Some banks’ adverts in Nigeria ‘re misleading, deceptive, CMC survey

Ojinta Ojii

CMC Connect LLP has revealed that some of the banks’ adverts in Nigeria are misleading and makes their banking services look so easy to access but the opposite is the reality.

According to a recent survey by the Strategy & Intelligence Service unit of Nigeria`s leading Perception Consulting firm, also revealed that, “Consumers do not have enough information and understanding about banks products”.

“Banks”,   it   says,   “must   be   painstaking   in   providing   much   needed   information   and understanding on their products and services. They must stop making customers feel they are doing them a favour and manage customers with utmost respect and empathy. Customers have alternatives.

”The public presentation, titled “Customers’ Perception of Banking Products and Services in Nigeria” was presented by Team Lead, Strategy and Intelligence, Ms Vanessa Ezenwafor,  and hosted by Head, Digital PR Strategy Desk, Ms Oiza Balogun,  at a webinar on Wednesday, December 6, 2023.

The survey report delved into the thoughts and emotions of Nigerian banking customers, revealing their perspectives, preferences, and expectations as they entrust their financial well-being to the country’s banking institutions.

Chairman of Odu`a Investment Company Limited, Otunba Bimbo Ashiru while presenting his opening remark, expressed his satisfaction with the detailed survey reports.

He congratulated the firm and emphasized the need for Nigerians to embrace banking culture, citing its potential to reduce the incidence of armed robbery.

In his words, “Now it is time for us in this country to imbibe the culture of banking, because it will reduce level of armed robbery”.

President of the Association of Corporate Affairs Managers of Banks (ACAMB), Mr. Rasheed Bolarinwa, who was also present at the webinar, emphasized the importance of Nigerians adhering to due process when encountering banking issues.

He discouraged the practice of banking customers venting frustrations and expressing discontent on social media, suggesting a more measured approach such as making use of the bank’s customer’s complaints platform created by every bank in Nigeria. Furthermore, he extended congratulations to the firm and lauded their effort to conduct such an extensive survey.

In   her   conclusion,   Miss   Ezenwafor   posited   that,”   In   today`s   dynamic   banking   landscape, customer perceptions are vital metrics that shape the industry`s future.

“This survey underscores the importance of understanding these perceptions and acting upon them.   To   remain   ahead   of   the   competition,   banks   must   embrace   digital   transformation, elevate the quality of customer service, and foster greater trust through transparency and responsiveness,” she stressed.