SA bank with the happiest customers revealed

Customer satisfaction amongst South African banking clients has declined since last year, but Capitec and FNB have both managed to keep their customers happy.

This is according to the South African Customer Satisfaction Index’s (Sacsi) latest report on the banking industry in the country.

Overall satisfaction scores in the South African industry showed a 2.6% decline from Sacsi’s 2013 report, slipping from last year’s score of 77.6 out of 100 to a score of 75.6 out of 100. The results emanate from research conducted during the 4th quarter of 2013.

SA scored slightly below the US (77.0), but higher than the UK (72.0) and South Korea (72.0).

South African banks came in 9th among the ACSI License-partner countries, with Georgia setting the international benchmark for banking customer satisfaction at 86 out of 100.

SA’s happiest banking customers

Capitec achieved the highest satisfaction rating out of all South African banks, with a Sasci score of 81.5. FNB had the second most satisfied customers with an index score of 79.5.

All the other banks in South Africa ranked below the SA banking industry average, led by Standard Bank (74.4) and Nedbank (74.3), with Absa customers the most unsatisfied with an index score of 72.4.

South Africa banking satisfaction
South Africa banking satisfaction

“With Capitec bringing competitively priced banking products to the market and FNB driving new innovations in the way in which consumers do banking, it is more challenging for the banks to keep up with consumers’ increased demands on service quality and value for money,” said Adré Schreuder, founder and chair of Sacsi.

Schreuder noted that SA consumer expectations have increased slightly from last year to this year and that consumers are more willing to switch banks if they are not satisfied with the products and services offered by their bank.

“This behaviour makes customer retention a challenge, one that no South African bank should take lightly given that retention scores have dropped slightly from last year to this year.”

FNB leads digital

SAcsi expanded its banking industry coverage by adding focused measurements of the main banking channels that are available to SA consumers: ATMs, Branches, Cellphone Banking, Online Banking, Banking Apps and Contact Centres.

In the banking channel measure, the Sacsi surveyed 7,337 banking customers about their experiences with the different banking channels.

According to the service-specific scores, FNB’s digital offerings – cellphone, online and app banking – came out on top, all above industry standard.

Absa’s scores in the same categories were ranked sub-par and lowest overall, but the bank topped the list for personal loans, in which it was ranked 6% above industry average (73.9).

Capitec’s customers were most satisfied with the bank’s branches, which out-ranked all other South African banks in the index.

South Africa banking services
South Africa banking services

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SA bank with the happiest customers revealed