Banking

KPMG customer survey lists Polaris Bank 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.

With the rating, Polaris Bank moved up five places to sixth position and third under the SME segment, with the bank showing significant improvement in customer ratings.

According to the survey, Polaris 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 the timeliness of resolving POS-related complaints.

Polaris Bank, in third place, was the other new entrant in the top five, among 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.

Speaking on the development via a statement made available to The Star on Tuesday, May 2, Polaris Bank said its award-winning digital bank, VULTe, has been a game changer, making life seamless for personalised and business offerings.

The bank disclosed that over N1.5 billion loans have been disbursed through VULTe to individuals and SMEs to aid personal and business growth in the country between October 2022 and February 2023.

“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 program, 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,” the bank added.

A top civil servant in Abuja, Chibuzor Nwachukwu, was quoted as saying: “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.”

The Star