24.3% of Mauritians Use Mobile Banking Apps Daily

A recent study by VERDE, a market research company, has identified the three key criteria for choosing a primary and secondary bank: market information feedback, reliability, and customer service. The study provides an overview of the banking sector for 2023.

The banking sector is undergoing a transformation, moving from traditional to a more advanced and innovative form.

This shift has led to increased competition among market players. Consumers are increasingly expecting service providers to understand their personal needs and offer tailored solutions.

Data showed that customer service has become as important as costs and fees in ensuring customer loyalty to their bank.

The study highlighted that Mauritius Commercial Bank Ltd is the leader in the primary banking sector, with a market share of 62.1%, while SBM Bank (Mauritius) Ltd is the leader in the secondary banking sector, with a market share of 43.2%.

SBM Bank (Mauritius) Ltd maintained the oldest relationships with its clients, while new customers primarily choose Absa Bank (Mauritius) Limited as their first bank.

Over the years, 16.8% of consumers have terminated their relationship with their bank.

Furthermore, users of SBM Bank (Mauritius) Ltd are the least likely to have a secondary bank, with 70.6% of consumers using it as their sole financial institution.

The strongest growth in usage has been observed for loans, deposits, and credit cards.

Long waiting times and difficulties in getting responses are the main problems faced by customers, although complaints remain rare across all banks, with a high resolution rate.

The study notes that younger generations prefer easy and fast banking operations without waiting time, while older generations prefer human interaction, such as phone or agency interactions.

The use of email and mobile applications is expected to increase significantly over the next three to five years.

According to customers, banks should provide more facilities, discounts, and flexibility and improve their customer service, train their staff, and communicate more effectively to increase their market share.

In summary, the study emphasized the importance of customer service, reliability, and market information feedback in choosing a primary and secondary bank.

The banking sector is undergoing significant changes, and banks must adapt to meet the evolving needs of their customers to maintain their market share.

Source: l’Express