The banks South Africans are least likely to recommend to their friends and family

Consulta recently released its South African Consumer Satisfaction Index for South Africa’s top retail banks, showing which local banking groups are best at keeping their customers happy.

The index provides insights into the overall level of satisfaction of customers of South Africa’s big six retail banks – Capitec, FNB, Nedbank, Absa, Standard Bank and African Bank.

In the latest index, Capitec once again leads the overall customer satisfaction score across all brands by a significant margin for the sixth consecutive year, although with a slight decline on its previous score.

Capitec is followed by FNB, also in a leader position, and Nedbank and African Bank overall ‘on par’ with the industry average for 2018. Absa and Standard Bank follow in a benchmark category that places them below industry average.

# Bank 2018 score 2019 score Change
1 Capitec 85.3 84.9 -0.4
2 FNB 81.0 81.5 +0.5
3 Nedbank 76.3 79.3 +3.0
Industry Average 77.0 78.8 +1.8
4 African Bank 81.0 78.1 -2.9
5 Standard Bank 75.2 77.0 +1.8
6 Absa 73.3 76.3 +3.0

Who would you recommend? 

While some customers may be satisfied with their bank’s performance, it usually takes an extra step for them to recommend it to their friends and family.

As part of its survey, Consulta asked 15,542 bank customers across various segments how likely they were to recommend their current banks.

Unsurprisingly, the recommendation rankings are very similar to the satisfaction index – however, the results serve to reinforce just how positively and negatively some banks are currently seen in the eyes of some South Africans.

Capitec achieved the highest recommendation score of 59.8%, which is 25.1 percentage points higher than the industry average of 34.7%.

FNB had the next highest recommendation score of 47.9%, followed by Nedbank on 37.1% and African Bank on 35.7%.

Standard Bank with a recommendation score of 25.6% was slightly below the industry recommendation score, while Absa lagged significantly with 21.9%.

# Bank 2018 score 2019 score Change
1 Capitec 61.4 59.8 -1.6
2 FNB 43.1 47.9 +4.8
3 Nedbank 26.1 37.1 +11.0
4 African Bank 38.5 35.7 -2.8
Industry Average 27.2 34.7 +7.5
5 Standard Bank 20.8 28.6 +7.8
6 Absa 11.5 21.9 +10.4

Read: 2 awesome new features you will see from Capitec soon

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The banks South Africans are least likely to recommend to their friends and family