Nigerian banks and other financial institutions are expected to experience digital transformations to align more with the evolving needs of their clients in 2025, a KPMG report has shown.
The KPMG 2024 Banking Industry Customer Experience Survey revealed that customers anticipate significant improvements in service delivery prior to the reliability of digital platforms that emerged as a pivotal priority in 2024, ranking higher on client importance.
It highlighted that Nigerian banks made strides in launching digital solutions, persistent issues such as downtimes, transaction delays, inadequate relationship manager accessibility, and slow response to queries to reinforce the need for better integrated and customer-focused approaches.
“Many corporate clients expect their banking relationships to evolve in line with the broader economic context in 2025. However, aligning internal processes to support these journeys is crucial to delivering the target customer experience and building trust in their digital offerings,” it emphasised.
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To remain competitive and exceed expectations, banks must go beyond surface-level improvements by implementing these five key steps highlighted by KPMG
Financial Advisory Services
As both economies recover, banks are positioned to play a more strategic role. Over 95 percent of corporates seek advisory services that address economic challenges, provide regulatory guidance and recommend risk management and operational optimisation strategies.
FX Liquidity Solutions
Currency management remains a top challenge, with 44 percent of clients in Nigeria and 53 percent in Ghana citing limited access to foreign exchange. Banks should innovate by offering dynamic hedging tools, forward contracts, and other FX solutions to meet this critical need.
Real-Time Intelligence
Banks must prioritise delivering real-time business intelligence, actionable insights, and timely updates to support their client’s decision-making processes.
Market Analysis and Scenario Tools
About 40 percent of respondents have expressed the need for actionable market insights. In today’s volatile environment, Banks can differentiate by providing advanced analysis tools, scenario modeling and risk assessments to strengthen client decision-making.
Technology-Driven Business Tools
Only 24 percent of corporations currently feel extremely satisfied with their banking platforms’ ability to address operational needs. Leveraging AI and data analytics to offer predictive cash flow tools, integrated liquidity management and enhanced security features can deliver the efficiency clients expect.
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