 2024 Banking Customer Satisfaction Survey indicating increased trust and loyalty among customers. The Kenya Bankers Association (KBA) officially launched the Banking Industry Customer Satisfaction Report 2024 on February 12, 2025, at the Radisson Blu Hotel in Nairobi.
Key Highlights from the Event
The launch event attracted notable industry stakeholders, including David Kibet Kemei from the Competition Authority of Kenya (CAK) and Ahmed Farah from the Kenya National Chamber of Commerce and Industry.
Survey Scope and Participation
The 2024 survey saw unprecedented participation, with 37,471 respondents, the highest number recorded since the survey’s inception in 2018. This extensive dataset provided deep insights into evolving customer preferences and banking experiences.
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Key Insights on Banking Trends in Kenya
Customer Satisfaction
• 80% of respondents are satisfied with their banking services.
Digital Banking Preferences
• 56.49% favor digital and mobile banking.
Reasons for Bank Switching in Kenya
• Poor customer service: 47.3%
• High fees: 46.0%
• Limited service access: 42.5%
Banking Service Preferences
• Self-service options (mobile apps, internet banking) are preferred by 56.5%, up from 45.7% in 2023.
• Human-assisted services (call centers, in-branch support) rose to 22.26%, up from 16.5%.
• Indifference to service type dropped to 21.3% from 37.9%, indicating clearer preferences.
• Call-based support continues to decline, with contact centers scoring the lowest.
• ATMs fell to 5th place in 2024 from 4th in 2023 (17.7%).
• Card payments and cash deposit machines remain stable but lag behind digital options.
Industry Performance and Improvements
• The industry’s Net Promoter Score (NPS) climbed from 37.7% in 2023 to 44.0% in 2024, reflecting stronger customer loyalty. Over 58.1% of customers actively recommend their banks.
• Mobile and internet banking remain the top-rated channels, both scoring 6/6 in customer satisfaction, with over 56% favoring them for convenience and 24/7 access.
• Banks improved issue resolution efficiency, addressing 75.44% of complaints within two days, up from 66.4% in 2023.
Top Banks in Customer Experience
The 2024 Banking Customer Satisfaction Survey recognized several banks for their excellence in customer satisfaction across different categories:
- Best Overall Bank in Customer Experience: KCB Bank Group
- Second Best Overall Bank: NCBA Group
- Third Best Overall Bank: Equity Bank Limited
- Best Tier 2 Bank: Family Bank Ltd
- Second Best Tier 2 Bank: National Bank of Kenya
- Third Best Tier 2 Bank: Prime Bank
- Best Tier 3 Bank: ABC Bank
- Second Best Tier 3 Bank: HFC Kenya
- Third Best Tier 3 Bank: Kingdom Bank Limited
- Most Improved Bank Overall: Absa Bank Kenya