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Best and worst banks in SA: reputation survey

Best and worst banks in SA: reputation survey

FNB is the bank with the best reputation in South Africa, followed by ABSA, Standard Bank and Nedbank, according to a new survey.

The RepTrak Pulse survey is conducted annually by collecting over 3,000 ratings from the economically active segments of the general public in Gauteng, KwaZulu-Natal, Western Cape and the Eastern Cape.

Only companies which form part of Financial Mail’s 2011 top 20 Companies listed on the Johannesburg Stock Exchange (JSE) were surveyed.

Local companies suffer from poor reputation

According to the RepTrak Pulse survey results, Africa’s top companies suffered a “bloodbath” in their reputations this year, with only retailer Woolworths emerging with a strong and robust reputation score.

“A lack of visible business leadership emerges as the main cause for declining confidence in corporate South Africa,” said the Reputation Institute’s South African Managing Director, Dominik Heil.

“Our corporate business leaders see themselves as running a slick operation that produces returns, and that’s where it stops. We have a vacuum in visible leaders that are prepared to stand up for a certain vision of society despite the fact that the companies they lead are having a significant effect on vast segments of the population and the nation as a whole.”

With its score of 78.59, indicating a strong/robust reputation, Woolworths has way and above the best reputation among South Africa’s top twenty listed companies.

It scored nearly ten points more than runner-up, MTN and topped all seven reputation drivers – products and services, innovation, performance, citizenship, workplace, governance, and leadership.

The remaining nineteen companies scored below 70 points, including last year’s top four companies – MTN, ABSA, Old Mutual and Standard Bank – giving them “average/moderate” reputations.

SA Banks

The reputations of all big South African Banks have marginally decreased. Overall ABSA achieved third place, with Standard Bank in 4th and Nedbank in 8th.

FNB has the best reputation among the South African banks, but was not rated among the top 20 listed companies, as it is a wholly-owned subsidiary, and is not listed.

“The declining reputations in the banking sector are more moderate than in the other industries and the country’s financial sector continued to perform well in comparison to its global counterparts, which tend to score poorly amongst their respective audiences,” said the Reputation Institute.

The scores of the top twenty listed companies in the 2012 Reputation Pulse were as follows:

Rank Company Rating
1 Woolworths 78.59
2 MTN 69.57
3 ABSA 69.12
4 Standard Bank 67.79
5 Vodacom 67.53
6 Clicks 67.12
7 Old Mutual 65.08
8 Nedbank 65.07
9 Spar 64.84
10 Pick n Pay 64.31
11 Sasol 61.97
12 Shoprite 61.93
13 Tiger Brands 58.04
14 Sanlam 57.24
15 SABMiller 56.66
16 Anglo American 53.85
17 Telkom 51.55
18 Santam 48.98
19 Liberty Holdings 48.49
20 BHP Billiton 40.22

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BusinessTech's Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as they receive it. They are believed to be cl...
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  • shellyb1

    How can FNB win if it is not even listed as #1? Why was FNB even part of the survey if “Only companies which form part of Financial Mail’s 2011 top 20 Companies listed on the Johannesburg Stock Exchange (JSE) were surveyed.”?

  • shellyb1

    Also, this was not only a banks comparison. So why is the article titled “Best and worst banks in SA: reputation survey”? and dont get me started on why there is a picture of a Capitec card when they are not mentioned anywhere……

  • Mohammed

    Am not surprised at all that Nedbank bottom of the pile. they are truly the worst ever. Even having the so-called ‘private banker’ is a joke. Staff are totally helpless and clueless. the favorite of Nedbank, is to introduce fees for just about everything, without informing clients timeously.
    why do I not just change my bank? Well, I certainly am busy with it.

    • Questor

      Why bother changing? Absalootleycrap, EffenBank, Sub-Standard Bank are all as bad as each other.

    • I honestly don’t see why Nedbank is rated so low… I think it’s because fewer people just use them. Nedbank has by far offered me the best service and level of professionalism I’ve ever been dealt by an SA bank. Their call centres answer almost always immediately, their staff are well mannered and speak clearly, and in the banks themsevles they have been helpful. And Nedbanks new ATM’s have the best interface/usability design. Their internet banking is also the best designed in my opinion.

