Latest South African Customer Satisfaction Index (SAcsi) for the local banking industry has released its 2017 best and worst banks, saying that the overall satisfaction with South African banks has so far improved.
Commending efforts by SA banks in the past few moths that saw a troublesome economy for the country, SAcsi noted that Capitec still leads|2 the way being the top best performing bank for the year.
SAcsi gave an average industry score of 76.5 (out of 100), saying the South African banking industry has improved on its customer relations from 76.3 recorded in 2016.
Consulta, which runs the index said the SAcsi Benchmark for Retail Banks offers impartial insights into the SA retail banking industry by blending a Customer Expectations Index, Perceived Quality Index and a Perceived Value Index to achieve an overall result out of 100.
Businesstech reported that the sample used to determine the scores, is one of the largest of all SAcsi industries included, with 17,483 randomly selected banking customers being included in the latest survey.
“In the banking industry, we have empirical evidence that customer experience drives customer satisfaction rather than product innovation. Thanks to the ease of banking and simplicity of services, Capitec and FNB both performed strongly in this area,” said Consulta CEO, Professor Adré Schreuder.
“FNB showed the highest improvement and is now within reach of Capitec, with Nedbank still in the race. The intensity in competing for customers’ hearts and minds is fierce since only two banks have managed to improve their scores this year, namely FNB and Nedbank.
“Despite the Barclays announcement, Absa showed resilience in maintaining its score at the same level as (last year’s findings).”
Hence, South Africa’s top five retail banks as included in the industry index are- Absa, Capitec, FNB, Nedbank and Standard Bank.
According to Consulta, overall customer industry loyalty has dropped in the last three years from 71.3 in 2014/15 to 70.2 in 2015/16 to 68.7 in the latest 2016/17 benchmark, but in the same period, Capitec has enjoyed steadily increasing customer loyalty while FNB has recovered from 2015’s downturn.
Both Capitec and FNB scored 75.3 and have the most loyal customers while Standard Bank, scoring 63.1, has the least loyal customers.
“Low loyalty scores should be an area of great concern, particularly as brands such as FNB and Capitec market themselves on the ease of switching to their banks,” said Schreuder.
Meanwhile, South African Reserve Bank Governor (Sarb) Lesetja Kganyago invites South Africans to buy shears in the SA reserve bank.
Kganyago made the announcement in Pretoria on Thursday morning saying that the reserve banks makes provision for nearly 150,000 shares for purchase to the public.
The move follows a High Court ruling last year, which directed some Reserve Bank shareholders to sell their shares that were in excess of the statutory limit of 10,000.
South Africans are therefore to seize the golden opportunity bearing in mind that shareholders have no say on any policy decisions taken by executive management