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Agusto&Co’s report indicts banks on poor cyber security of digital services

Leading financial services rating agency, Augusto&Co has released a Five-month survey on banks in Nigeria with a verdict that majority of bank customers are dissatisfied with the performance levels of banks’ digital services.
The study indicated that platforms like Mobile Apps, Unstructured Supplementary Service Data (USSD), Internet banking, among others lack timely upgrades and are usually laced with poor cyber security infrastructure.
The report further noted that majority of Nigerian bank customers are disturbed when failed transactions are not immediately reversed until days after several complains due to inconclusive digital transactions.
The survey titled 2018 Consumer Digital Banking Satisfaction Index Report, 10 of Nigeria’s biggest banks by total assets as at December 31, 2017 were spotlighted, with four of them assigned ‘5 Star’ ratings for customer satisfaction.
In his remarks, the company’s Chief Analyst, Financial Institutions Ratings, Oluyomi Akinola, said majority of respondents during the survey cut across students, self-employed and employed customers of the various commercial banks who have been accessing digital banking services for a long period.
Respondents comprise of adults of 18 years and above and about 48.4 per cent was female while 51.6 per cent is male.
Akinola further revealed that questionnaires were adopted and consisted of multiple choices, closed and open ended questions administered electronically and manually, thus allowing for a wider pool of respondents nationwide.
Whereas sampled financial institutions included Diamond, Ecobank, Fidelity, First Bank, GTB, Stanbic, UBA, Union and Zenith, those the report described as highly rated banks were Stanbic IBTC, UBA, Access and First Bank.
She noted that “Of the four, Stanbic IBTC with ‘5’ rating points came tops, emerging the ‘Best Digital Bank in Nigeria.’ GTB ranked fifth while Ecobank was placed 10th.
The Agusto&Co Report however, showed that there is need for serious upgrade so as to align with international best practices.