The best and worst banks in South Africa in 2018

Consulta has released its latest South African Customer Satisfaction Index (SAcsi), detailing which South African banks have the most satisfied customers.

This satisfaction index is based on brands exceeding or falling short of customer expectations and the respondents’ idea of the ideal product to achieve an overall result out of 100.

The 2017 sample included 13,099 bank customers across various segments who were randomly selected to participate in the survey.

According to the data, for the fifth consecutive year, Capitec customers remain the most satisfied with a score of 85.3 points – the only bank other than Standard Bank to increase its score – climbing from its 2015/16 score of 83.1 and holding firm above the overall industry average of 77.

In contrast, Absa experienced further decline in 2017 against its previous years’ scores, dropping from 74.2 to 73.3 in 2017, resulting in it being placed last among the major banks included in the benchmark.

The bottom position was previously held by Standard Bank, which recorded a significant increase from 71.9 in 2016/17 to 75.2 in 2017/18.

FNB and newly included African Bank ranked above the industry average at 81, followed by Nedbank at 76.3 points.

Here’s how the banks performed versus last year’s data.

# Bank 2016/17 score 2017/18 score Change (point)
1 Capitec 83.1 85.3 +2.2
2= FNB 81.3 81.0 -0.3
2= African Bank n/a 81.0 new
Industry Average 76.5 77.0 +0.5
3 Nedbank 77.0 76.3 -0.7
4 Standard Bank 71.9 75.2 +3.3
5 Absa 74.2 73.3 -0.9

Absa losing customers

“Absa, who managed to score higher than Standard Bank in 2016, fell behind in customer satisfaction in 2017 with scores significantly lower than the industry average in almost all satisfaction metrics,” said Consulta CEO, professor Adré Schreuder.

“This is also reflected in its loss of almost 300,000 customers during the first six months of 2017, which as reported on, is driven by bank-initiated closures of dormant accounts in the entry-level segments,” he said.

“Capitec, on the other hand, has continued to acquire market share from the ‘Big Four’ banks in recent years, reportedly having a 9.3 million customer base mid-2017, second only to Standard Bank. In fact, its lowest score in the last three years is still higher than this year’s industry average, and higher than any score achieved by the other banks in the survey.”

Schreuder said that FNB has consistently maintained second position on the SAcsi, due to its strong brand name, and the fact that it is widely regarded as the most innovative and disruptive bank in South Africa.

Read: Viceroy launches fresh attack on Capitec

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The best and worst banks in South Africa in 2018