KPMG Names Polaris Bank Most Improved Retail Bank

Polaris Bank has been listed as the most improved bank under the retail segment in the 2022 KPMG Nigeria Banking Industry Customer Experience survey, moving up five places to sixth position and third under the SME segment.

The bank’s significant improvement in customer ratings has been praised by many customers who have commended the bank for its personalized service, proactive approach to problem-solving, and faster turnaround times.

One of the key areas where Polaris Bank has shown significant improvement is in its mobile banking propositions. The onboarding process and the payments experience have also been improved, according to customers.

Businesses have rated the bank highly for the quality of its payment solutions and, importantly, the timeliness of resolving POS-related complaints.

In the SME segment, Polaris Bank was ranked third and recognized as a new entrant in the top five, alongside Sterling Bank, Wema Bank, and Zenith Bank.

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The most critical measures for SMEs this year were POS-related issues such as the timeliness of settlements and resolution of disputes. GTBank emerged as the leading bank in the SME segment.

Polaris Bank’s award-winning digital bank, VULTe, has been a game-changer, making life seamless for personalized and business offerings. Between October 2022 and February 2023, over N1.5 billion loans were disbursed through VULTe to individuals and SMEs to aid personal and business growth in the country.

VULTe has achieved an impressive uptime ratio, enabling seamless transactions for its users. This performance has surpassed its competitors and earned recognition from the Nigerian Interbank Settlement Systems (NIBBS).

During the recent currency redesign program, which aimed to support the cashless policy in Nigeria, VULTe demonstrated exceptional reliability, earning praise from NIBBS for its excellent performance during this challenging period.

“Polaris Bank has made significant improvements in its digital banking platform, VULTe, allowing customers to access their accounts, make transactions, and manage their finances more conveniently and seamlessly.

This has been particularly great, which I found most useful, especially during the COVID-19 pandemic, as many customers I know have had to rely on the digital bank to conduct their daily transactions,” said Chibuzor Nwachukwu, a top civil servant in Abuja.