These are the best banks in South Africa – according to South Africans
BrandsEye has released it 2018 South African Banking Sentiment Index, revealing which retail banks South Africans love the most – and which are driving customers away.
The index analysed over 1.72 million social media posts relating to South Africa’s five retail banks from September 2017 to August 2018 – namely Absa, Capitec, FNB, Nedbank and Standard Bank – across various platforms, including Twitter, Facebook and Instagram.
BrandsEye uses topic analyses to gauge the sentiment of posts (either positive or negative), across 70 topics, and seven broad categories, including reputation, customer service, pricing and customer retention.
The net index score is determined by subtracting negative sentiment from positive sentiment.
Overall, Capitec is the only bank in South Africa that shows net positive sentiment among customers, with more positivity around the brand than negativity.
While Capitec has a positive score of 4.2%, this is down significantly from the 13.5% achieved in 107.
The rest of South Africa’s banks have a net negative sentiment, with Standard Bank rated at the bottom – but only marginally. Standard Bank’s sentiment score of -16.2% is only slightly below Absa’s score (-16.1%).
Nedbank ranks third with a score of -7.7%, while FNB improved its score significantly, from -16% to -3.4%, to rank second of all the banks.
Most talked about
Of all the retail banks, FNB dominates conversation in South Africa, accounting for 29.5% of all posts (excluding those made by the banks themselves).
Absa is the second most talked-about, followed by Capitec, Standard Bank and then Nedbank.
This trend continued throughout the year under review, with January 2018 being the only month that Capitec dominated the conversation (driven by the damaging report by short-seller Viceroy which accused the bank of being a loan shark), and four months where Absa was the top talking point.
Overall, ethics and banking reputation were the most talked-about topics at all the banks except Standard Bank, where customer service levels were the dominant topic.
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