Discovery vs Tyme Bank vs Bank Zero – what South Africans think of the new banks

BrandsEye has released its 2019 South African Banking Sentiment Index, revealing the sentiment around the country’s newest banking entrants.

The index is based on an analysis of social media posts about South Africa’s largest banks across various platforms, including Twitter, Facebook and Instagram.

Around 68,500 posts focused on the new entrants, Bank Zero, Discovery Bank and Tyme.

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.

Unimpressed with Discovery

BrandsEye said that the response to Discovery Bank’s launch was underwhelming – driven by complaints about the launch delays and onboarding issues with existing Discovery clients.

“Discovery’s announcement in November 2018 that 10% of the bank’s shares will be given to black depositors was not welcomed by all consumers and drove a significant decline in sentiment.

“Tyme performed well with growing awareness and improving sentiment post-launch,” it said.

“Positive sentiment for Bank Zero was driven by engagement with the bank’s co-founder, Michael Jordaan.”

BrandsEye SA chief executive, Nic Ray, said that the county’s newest banks will have to work hard to win over customer loyalty.

“The excitement that paved the way for their long-awaited arrival will likely be tempered by growing service requests and complaints as the banks onboard new customers,” he said.

“The key challenge will be maintaining a positive customer experience as they scale their customer base and switch on new products and services.”


Read: What to expect from South Africa’s banks by 2035

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Discovery vs Tyme Bank vs Bank Zero – what South Africans think of the new banks