All financial institutions could be identical, however, this is quite far from reality.
Whether you’re an entrepreneur, an employee, or someone who just wants a safe place to ensure the security of funds, your choice of bank will be one of the most important decisions you’ll make.
Feeling frustrated by how your current bank does business? It may be time to start looking for a new financial institution that can better suit your needs. If you’re a business owner, you know that life’s too short to waste time dealing with a bank whose policies, fees, or customer service and support create headaches and hassle for you. Business banking should be convenient, fast, and easy- after all, you are entrusting your bank with your hard-earned money, and you expect it to help you stay organized and achieve your financial goals.
If you are consistently experiencing dissatisfaction with your financial institution, whether it be because of excessive fees, minimal interest rates on your savings, or poor customer service, numerous other banks and credit unions may better suit your needs.
Switching to a different bank may seem like a tedious task, but it has the potential to result in significant savings and unforeseen benefits.
However, circumstances could require that a bank be changed to get the type of services you need, especially if your bank doesn’t evolve as fast as you do. Here are signs it’s time to ditch your current bank for a better one.
Excess Fees
How does it feel when you get constant debit alerts on your phone or email for all sorts of charges you cannot keep track of any more? Annoying right?
Changing banks is often prompted by the significant issue of excessive charges being deducted from your account. It is widely acknowledged in Nigeria that banks impose fees for various services such as card maintenance and account maintenance. A detailed examination of these fees accumulated over time will reveal a substantial sum.
Though the Central Bank of Nigeria has occasionally tried to regulate the charges on various products and services offered by banks, some banks still charge more compared to others.
It is better to find out from others or the bank itself what the charges are, and the reasons for the charges you incur, depending on the type of account you use. If you notice that you are not getting enough value compared to others, it is fine to change your bank.
To Earn Higher Rates
All individuals desire to receive adequate value for their expenditures. When a customer deposits money in a bank for a specific duration, they anticipate the security of their principal amount as well as the interest earned.
Therefore, if a bank fails to meet the customer’s expectation of a reasonable interest rate on the charges imposed, it is advisable for the customer to promptly seek superior alternatives.
Location
Customers must desire the convenience of opening and managing an account with a bank close to their residence or workplace. This is crucial to minimize any extra expenses and alleviate unnecessary strain.
Banks bear the onus of conducting thorough market research to assess the potential success of a branch in a specific geographical location. Nevertheless, based on studies regarding customer behavioral psychology, it is evident that the majority of account holders prefer having their bank branches and ATMs situated on nearby street corners or nearby. This proximity enhances their familiarity with the brand and fosters a sense of trust and comfort.
Quality Service Delivery
Poor service delivery will affect any business, more so banks that need customers’ deposits for survival.
According to a 2019 survey done by Afrinvest titled, “The Nigerian Banking Experience,” thousands of respondents were surveyed and the result showed that quality service was the most valuable expectation of customers from their banks.
With the increase in the use of Internet banking platforms and electronic channels to conduct transactions, customers prefer banks that have convenient e-banking channels that make it easier to conduct transactions, e.g. self-service transactions on e-banking platforms.
Customers who aren’t familiar with e-banking and want that ease of withdrawing from the ATM at the branch, but experience delay in receiving cash would be frustrated and this would prompt the customer to switch to a more efficient bank.
