Ghana Banking Awards - Understanding the process
Since 2001, Corporate Initiative Ghana (CIG) has organised the Ghana Banking Awards (GBA) with the aim of improving the quality of service delivery in the banking sector through healthy competition.
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Over the years, the awards, per its objectives, have led to an improvement in the quality and efficiency of delivery of financial services to the banking population in the country.
The GBA is based on a survey of the views and opinions of customers of qualifying banks and other data gathered from the banks themselves.
The current event statisticians are Ernst & Young who bring their globally acclaimed reputation to bear positively on the integrity of the whole awards process.
The Approach & Methodology (A & M) for assessing banks for the various categories has been reviewed over the years to make it more robust and reflect the changing dynamics of the financial services sector, both locally and globally.
As part of efforts to maintain the integrity of the whole process, the A & M used for the awards in any particular year (and any recommended changes to that of the previous year) have been approved by a Technical Committee whose membership includes representatives of all the qualifying banks.
Sampling
To address the issue of sample size, the model adopted reflects the number of customers and branches each bank has. The model apportions a pre-determined sample size to the various banks based on branch network and the number of customers of participating banks.
As has been the case since inception, the 16th GBA assessed banks in the following 15 categories: Customer Care; Customer Advisory Services; Trade Finance; Trade Deal of the Year; Long Term/Mortgage Finance; Household/Retail Banking; Enterprise/Corporate Banking; Savings/Deposit Accounts; Agriculture, Forestry and Fishing; Product Innovation; Competitive Pricing; Corporate Social Responsibility; Financial Performance; Bank Growth and Bank of the Year
Awards specifically sponsored by GhIPPS were; Most Active E-Zwich Bank; and The Bank that Best Promotes Cashless Transactions
Theme
The 16th Ghana banking Awards was held on the theme; “Redefining a Sustainable Customer Experience in Banking, Sixty Years after Independence” to reflect the journey so far within the banking industry over the last six decades.
Citations
To understand what goes into awarding each category, the following list of citations are read to give the audience a fair idea about what the category is about.
1. Customer Care
“This Award goes to the Bank with the most satisfied customers for the year under review”. Banks are assessed based on factors including friendliness, professionalism and efficiency in dealing with customers, convenience of access to services and quick attention and response to enquiries”
2. Customer Advisory Service
“This Award goes to the Bank that best understands its customers ' needs and sees it as a duty to continuously assist its customers improve on the management of their accounts and ultimately their entities”
3. Trade Finance
“This Award goes to the Bank that delivered trade finance products and related services to its clients most efficiently for the year under review”
4. Trade Deal of the Year
“This Award goes to the Bank or syndicate of banks that undertook the biggest trade deal in the year under review as adjudged by a panel”
5. Long Term Loan Finance
“This Award goes to the Bank that is seen by its clients as being the most efficient in the delivery of Long Term Loan facilities i.e. loans with repayment period of more than 5 years”
6. Retail Banking
“This Award goes to the Bank that scores the highest weighted aggregated scores for all of the categories assessed by households”
7. Corporate Banking
“This Award goes to the Bank that scores the highest weighted aggregated scores for all of the categories assessed by the Enterprises”
8. Agriculture, Forestry and Fishing
“This Award goes to the Bank that has the highest sectorial exposure to the Agriculture, Forestry and Fishing sector of the economy”
9. Product Innovation
“This Award goes to the Bank which delivers innovative products and/or services at the lowest cost for similar products/services in other banks”
10. Competitive Pricing
“This Award goes to the Bank with the most competitively priced loans for the year under review”
11. Savings/Deposit Accounts
“This Award goes to the Bank with the most competitively priced deposit/savings interest rates for the year under review”
12. Corporate Social Responsibility
“This Award goes to the Bank that is assessed to be the most Socially Responsible Bank for the year under review”
13. Financial Performance
“This Award goes to the Bank that achieved the best financial performance during the year under review”
14. Bank Growth
“This Award goes to the Best Growing Bank for the year under review”
15. Cashless Promotion bank
The banks that provided and played a leading role in non-cash services including Automated Clearing House, Hybrid Point of Sales, E-commerce and GIP
16. E-zwich Promotion
The bank that demonstrated strong support in the promotion of e-zwich services.
17 Bank of the Year
“This Award goes to the Bank with the highest weighted scores for the customer survey, Corporate Social Responsibility and Financial Performance”.