You need a bank that wholly understands your needs

It is refreshing to see how the service industry in Uganda is becoming increasingly customer centric and how participants in the service sector, from the giant telecom companies to hotels, salons and even to special hire taxis are now more willing to spend time and money to meet the ever increasing demands of their customers. Good service is addictive and builds customer loyalty.

It is very interesting to see how someone who once lived in Bugolobi flats and has since moved to Naguru, will make the trip back to their salon in “Middle East” because the barber there knows exactly how you want your hair cut.

We can all identify with this feeling of dedication when it comes to hair salons, the gym, supermarkets, bars etc..Do you feel that way about your bank? Would you swim any sea, climb any mountain cross any river to get to that one bank branch that knows exactly what you need?

Sadly, most of us do not think of banks in that light and our banker is seen as a necessary evil. The story is more along the line of: my employer pays me by cheque or money transfer and the only way to get my hands on my hard earned money is for me to open an account.

The same reasoning applies to business people; their customers pay them by cheque or money transfer and they also pay their suppliers by cheque and money transfer and to do this they need to have a bank account.

The reality is that, money is the oxygen that sustains life in these current times and just like the blood in our body transports oxygen to the cells and organs, banks facilitate the movement of money.

I was recently watching the news and it was reported how Iranian companies are beginning to feel the pinch of sanctions by the USA and its allies, especially now that Russia and even China have joined in. These sanctions are for the most part enforced through the banking sector.

The Iranian companies find themselves unable to borrow money from banks and unable to move money to their suppliers or receive money from their customers. The news report showed Iranian goods stuck in different ports in the Middle East with trading partners of Iranian companies in different parts of the world shunning them for fear of also being blacklisted and themselves being denied credit or access to banking services.

For these Iranian companies, the banks have become like the unwelcome silent listener to every conversation and the unseen guest at every meal. Coming back to the Ugandan market, banks play a vital role in getting money to and from our friends, relatives, in laws and well wishers.

The same is true for the business community, from the large multinational corporates down to the smallest SME; banks have partnered with and facilitated growth of these enterprises. Even the new innovations like Mobile Money, ZAP, M Sente and M banking; all these platforms have a major link to the banking sector.

If banks are that important to one’s very existence; from receiving your salary to paying school fees, making your utility payments, buying that car or purchasing that plot of land, you should not dread the trip to the bank or that phone call to your banker.
Since you are going to deal with a bank one way or the other, you should demand some minimum service standards and stop tolerating poor service.

Take time to shop for a bank that is customer centric, which takes the time to make your banking experience an event that you can look forward to.

The writer is the Head of Global Markets at ’Standard Chartered Bank. GraceTibihikirra.Makoko@sc.com