Over three decades, GTBank has grown to become one of Africa’s most successful brands and enjoys a massive youth following due to its innovative and forward-thinking approach to customer engagement and financial services. Marketing reports and studies have primarily shown that the bank commands a strong and positive reputation among Nigerian customers.
Lately, however, customers have been voicing out their dissatisfaction about its service delivery. By the end of last week, it appeared that the frustration with the bank had boiled over.
Experts surveyed by Culture Intelligence from RED, a leading think tank on media, marketing and the culture, believe that customers simply want more from their banking experience and it appears they are not getting it. With competitors not differentiating themselves in terms of branding and service delivery, customers would find it difficult to terminate their relationship with the bank.
“Bank account holders desire ease, convenience, excellent customer service, and they want to be certain that their money is safe,” said a culture expert who also works in the financial sector. “Is GTBank the only financial institution that can provide this for Nigerians? No. But what has built such a strong reputation for the Bank are other ‘assets’ that have met customers’ intrinsic or acquired needs.”
Among financial institutions on the continent, GTBank currently commands the largest social media following. In 2019 alone, the Bank claimed to have hosted over 700,000 people at the GTBank Food and Drink Festival and The GTBank Fashion Weekend.
“The current bank customer does not measure their brand trust solely on money deposits and financial transactions; banking has become a lifestyle and an experience,” another culture expert explains. “The single explanation is value, and the customer gets to define what it means to them. It is the one thing that keeps them coming back – even when there are minor issues that the customer feels can easily be addressed by the institution. It’s about the relevance, and the Bank has successfully identified its core audience, invested in assets to improve its brand loyalty chain and transformed them into brand advocates”.
The weekly What The Streets Are Saying report from Culture Intelligence from RED showed that 54% of our consumer panel still have a positive perception of the GTBank brand, 28% have a negative perception, while 18% are neutral. Asked if they were aware of the adverse reactions among customers or had experienced the bank’s recent network issues, 55% answered in the affirmative.
Culture Intelligence from RED supports companies, governments, and change makers with data-backed insight for evidence-based decision-making. It aggregates the ideas, opinions, and behaviours of consumers to solve problems and identify growth opportunities.