South Africa’s most and least loved banks in 2017

Social media analytics group BrandsEye has released its 2017 Banking Sentiment Index, tracking the general feeling South African consumers have had towards the big five banks over the past year.

For the third year in a row, BrandsEye’s data showed that Capitec again had the highest sentiment in the country, with its low banking fees driving positive conversations around the brand on social media.

Capitec, which has grown to be the second largest bank in the country by retail customer numbers, differentiates itself through customer experience, BrandsEye said, with its data showing the bank performed 40% better than the industry average in the net experience score.

BrandsEye ranked the local banks by gauging sentiment and public opinion, tracking over 1.79 million social media posts about the big five banks between September 2016 and August 2017.

To achieve high levels of accuracy, BrandsEye distributed a significant sample of the total posts to a proprietary crowd of vetted and trained local language speakers. Each post was then coded and verified by crowd members, who assessed the sentiment of the post.

For its 2017 Index, BrandsEye also partnered with Certified Customer Experience (CX) Professional and expert, Julia Ahlfeldt, developer of the Net Experience Effect, a barometer for the health of brand’s customer experiences.

Looking at the CX analysis, banks performed the best against their “Value Proposition” (-11.7% sentiment), with this theme being the most talked about among consumers.  Of these, Capitec scored +34.9% while Nedbank scored +1.2%.

All banks performed poorly on “Ease of use” averaging a net sentiment of – 74.7%. The lowest individual score was Nedbank (-83.4%) and highest was FNB (-55.6%).

Resolution of issues was also a pain point with an average score of -56,6%. Nedbank customers highlighted this as a concern. While they did not generate positive sentiment for this category, Capitec outperformed others in the industry, with a -29.1% net sentiment for topics within the CX element.

Promise = delivery” was the second most talked about CX Element, only slightly higher than issues regarding resolution scoring -51.3%.

Read: South African banking withdrawal and ATM fees compared

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South Africa’s most and least loved banks in 2017