SA’s best and worst banks

The South African Customer Satisfaction Index (SAcsi) has recently conducted research into the best and worst banks in South Africa, revealing that FNB is the top bank and Absa the worst.

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

However, a more detailed report from SAcsi has now been published which ranked the banks in two segments: lower to middle market and cross market.

SAcsi explained that as Capitec primarily targets lower to middle market segments; an additional comparison was completed that included only the market segments that correspond across all banks.

“When comparing the full market spectrum across all segments, the analysis excluded Capitec and showed that the ranking among the remaining four large banks stayed the same,” said SAcsi founder and CEO Adre Schreuder.

The following tables compare the customer satisfaction rates across South Africa’s banks.

Low and middle market segment comparison

Bank SAcsi Score Point difference from Industry Average Percent difference from Industry Average Industry Comparison (90% statistical significance)
Industry Score 77.6
FNB 79.4 1.80 2.3% Industry Leader
Capitec 79.0 1.40 1.8% Par with Industry
Nedbank 78.6 1.00 1.3% Par with Industry
Standard Bank 77.2 -0.40 -0.5% Par with Industry
Absa 75.7 -1.90 -2.4% Below Par

Cross market segment comparison

Bank SAcsi Score Point difference from Industry Average Percent difference from Industry Average Industry Comparison (90% statistical significance)
Industry Score 77.7
FNB 80.0 2.30 3.0% Industry Leader
Nedbank 78.6 0.90 1.2% Par with Industry
Standard Bank 77.6 -0.10 -0.1% Par with Industry
Absa 75.8 -1.90 -2.4% Below Par

More banking articles

Best and worst banks in South Africa

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

Latest news

Partner Content

Show comments

Follow us

Recommended

SA’s best and worst banks