MONEY MARKET: Assessing Customers’ Losses To Fraudsters Through Digital Banking

While a large percentage of the survey respondents expressed satisfaction with the level of security provided on their banks’ digital platforms, some cited delay in time out of digital app after long period of activity, access of two-factor authentication and notification not sent when the platform is accessed as areas that needs to be worked on.Based on the digital banking satisfaction index’s parameters, Access Bank Plc recorded the highest user experience score of 94.

In line with its level of awareness, USSD banking applications are widely used across the coverage banks, as Access Bank recorded the highest usage of its USSD code *901# with 53 per cent of the bank’s respondents citing the platform as their most frequently used for digital banking transactions. Zenith Bank Plc recorded the highest percentage of respondents who perceive their bank’s respective digital platforms to be secure. UBA and Access Bank were the second and third highest respectively. First Bank Nigeria Limited and Standard Chartered Bank Nigeria Limited had the lowest excellent ratings with only 39 and 54 per cent of the banks’ customers in our survey being satisfied with the level of security on their frequently patronized digital platforms.

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