Ecobank Ghana Limited over the weekend emerged the Best Bank for 2016 after beating competition from the 33 banks that were assessed for this year’s Ghana Banking Awards (GBA).

The bank was given the coveted award at the 16th edition of the annual awards organised by Corporate Initiative Ghana (CIG).

It was also adjudged the Best Bank in Financial Performance and Best Bank in Corporate Social Responsibility (CSR), the two categories that a bank must win to be able to take the top spot.

This is the sixth time Ecobank has topped its peers in the GBA, an initiative that has now become a barometer for assessing the strength of banks in the country.

This year’s event was on the theme: ‘Redefining a sustainable customer experience in banking: 60 years after independence.’

Other winners on the night were Prudential Bank: Best Bank in Customer Care, Best Bank in Retail Banking and 1st runner-up in Customer Advisory Services, 1st runner-up, Corporate Banking. 

BSIC Ghana Limited: Best Bank in Customer Advisory Service, Best Bank in Corporate Banking and 1st runner-up in Customer Care

Standard Chartered Ghana: Best Bank in Trade Finance, Best Bank Trade Deal of the Year, 1st runner-up in Competitive Pricing and 2nd runner-up in Agriculture, Forestry and Fishing

uniBank Ghana Limited: Best Bank in Long-term Loan Financing

ADB Bank: Best Bank in Agriculture, Forestry and Fishing

United Bank for Africa (UBA): Best Bank in Product Innovation

Bank of Baroda: Best Bank in Competitive Pricing 

GN?Bank: Best Growing Bank

GCB Bank: Most Active e-zwich Bank 

Zenith Bank: Best Bank in Promoting Cashless Transactions

Stanbic Bank: Best Bank in Savings and Deposits

Call for support

Speaking at the event, the Governor of BoG asked for the full support of the banking sector towards the implementation of the Basel II and III, two sets of regulations that seek to improve the banking sector's ability to deal with financial stress, improve risk management and strengthen banks' transparency.

He said the support was needed to ensure that the implementation of regulations, scheduled to take off next year, is smooth.

Dr Addison explained that the central bank required their support to ensure a safe, sound and resilient banking sector.

He said the BoG was currently building the capacity of its staff for effective supervision under these new frameworks.

The Basel II and III frameworks seek to enhance risk management and financial stability in the banking sector.

The implementation of the Basel II and III will follow the successful implementation of the Basel I, which is aimed at assessing capital in relation to credit risk or the risk that a loss will occur if a party does not fulfil its obligations.

Thus, Basel II largely aims at strengthening the solid foundation of prudent capital regulation, supervision and market discipline while enhancing further risk management and financial stability. 

Redefining customer experience

Touching on the theme, the governor urged banks to take a customer-related approach by putting customers at the centre of their businesses.

That, he said, was key to the success of the financial services industry.

“Customers have been and will always be the lifeline of all businesses and, especially with banks, where customer deposits are the main funding source,” he stated.

He said customer experience in the banking industry had changed tremendously in recent years, with banking becoming more customer-friendly with innovative financial products.

“Dispute resolution systems have been established as incentives to attract potential customers.

“Complaints are now readily handled by either phone calls or electronic means to address customer related issues. Banks are taking extra steps to expand their businesses by leveraging technology to boost their market share and profitability,” he stated.

Competition

While noting that technology had increased competition in the provision of banking services, Dr Addison said it also presented lots of opportunities to banks, as they could leverage the data they generate to deliver products and services to suit their customers.

He, however, cautioned them to comply with the applicable laws on data protection.

Interoperability

The governor also pointed out that the BoG was collaborating with all stakeholders to strengthen the payment and settlement systems and promote interoperability within the financial sector and the various telecommunication platforms.

He was confident that that would provide an added boost to expand the digital financial services platform and fully integrate it with other operators.

“This will inure to the benefit of all stakeholders and expand the scope for more customer friendly financial products and services,” Dr Addison said.

He said the bank had also established a consumer complaint unit that would ensure that customers of licensed financial institutions had access to impartial and fair dispute resolution processes.