When you hear the word bank, the first thing that comes to your mind is obviously MONEY. So we have come to the realization that it’s not enough to keep your money in a bank but you would want to keep it in a bank that any time you enter, you would come out smiling. For this reason, we have decided to give you a list of the banks in South Africa that customers enter and come out smiling. Based on the South African Customer Satisfaction Index’s (SACSI) latest report on the banking industry in the country, Capitec and FNB have remarkably managed to keep their customers happy despite the reduction in the customer satisfaction among South African banking clients last year. These banks have proven that banking is not all about profits but about personal relationships.
The total satisfaction scores in the South African industry showed a 2.6% reduction according to SACSI’s report in 2013, slipping from last years’ score of about 77.6 out of 100 to a score of 75.6 out of 100. This result is elicited from research carried out during the 4th quarter of 2013. South Africa scored slightly below the US (77.0), but higher than the UK (72.0) and South Korea (72.0) and also took the 9th position among the SACSI License-partner countries, with Georgia setting the international benchmark for banking customer satisfaction at 86 out of 100. We’ve decided to bring you, the list of South African banks with the happiest customers. Glance below to know if you’ve been banking in the right place.
South African Banks with the Happiest Customers:
It is not Surprising that Capitec emerges as the bank that has achieved the highest satisfaction rating out of all South African banks, with a SASCI score of 81.5. So the next time you pass any Capitec bank, look carefully at the customers exiting the bank and you will see that they are definitely happy.
First National Bank (FNB)
FNB on the other hand had the second most satisfied customers with an index score of 79.5. All other banks in South Africa fell below the industry average of South African banking. FNB is closely followed by Standard Bank at 74.4 and Nedbank at 74.3. while the customers of these last two banks may not be smiling too widely, it has been concluded that the customers who bank with ABSA have been ranked as the most unsatisfied customers with an index score of 72.4. In addition to this, Capitec and FNB rule the global online banking in South Africa given the ease of use, information quality, trust, innovation, device accessibility, reasonable banking fees, and communication and assurance that they offer to their customers.
See Also: Top 5 Biggest Banks in South Africa 2014
South Africa Banking Satisfaction:
According to Adré Schreuder, the founder and chair of SACSI, with Capitec bringing competitively priced banking products to the market and FNB driving new transformations in the way in which consumers do banking, it becomes more challenging for the other banks to keep up with consumers’ growing demands on service quality and value for money, yet it becomes quite evident that they would have to try to catch up because customers would expect the utmost value for their money.
Also, Schreuder said that consumer expectations of South Africans have become greater when examined from last year to this year and that consumers have also become more willing to switch banks if they do not get maximum satisfaction from the products and services offered by their bank. This behavior makes customer retention even more challenging such that no bank in South Africa should make light of it considering the fact that retention scores have slipped slightly from last year to this year.
FNB Leads Digital:
The SACSI banking industry coverage was expanded to include focused measurements of the main banking channels that are at the disposal of SA consumers: ATMs, Branches, Cellphone Banking, Online Banking, Banking Apps and Contact Centers. In the banking channel measure, the SASCI surveyed over 7,337 banking customers to know their observations or experiences with the different banking channels. Based on the survey carried out by service-specific scores, FNB’s digital services-cellphones, online and application banking came out on top, well above the industry standard. ABSA scores which were measured in the same category, ranked below the industry average level and lowest overall, but emerged as the highest on the list for personal loans in which it was rated 6% above industry average(73.9) while Capitec’s customers were ranked as the most satisfied for the bank’s many branches, which out-ranked all other South African banks in the index.
South Africa Banking Services:
Now you know what bank to go to get the highest value for your money. Be sure to go to a bank where you don’t come out with a lot more wrinkles than you went in with