WhatsApp Banking provides financial services to bank customers through use of messaging app, WhatsApp. The services include funds transfers, airtime purchase, bill payments, balance enquiry, account opening, etc.
This setup was meant to making banking transactions seamless. However, this platform seems not to be effective. Through a survey, it was observed that only one per cent of the estimated 208 million persons in Nigeria subscribed to WhatsApp banking and other virtual platforms.
Three issues were responsive for the poor patronage and they are security concerns, longer time to complete transactions and service charge for platform usage.
Nigeria has the eighth, largest telephone subscriber base in the world and is Africa’s largest telecommunications market. This position is upheld by increasing affordability of voice and data tariffs, regulatory reforms and consistent upgrade of network coverage.
Also noteworthy is the increasing affordability of smartphones that is driven by the proliferation of relatively affordable phone brands.
Furthermore, the prolonged stay-at-home order following the outbreak of the COVID-19 pandemic has forced a shift from legacy banking to consumers’ usage of various digital settlement systems available.
Based on the digital banking satisfaction index’s parameters, Guaranty Trust Bank Plc recorded the highest user experience score of 49.9 per cent, underpinned by comparably higher transaction success rates, ease of navigation and perceived security strength of digital banking channels.
First Bank Nigeria Limited scored the second highest at 46.7 per cent, while Fidelity Bank Plc was a close third with a user experience score of 38.8 per cent.
Transaction success rates, ease of navigation on the platforms and the quality of troubleshooting and IT support were strong ranking factors amongst respondents.
Nevertheless, no bank was rated abysmally for their platforms reflecting operators’ substantial investments in digital banking technology in the past few years.
As reported by Business post, the Agusto & Co Consumer Digital Banking Satisfaction Index in its fourth edition, examines customers’ preferences towards digital banking platforms hosted by selected banks in Nigeria.
The Index comprises a survey and a scorecard, which ranks coverage banks based on consumer feedback. The survey respondents were a combination of banking consumers across demographics in Nigeria albeit with a focus on ‘upcountry’ sample respondents mainly located in Abuja, Kano, Kaduna, and Port Harcourt.