Shifting Strategies in Banking: The CX Implications for Customers and Businesses
As Treasury Bill (T-bill) rates decline, banks in Ghana are rethinking their investment strategies. With reduced returns on T-bills, they are shifting focus toward more lucrative avenues—primarily increased lending to the private sector. While this presents significant opportunities for both banks and borrowers, it also introduces challenges that could impact customer experience (CX) in profound ways. This transition is not just a financial decision—it is a CX shift that affects customers, businesses, and the overall banking relationship. Banks that manage this well will strengthen customer trust and loyalty. Those that don’t risk eroding confidence and increasing dissatisfaction.
CX Implications for Individual Customers
For many individuals, this shift in strategy is a welcome development. Increased lending means greater access to credit, allowing customers to finance personal projects, purchase assets, or manage financial emergencies with greater ease. However, this also comes with potential pain points.
The Benefits:
- More Accessible and Competitive Loan Products – With banks actively seeking borrowers, customers may enjoy better loan terms, lower interest rates, and more flexible repayment options. The power dynamic shifts, giving borrowers more negotiating leverage.
- Improved Financial Inclusion – More people, including those who may have struggled to access credit in the past, could now qualify for loans. This can help individuals build financial stability and long-term wealth.
- Stronger Bank-Customer Relationships – Banks that proactively design loan products around customer needs—leveraging KYC data to personalize offerings—will create deeper engagement and trust.
The Challenges:
- Stricter Due Diligence and Credit Requirements – While banks are eager to lend, they will also want to minimize risk. Customers may find the loan application process more stringent, with additional documentation and creditworthiness checks that could slow down approvals.
- Risk of Over-Borrowing and Financial Strain – Easy access to loans can lead to over-borrowing, which may put customers in difficult financial positions. If repayment challenges arise, relationships with banks could sour, leading to disputes over loan terms and collections.
- Potential Neglect of Depositors – Customers who rely on savings accounts may feel overlooked if banks prioritize lending. If interest rates on savings accounts remain low while lending activity increases, depositors may begin to question their bank’s commitment to their financial well-being.
CX Implications for Businesses
For businesses, particularly SMEs and startups, increased lending could be transformative. Many businesses in Ghana struggle with access to credit, limiting their ability to expand, invest in new technology, or manage cash flow effectively. This shift presents a massive opportunity—but also introduces risks that businesses must navigate carefully.
The Benefits:
- Easier Access to Growth Capital – Businesses looking to expand, invest in equipment, or increase inventory will have more funding options, allowing them to scale operations faster.
- More Negotiating Power – With banks competing to lend, businesses may secure better interest rates, flexible repayment structures, and even customized loan solutions.
- Stronger Banking Partnerships – Businesses that establish strong borrowing relationships now can benefit from preferential treatment in the future, including exclusive financing options and tailored financial advisory services.
The Challenges:
- Increased Scrutiny and Risk Assessments – While loans may be more accessible, businesses could face stricter requirements to prove financial viability. Banks will be cautious about loan defaults and may demand more detailed business plans and financial statements.
- Higher Risk of Over-Leveraging – With banks aggressively pushing loans, some businesses may take on more debt than they can comfortably manage, leading to financial distress down the line.
Potential Disruptions in Bank Services – If banks shift too much focus toward lending, businesses relying on traditional banking services—such as trade finance, cash management, or payment processing—may experience delays or reduced attention.
How Banks Can Navigate This Shift with CX in Mind
To make the most of this transition while maintaining customer trust, banks must approach increased lending with a strong CX focus. Here’s how:
1. Set Clear Expectations from the Start
Customers—both individuals and businesses—must fully understand loan terms, repayment expectations, and potential risks. Transparency reduces disputes and builds trust.
2. Personalize the Loan Process
Banks should leverage existing customer data to tailor loan offerings. If a customer has a strong credit history and a long-standing relationship with the bank, approvals should be faster and more seamless.
3. Make Due Diligence a Smooth Experience
Loan application processes should be streamlined, with minimal friction. Customers should not have to submit excessive paperwork or endure long wait times to access funds.
4. Balance Lending with Depositor Retention
Banks must ensure depositors continue to feel valued. Offering better savings incentives, exclusive loyalty programs, or higher interest on fixed deposits can prevent alienation.
5. Invest in Proactive Risk Management
As lending increases, so do the risks of defaults. Banks must strengthen their risk assessment processes while ensuring that policies remain fair and do not create unnecessary customer frustration.
6. Co-Create Loan Products with Customers
Instead of a one-size-fits-all approach, banks should engage customers in designing loan products. Businesses and individuals alike should have a say in what works best for them.
7. Prioritize Service Recovery for Loan Challenges
When loan repayment issues arise, banks must handle them with empathy and efficiency. Proactive engagement and flexible repayment solutions will prevent conflicts from escalating.
A Pivotal Moment for CX in Banking
This shift in banking strategy is more than just a financial move—it is a CX moment that can define the future of customer relationships. Banks that take a customer-centric approach will turn this transition into an opportunity to build stronger, more lasting connections with both borrowers and depositors.
For customers and businesses, this is a time of increased financial opportunity—but also increased responsibility. Making informed borrowing decisions, engaging with banks proactively, and managing financial commitments wisely will be key.
CX leaders in banking have a unique chance to shape this transition in a way that benefits all stakeholders. By prioritizing transparency, personalization, and risk-conscious lending, they can ensure that this new phase in banking leads to stronger financial ecosystems rather than short-term gains with long-term fallout.
Adinor Puplampu
Founder & Principal of Batelier Consult
Executive Member for Partnerships and Liaison, CXP Ghana
About the Writer
Adinor Puplampu, is the principal and founder of Batelier Consulting. He is a respected Customer Experience Management thought leader, consultant, speaker and facilitator with 20+ years in influencing cross-functional teams. Adinor has a wealth of practical experience assuring and delivering high stakes Customer Service and Experience roles and assignments on time and within budget, across multiple touchpoints. He is customer-centred, proficient in human centred service design, project planning, risk management, and stakeholder communication. He is a member of the Executive Committee of the Customer Experience Professionals Ghana Association and is passionate about uncovering and exploiting innovative customer driven solutions for business success.
