With many South Africans spoilt for choice when it comes to banking products, the big question is which bank is the preferred option across the country? Consulta’s Head of Customer Insights, Ineke Prinsloo recently joined Gugulethu Mfuphi to unpack the latest 2020 South African Customer Satisfaction Index for banking conducted by research group Consulta.
The South African Customer Satisfaction Index (SA-csi) is an independent national benchmark of customer satisfaction, which ranks the quality of products and services available to household consumers in South Africa.
Prinsloo added “…We look at a couple of dynamics and attributes within the survey, we really ask consumers to give us their expectations of the banks, and expectations are driven by what is out there. The marketing, what friends and family are saying, as well as previous experiences.”
Capitec stands out as SA’s favourite bank
Consulta polled almost 12 500 customers from the lower, middle, and upper retail banking segments on their overall satisfaction with South Africa’s big six retail banks during 2020 : Absa, African Bank, Capitec, FNB, Nedbank, and Standard Bank.
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In the latest poll results the Overall Customer Satisfaction Score is as follows
- Capitec (84,7) is once again the leader, followed by African Bank (83.4), Nedbank (81,1), and FNB (80,2) – all in lead positions and above the industry average (79.6).
- Absa (78.6) and Standard Bank (77,7), although showing improvement on previous 2019 scores, come in below industry par.
- While Capitec maintains its top position, it is showing signs of fatigue, with African Bank and Nedbank closing the gap. One of the challenges for all banks is to outpace rising customer expectations which show a year-on-year increase, markedly so after the arrival of the COVID-19 pandemic.
Fair treatment of Customers
According to the SA-csi, the degree to which customers feel they are being treated fairly by their banks is highest with African Bank, Capitec and Nedbank. It is lowest with Standard Bank and Absa.