11.11.2024
The consumers are crying for quality banking services in Zambia as they complain to be spending unecessary elongated hours on unending queues just to access banking services in most commercial banks across the country. This undesirable experience is assuming domain against the backdrop of Zambia’s series of phased up implementation of the Financial Sector Development Plan (FSDP) since 2006 aimed at addressing various weaknesses as well as broadening and strengthening the country’s financial system. According to a recent snap-shot survey conducted by a researcher and Zambian economist, Dr. Kelvin Kamayoyo (2024), targeting commercial banks operating in Lusaka city, Kabwe and Mongu towns for a period between July and October, 2024 revealed that there were frequent long queues during lunch working hours and the last week of every month, a trend that is on a negative trajectory thereby irritating the consumers of banking services.
The survey randomly sampled about 60 respondents drawn from the aforesaid geographical areas and 98 percent of the total respondents indicated that when seeking banking services long queues are a not uncommon experience especially during lunch working hours and the last week of every month. They further expressed concern that some commercial bank tellers were too slow at serving customers and some branch bank managers often would allow a few over the counter desks to remain without any bank teller to serve the customers. Furthermore, the survey revealed that 76 percent of the respondents indicated that during this same period some Automated Teller Machines (ATMs) were not functioning or were undergoing adhoc maintenance servicing thereby inducing unecessary long queues on the few ATMs actively operating and also inside the commercial bank premises.
The snap-shot survey embraced efficacy research principles and relied upon phenomenology research methodology in order to gain in-depth insight into consumer experience and perception about customer care in the banking industry. The data collection was guided by 360-degree feedback theory anchored on observations and narrative analysis. The 360-degree feedback theory was effective in gathering feedback from anonymous consumers about their experience and perception on the quality of service offered by commercial banks in the target areas. Notwithstanding, the 360-degree feedback theory is multifaceted and is often used in human capital management to assess performance of employees at the place of work by gathering information from various individuals. The data collected was analysed through an impartial thought process characterised by contextual insight, thematic analysis and phenomenological reduction.
The survey is essentially a social litmus test about the commercial banks’ customer care and service delivery in Zambia. Nonetheless, the concerns raised by consumers regarding quality of service provided by commercial banks based on the sample representation tend to suggest that the digital banking revolution of decades long have not significantly strengthened the banking systems and as such a great deal still need to be done in the industry. Going forward and expressed without intent of coercion, a number of strategies ought to be embraced by the commercial banks in order to further improve customer care and service delivery, such as; spreading the financial literacy week campaigns to all communities across the country; implementing employee resourcing strategies that helps the bank match the skills required for a full-scale utilisation of digital shared platforms and e-commerce; tap into the country’s skilled youthful population; and embrace a responsive workforce planning and forecasting systems. In conclusion, the snap-shot survey was conducted as part of pro-bono contribution towards consumer protection advocacy and for education purposes by the author who is a researcher, economist and scholar.
For comments or if you need the author to conduct a market analysis or consumer satisfaction index in any industry in Zambia, please contact on email: [email protected]
