Best and worst banks in South Africa

The South African Customer Satisfaction Index (SAcsi) announced its first set of results for South African banks today, revealing that FNB is the bank with the most satisfied customers.

SAcsi is a national economic indicator of customer evaluations of the quality of products and services available to household consumers in South Africa.

The SAcsi banking research was conducted using a sample of 6,582 respondents. “Each company was measured through telephonic and web-survey methods at a statistically reliable sample,” the SAcsi report stated.

According to the SAcsi report, banking clients in South Africa are reasonably satisfied with the products and levels of service they receive from most banks.

“The results showed that the South African banking industry achieved an overall satisfaction score of 77.6 out of 100. This ranks our banking industry fifth in the world,” the report stated.

Best and worst South African banks

The index shows that FNB’s satisfaction score is leading with 3.0% above South Africa’s banking industry average.

Capitec, Nedbank and Standard Bank customers rated their bank statistically on par with the industry.

Absa’s customer satisfaction score, although marginally below (-2.4%) the industry average, still falls within the top third of all ACSI licensed partner countries.

Best and worst banks in South Africa
Best and worst banks in South Africa

Room for improvement with SA banks

SAcsi founder and CEO, Adre Schreuder, said that the local banking industry has room for improvement in the area of effectively responding to customer complaints.

“12-23% of South African banking clients complain about the quality of products and services compared to the USA and the UK, which have lower overall satisfaction scores, but comparable complaints levels,” explained Schreuder.

“Countries in the world that have been able to more effectively respond to client complaints (i.e. preventing and resolving issues) have shown increased satisfaction scores,” said Schreuder.

More on South African banks

FNB named most innovative bank in the world

Best banks for business

Withdrawal fees – how SA banks stack up

Most popular bank accounts in SA

Why FNB is rated as the top bank in SA

SA has highest ATM fees: survey

Best and worst banks in SA: reputation survey

Must Read

Partner Content

Show comments

Trending Now

Follow Us

Best and worst banks in South Africa