Nigeria is one of the fastest growing cards market within the Africa region. Billed volumes over 60 percent per annum between 2003 and 2006 and Intermarc Research forecasts annual growth of over 25 to the end of 2008. However, market penetration for e-banking remains minimal. With just below 6 million cards circulating among a population of 140 billion, (actual card market of about 80 million) the opportunity presented by Nigeria is massive.
A rapidly changing economic and demographic outlook, combined with increasing levels of affluence and consumerism, are creating a highly diverse market in Nigeria. Opportunities also present themselves in a variety of customer segments, from mass market and sub-prime to self-employed professionals and high net worth clients. Geographical diversity and low card penetration in semi-urban areas offer further opportunities.
However, one of the Industry's biggest challenges is lack of access to accurate and credible market intelligence as well as independent customer service feedback in the e-banking sector with special emphasis on cards, ATM and Point of Sale on a consistent and sustainable basis.
Intermarc Research has taken the initiative to address this situation by providing critical market analysis, competitor intelligence and customer service feedback on cards, ATM and Point of Sale in Nigeria. We analyze the market using a standard, tried and tested template base on RMS PRISM software to identify and measure current customer relationships with e-banking in Nigeria.
The PRISM software has four specific research output: Prism relationship index, prism customer segmentation, prism attribute maps and prism action plan; all of which has been fully used in conducting this research in a scientific manner.
>> RESEARCH OBJECTIVE
The study objectives were three-pronged:
1. To determine the banks with the highest e-banking performance.
2. Determine the key drivers determining positive performance on e-banking amongst banks
playing in the Nigerian banking industry.
3. To capture customer perception and feed back with respect to e-banking services of their bank.
These three objectives are to be determined based on consumers' opinion.
>> RESEARCH DESIGN::
To address the study objectives, interviews were conducted amongst adult males and females, 18 years and above who reside in selected urban centers in 15 States of Nigeria.
For adequate representation, the six geo-political divides, (using randomly selected representative states of the country), and Lagos was covered.
All required information areas were sectionalized and put in a formalized/structured Format, i.e. The questionnaire.
The questionnaire was then administered to eligible respondents in their respective homes using the face-to-face interviewing approach.
Eligibility of respondents was determined using basic screening questions, ownership/operation of a bank account was key to the study.
For the e-banking evaluation, RMS customized stakeholder research tool tagged PrismTM was used.
>> KEY INFORMATION AREAS:
To accomplish the set out objectives, the
Study focused on key information areas.
These include:
ATM:
Available in many locations
Ease of Usage
Availability of cash in machines
Site Security
Ease of application for cards
Fast to use
Quick in issuing ATM cards
Durability of the card
Debit /Credit Cards:
Easy to apply for cards
Quick in issuing cards
Covers a lot of Transactions
Durability of the card
Telephone banking:
Available in the bank
Ease of Usage
Availability of phone lines
Always gives desired results
>> KEY BENEFITS::
> Information of banks performance and rating in e-banking.
> First hand knowledge of banks performance across e-banking channels in different regions of the country.
> First hand knowledge of performance of competition.
> Information of key drivers of excellent performance in e-banking channel i.e ATMs, POS, Cards.
> Direct customer feed back on e-banking services and products.
> Public awareness Vs usage of e-banking services and products in Nigeria
>> DRIVERS OF e-BANKING
This Output allows us to understand the specific attributes that are driving overall performance to be high or low.
A typical map puts the drivers into nine different quadrants depending on their significance/importance to the industry.
A typical map is shown here:
High Drivers/Drivers: Are very critical for success in e-banking and need to be closely monitored. Every player should seek to perform well for all attributes that are:
High Drivers/Drivers
Implicit factors: These are strong drivers but people are not conscious of them.
Hygiene factors: These are attributes which people claim are important to them but in reality these attributes do not impact on behaviour
Future impact: Those factors that do not have a direct impact on current behaviour but might in the future.
Base factors: Are those factors that are important for a brand to achieve average performance in the category.
>> BANKING SERVICES AWARENESS::
Awareness for the various banking services rendered by Nigerian banks is mostly limited to the traditional banking services, such as operating various accounts 99% of respondents are aware of savings account, while 92% are aware of current account and 72% local money transfer.
However amongst the more modern banking services such as electronic banking, only ATM emerged as the most popular with 96% awareness and ranking above current account and slightly below savings account.
(Note that these are all traditional banking services that has been around for decades before the advent of ATMs and General e-banking services. All the others recorded relatively low level of awareness, find out details in the research report.
>> 5 ways to order
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CALL 01-4721160, 2623770 OR 4367125
EMAIL:
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POST:
Intermarc Consulting
2nd Floor, 161B, Raufu Taylor Close,
Off Idejo Street, Adeola Odeku,
Victoria Island,
Lagos.
FAX:
+234 1 262 3770
Price N175,000
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