MALAYSIAN Retail Banking Industry Customer Satisfaction Survey 2019

A Malaysian Banking Industry Customer Satisfaction Survey (CSS) was conducted in 2019 with the main objective to assess and elevate the customer service standards provided by retail banks in Malaysia.

Net Promoter Score (NPS) is used as the main measurement for the Survey. NPS measures customers likelihood to recommend a company to a friend or family members. The results of the Survey show that the current Malaysian banking industry’s NPS stands at +41; with 54% Promoters, 33% Passives and 13% Detractors. The NPS score is at a healthy level, with all participating members recording a positive NPS. The NPS score of +41 outperforms the Global Ipsos NPS banking benchmark of +30, driven by a significantly higher Promoter base. Marginal differences can be seen in the NPS scores between the Conventional banking and Islamic banking with each reported an NPS of +39 and +41 respectively.

Customers’ main reasons to recommend their respective banks were Staff attitude and service, Products/ Procedures and Branch related experiences. For higher NPS score, banks need to ensure that services rendered are more consistent across all touchpoints as currently inconsistencies are observed. Besides consistent service deliveries; Online banking (especially user friendliness) is another key area of focus for improvement. Further heightened by the rising importance of digital due to the current Movement Control Order.

Malaysian bank customers’ Overall Experience Satisfaction (top 3-box) towards their banks is high at 81%, and it is consistent across both Conventional and Islamic banking. Satisfaction remains high, above 80%; across many of the touchpoints with the least satisfied are the Contact Centre (71%) and the Social Media (78%). Satisfaction towards products are also high, with the lowest scores recorded is 80% for Credit Card and Fixed Deposit.

The overall experience delivered to the customers has been identified as the main driver for recommendation, hence, it is critical for the banks to ensure that the customers’ satisfaction is met.

Banks can further elevate NPS by driving more of an emotional attachment with customers; and creating further engagement with the industry. This can be achieved by making customers feel valued, respected and worthy of special treatment which will help to strengthen relationships.

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MALAYSIAN Retail Banking Industry (Customer Satisfaction Survey) 2019