      I’ve been with ABSA who were crap and couldn’t give a sh!t, and I have a credit card with FNB and getting my PayPal linked was a nightmare and their online banking support email centre was an absolute joke to deal with (it took me 6 weeks to resolve a bug with my new cell # on their internet banking) eventually I had to go into a branch to get it resolved.

  • tee

    Your table doesn’t include FNB, yet they are supposedly ranked above the other banks….?

    • Smak

      They say it’s not listed because it’s not a listed company but just a subsidiary.

  • Doug

    I am disgusted with Nedbank over the way they introduce all kinds of fees that really mean the same thing with a different name. They dont even have the common decency to tell anyone about it, they just slip them onto the statement and the client has to pay. It’s high time they were investigated for this ripoff.

  • Doug

    I’d like to put forward a nomination for the worst company in the country. This has to be Multichoice (DSTV). For a conglomerate of this size, registered as a financial institution, they run an interactive website with clients’ accounts thereon and the website cannot even recognise the difference between a credit balance and a debit balance and allow the appropriate action to be taken to allow clients the option of resetting smart cards. They are about the most incompetent bunch that I have ever had the misfortune of having to deal with.

  • Ajk

    @Doug DSTV in Stellenbosch has a sign which states you shouldn’t abuse the staff. They must get frequent abuse if they went as far to put a sign up.

  • Suspicious

    This site is sponsored by FNB

  • Generally I am very happy with FNB, ( while I don’t need an umbrella ) , but being self employed, sometimes paying the minimum on your card by a certain date, relies on getting money in on time from customers ( very difficult nowadays ).

    If you miss the date , they charge you R210 for late payment , and surprise surprise, that has now puts you over your limit, Whack ! another R210 for overlimit, so it has cost me R420 because me customer pays late.

    I would love to be able to play this game with my customers, but they would never put up with it and I need them more than FNB needs me obviously !

  • I’m shocked that ABSA is number 3, I have received nothing but the worst service from them. Poor service and all the care about is their money after they get you to open an account with them.

  • Armand Mey

    Sorry but how is ABSA one of the top companies? as far as i know they are in deep shit and they like to screw their clients into the ground melt them up and build them into zombies,….. I am starting to wonder who put this report together? For the rest, FNB is a partner of Wesbank!!! and is not a listed company of its own

    • Questor

      Look at the way they are shafting their IT staff.

  • Andries Spies

    Absa just after FNB? I think ABSA should be last (or better not yet feature on the list).

  • Sandy

    Is this news?? It is Surely obvious that leadership skills will suffer if the selection criteria is not merit based as in South Africa.

  • I am with you John Smith on FNB charges. I was charged about R300 for each unpaid accounts and I did end up with over R4900.00 to pay of which taken as soon as money was in.

    Greg Quinn, with the Paypal for me it did work out very well but offcourse there are services like Connect and sorting out debit orders over the internet is just a nightmare and one have to go to branch to get charged R40 to get them done.

    I don’t care which one is #1 or not but we as customers we need better services and fare communication channels

  • Fritzanglers

    I notice MTN was second on the list ??? Who ever conducted the survey must have only contacted satisfied customers . May be in future they should look at My Broadband forum and Hello Peter to see how many. Unsatisfied customers MTN have ???? They may even just read the various MTN pages on face book and find even more unhappy customers !!!!!

  • realmkeeper

    HEHE ROFLMAO 7 out of the top 10 I have listed them on a blacklist/”list not to do business with” and this is for myself, my company, my mother’s company and my wife’s business. I also make point to tell my clients and friends.
    I’m just amused people harass me for “club”share travel schemes, but nothing for any other type of survey and with statistics I can make any number look good.
    My List: Companies I don’t have any business with: 4
    Ok companies: 4 Companies on cash only: 2
    Blacklist: 10
    Out of the blacklist for necessary evil/only available option: 3

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