Stanbic IBTC Bank Tops Retail, Corporate Banking In Nigeria

Stanbic IBTC Bank Plc, has been named the leading bank in the retail and corporate banking in Nigeria by the KPMG 2022 Nigeria Banking Industry Customer Experience (CX) Survey,

Stanbic IBTC Bank occupied the first position with a 73.8 CX score out of 100 in the retail segment and sustained the leading position for the second consecutive year. Time and effort were the drivers of the impressive performance in the retail category, and the bank outperformed its peers in this regard.

Stanbic IBTC Bank, which held the top position in the retail and SME segments last year, performed well across key customer journey areas, particularly in resolution – a key area of improvement for the industry where customers rated banks on timeliness and quality of feedback on issues as well as the ability and ease of reporting issues and concerns.

Moving up five places compared to last year’s report, Stanbic IBTC Bank also emerged as this year’s leader in the corporate segment with an 80.9 score out of 100 and received great feedback on the depth of their relationship managers’ knowledge in key sectors.

The report revealed that Stanbic IBTC successfully closed the gap in digital banking, emerging as a clear leader in the industry .

Speaking on these achievements, chief executive, Stanbic IBTC Bank, Wole Adeniyi, said: “the primary goal of the bank is to forge lasting relationships with its clients by offering timely, creative, and valuable solutions that benefit them. We are fully committed to serving Nigerians with top-notch financial services.”

According to Wole, “2022 has been remarkable for us at Stanbic IBTC. Asides from these good standings revealed by the KPMG report, the globally renowned credit rating agency, Fitch Ratings, also reaffirmed the retention of our National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ ratings for the Stanbic IBTC Group and Stanbic IBTC Bank respectively.

“The National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ Ratings are the highest possible ratings on Fitch’s rating scale, and we were rated high based on the potential support from our parent company, Standard Bank Group, based in South Africa. We play a vital role in Standard Bank Group’s main operations in West Africa, and we retained our ratings based on our size and high operational integration.”

Wole noted that “the organisation’s competitive position, good risk profile, healthy funding, and liquidity position also facilitated its upgrade in the Global Credit Ratings (GCR).

“The national scale long-term issuer rating assigned to Stanbic IBTC Bank PLC was upgraded to AAA(NG) from AA+(NG) and the national scale short-term issuer rating was A1+(NG), indicating a stable outlook and making Stanbic IBTC Bank the only financial institution in Nigeria with the rating.

Wole attributed the astounding performances of the organisation to the dedication and hard work of its workforce and the tenacity of the firm to continue to play vital roles in Nigeria’s economic development.”

He stated that Stanbic IBTC would not relent in developing sustainable solutions that ensure customers’ delight and the company’s success in the Nigerian financial services spectrum.