These are the best online banks, according to South Africans

InSites-Consulting has published its annual report on customer satisfaction with digital banking services in South Africa.

The report rates each banking institution with a score from -100 (worst possible experience) to +100 (best possible experience), combining the scores for internet banking (via computer web browser) and mobile banking (via mobile apps).

First National Bank achieved first place as South Africa’s Best Digital Bank with a score of 81, whilst Capitec placed second with a score of 78.

FNB and Capitec tied for first place with a score of 79 each in 2019.

Third place is awarded to newcomer TymeBank, with a score of 74, followed by Nedbank (72), Standard Bank (66), and Absa (61).

InSites-Consulting said that the battle between Capitec and FNB is likely to continue as both banks adopt varying strategies

FNB, it said, has focused more on rolling out appropriate technologies to its users, while Capitec focuses on simplicity.

“That being said, the significant score increase for Nedbank, Standard Bank and Absa, and TymeBank starting off strongly in third place, means that FNB and Capitec are no longer the only banks competing in the fast lane,” it said.

The firm said that consumers rated Capitec for its affordability, user-friendliness and convenience, while FNB users cited security as well as user-friendliness and convenience as features they appreciate.

“Consumers delighted with TymeBank mentioned aspects such as user-friendliness, good safety features, as well as affordability. The latter is further echoed amongst those who recently switched to TymeBank, with most saying they switched because of this.”

“Furthermore, banks traditionally perform better among primary users of an account (the bank account used most often for all banking transactions) than secondary users, but this is not the case with TymeBank: both its internet and mobile banking platforms performed exceptionally well amongst primary and secondary users.”

InSites-Consulting’s data also shows that there has been a clear move to online banking during the country’s coronavirus lockdown.

This increased usage is primarily because of South Africans adhering to lockdown regulations as well as increased convenience.

The group’s data shows that the customers are also increasingly using online banking for less traditional means including purchasing airtime and data bundles, as well as buying prepaid electricity.

Read: Capitec will give clients a 3-month interest refund on coronavirus payment breaks – here’s the catch

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These are the best online banks, according to South Africans