People are not switching banks: survey

Most banking customers are not switching their banks, mostly because they’re satisfied with their current bank’s services, a survey has shown.

The 2013 Banking Innovation Study Results report, was carried out by the Innovative Agency (Systemic Logic), based in the UK and South Africa.

The Innovative Agency study investigated aspects surrounding the level of innovation being achieved by an organisation, as perceived from a localised end-user perspective.

The report’s findings are based on a survey conducted with 403 respondees, looking at the levels of banking innovations in South Africa.

According to the results, 10% of respondents (40) said they had changed banks in the past 12-18 months, citing poor customer service and high rates and fees as the main reasons for moving.

However, the study found that of the other 90% (360) of respondents who did not switch banks, over 30% (108) cited that they were actually satisfied with their banks.

The next most cited reason for not switching banks was that the process was too cumbersome.

Reasons for sticking with banks
Reasons for sticking with banks

Most innovative bank

In the Study, FNB was voted the most innovative bank with respondents crediting FNB for its ability to “keep changing with the environment” as well as the bank’s ability to challenge the status quo; think outside the box; and being the first to offer new products.

Technology was voted the top factor which drives innovation, while having an innovative culture has overtaken banking products as the second-biggest factor.

When comparing the results of the survey year-on-year, the study shows that FNB has consistently been viewed as the most innovative bank in the country since 2007.

Bank innovation over time
Bank innovation over time

In October 2012, FNB was named as one of the most innovative banks in the world in the 2012 BAI-Finacle Global Banking Innovation Awards.

Methodology

The Banking Innovation Study Results report is an administered survey conducted during various programs, interventions and workshops offered by Innovation Agency throughout the year.

According to the agency, the survey questions were designed to be opened-ended in nature, and served to gauge individual perceptions around the level of innovation achieved by institutions from an end-user perspective.

“Respondents were not given information and/or definitions of the survey questions. Data collected was grouped and analysed, which was used to develop the keywords as a means to graphically represent the results of the study,” the agency said.

Most innovative bank
Most innovative bank

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People are not switching banks: survey