Banking on Stability: Do Mauritians Trust their Banks Fully?

A recent report by VERDE, a market research firm, has shed light on the banking sector in Mauritius, highlighting the preferences and concerns of consumers when it comes to choosing a primary and secondary bank.

The report, Banking Sector Report 2024, reveals that while most Mauritians stick to their traditional banking institutions, some opt for alternative options due to various reasons.

According to the report, the MCB (Mauritius Commercial Bank) remains the leading primary bank with a market share of 62.1%, followed closely by SBM Bank with a market share of 43.2%.

The top three criteria influencing consumer choices are market feedback, reliability, and customer service.

Interestingly, SBM Bank has maintained the longest relationship with its clients, while new customers tend to opt for Absa Bank (Mauritius) Limited as their primary bank.

Absa Bank also takes the top spot for communication, followed by MauBank Ltd for reactivity, service level, and corporate responsibility.

When it comes to the reputation of CEOs, Absa Bank’s CEO is the most highly regarded, with 16.7% of respondents naming them as the best. MCB’s CEO follows closely with 14.9%, while SBM Bank’s CEO scores 12.8%.

Notably, customers of SBM Bank are less likely to have a secondary bank, with 70.6% using it as their sole banking institution.

The report also highlighted that there is a negative sentiment towards MCB’s logo among some consumers, who are unaware of its meaning.

On the other hand, consumers generally believe that banks should offer more convenience, discounts, and flexibility, better customer service, and training for their staff.

They also recommended that banks should communicate more effectively and increase advertising to boost their market share.

Overall, the report provided valuable insights into the preferences and concerns of Mauritians when it comes to banking institutions and services.

As the banking sector continues to evolve, it is essential for banks to adapt to changing consumer needs and expectations to maintain their market share and competitiveness.

Source: Defi Media