KPMG Survey Lists Polaris As Most Improved Retail Bank

The 2022 KPMG Nigeria Banking Industry Customer Experience survey result has listed Polaris Bank ‘as the most improved Bank under retail segment moving up five places to sixth position and 3rd under SME segment’, with the Bank showing significant improvement in customer ratings.

According to the survey, many customers have commended the Bank for its personalized service, proactive approach to problem-solving, and faster turnaround times.

The survey also revealed that the Bank significantly improved its mobile banking propositions. Customers say that onboarding and the payments experience have also improved. Businesses also rated Polaris Bank highly for the quality of its payment solutions and, importantly, the timeliness of resolving POS-related complaints.

Polaris Bank (in third place) was the other new entrant in the top five, amongst Sterling Bank, Wema Bank, and Zenith Bank. POS-related issues such as timeliness of settlements and resolution of disputes were some of the most critical measures for SMEs this year. GTBank emerged as the leading Bank in the SME segment

Polaris Bank’s award-winning Digital Bank, VULTe has been a game changer, making life seamless for personalized and business offerings. Between October 2022 and February 2023, over N1.5 billion loans has been disbursed through VULTe to individuals and SMEs to aid personal and business growth in the country.

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Polaris Bank’s digital platform VULTe, also achieved an impressive uptime ratio, enabling seamless transactions for its users. This performance has surpassed its competitors and earned recognition from the Nigerian Interbank Settlement Systems (NIBBS). In particular, during the recent currency redesign programme, which aimed to support the cashless policy in Nigeria, VULTe demonstrated exceptional reliability. During a business call with the Bank’s management, NIBBS conveyed its appreciation for VULTe’s excellent performance during this challenging period.

“Polaris Bank has made significant improvements in its digital banking platform, VULTe allowing customers to access their accounts, make transactions, and manage their finances more conveniently and seamlessly. This, has been particularly great, which I found most useful especially during the COVID-19 pandemic, as many customers I know have had to rely on the digital Bank to conduct their daily transactions”, Chibuzor Nwachukwu, a top civil servant in Abuja testified.