April 12th, 2024

VERDE National Retail Banking Survey 2024: Overall satisfaction of 78.7% across all primary banking institutions
96.4% of consumers would recommend their primary banking institution, according to the latest wave of VERDE’s Retail Banking Sector Report. The overall satisfaction score stood at 78.7%, while the overall level of trust stood at 79.3%.
The survey results also report that the use of ‘fintech’ which includes a growing use of apps on smartphones by customers has increased. When considering the growth of digital and online tools, a growth of 10.3% in usage is expected over the next 3 to 5 years, an acknowledgment of the role technology is playing in promoting financial inclusion. 80.7% of consumers use mobile banking to manage their bank account at least once a month, while 8.6% use mobile banking every day.
The data released today also indicates that 33.1% of consumers utilise more than 1 banking institution, a trend that is expected to continue over time.
Venna Pavaday, Founding Partner, commented, “At a time when customers can almost switch banks with a tap of their screens, rapidly evolving customer expectations are today threatening the relevance and growth of banks. Customers are today looking for personalised experiences that are fun, engaging and consistent across all channels. The ability to leverage large volumes of data and integrate new technologies to understand customers’ journeys and deliver personalised offers and experiences is therefore now critical to driving loyalty, engagement and, ultimately, growth.”

About the Survey
The survey was conducted by VERDE Frontier Solutions Ltd. The data collection took place during the period 12th August to 30th December 2023 and a nationally representative sample of more than 875 individuals was obtained through face-to-face interviews to get an in-depth understanding of consumers’ experiences and perceptions of the retail banking sector in Mauritius. Results from the full survey have a margin of error of plus or minus 4 percentage points.

About VERDE Frontier Solutions Ltd (‘VERDE’)
VERDE is a management consulting practice with capabilities as a full-service strategic research and corporate finance advisor. Incorporated in 2015, VERDE specialises in the latest research methodologies and most innovative offerings, ranging from data consulting, surveys, modelling, data-driven communications and corporate finance advisory.

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