The best digital banks in South Africa

Market research agency Columinate has revealed the results of its eighth annual Internet Banking SITEisfaction survey, showing which banks provide the best digital banking experience.

The survey measures customer satisfaction with digital banking services in South Africa and rates each institution with a score out of a possible 100.

To date, the SITEisfaction survey has engaged more than 13,000 internet and digital banking users. The latest edition indicates that Capitec and FNB are the best best digital banks with a score of 79 points each.

The two banks have dominated the leadersboard since the measure was introduced in 2012.

According to the survey results, Capitec performed slightly better in the mobile banking category.

In internet banking, FNB scored slightly higher in 2019, raising its SITEisfaction score from 75 in 2018, to 77 in 2019. Capitec claimed larger gains, growing its internet banking satisfaction levels from 70 in 2018, to 77 in 2019.

Among the other rated banks, Nedbank grew from 60 in 2018, to 63 in 2019, and Standard Bank grew from 55 in 2018, to 59 in 2019.

Bank Score
Capitec 77
FNB 77
Nedbank 63
Standard Bank 59
Absa 51

“Standard Bank’s growth could be attributed to the shuttering of their legacy internet banking platform and migration to an updated version. Absa has continued to grow consistently, moving from 48 in 2018, to 51 in 2019,” Columinate said.

In the mobile banking category, Capitec emerged as the overall winner, although it experienced a slight dip. Capitec moved from a SITEisfaction score of 84 in 2018 to 82 in 2019.

Similarly, FNB dropped from 84 in 2018, to 81 in 2019. Nedbank shed a single point in the last year, to 68 in 2019. Standard Bank suffered the greatest consumer backlash, its SITEisfaction score dropping from 74 in 2018, to 59 in 2019.

Absa is the only bank that managed to gain some ground in the category, from 59 in 2018, to 62 in 2019.

Bank Score
Capitec 82
FNB 81
Nedbank 68
Absa 62
Standard Bank 59

Read: Standard Bank, Absa, and other major banks to fund R5.4 billion diamond mining ship for De Beers

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The best digital banks in South Africa