Best and worst digital banks in South Africa according to customers

InSites Consulting South Africa has published the results of its eleventh annual SITEisfaction survey, highlighting the best digital bank as rated by customers.

Launched in 2012, the report is an annual measure of customer satisfaction with digital banking services in South Africa. It rates banks’ internet- and mobile-banking platforms with a score from -100 to +100, combining two scores from internet and mobile banking. The two combined scores create the Best Digital Bank category.

Capitec has claimed the top spot as South Africa’s Best Digital Bank for the second time in a row, with a score of 80.

The bank placed first in 2021 as well, with a score of 81. And similar to 2021, FNB is only slightly behind Capitec with a score of 78. Nedbank claims third place this year with 73 points, followed by Standard Bank (70), TymeBank (65), and Absa (64).

Capitec ranks first in the Mobile Banking category, but FNB claims the top spot in Internet Banking, where the bank edged out Capitec slightly (77 points vs 76.9 points).

Three-quarters (68%) of consumers claim to have been targeted by fraudsters – an 8% increase since 2021, the data shows.

As in previous years, FNB and Capitec are still battling for first and second places since SITEisfaction was introduced in 2012. Both banks receive plaudits for providing trustworthy platforms, but Capitec’s are seen as easier to use whilst FNB is seen as more innovative – a narrative we’ve seen play out year after year.

Additionally, FNB’s users appreciate that they never have to visit a branch and can do almost everything online, whilst Capitec’s users mentioned they welcome the extent to which they can personalise their accounts.

TymeBank is a mere two points behind FNB in the Internet Banking category (75 points vs 77 points). Standard Bank, meanwhile, claimed second place in the Mobile Banking category (78.9 points), ahead of FNB (78.4). Standard Bank received applause for its online customer service and user-friendly interface.

Nedbank has also displayed a positive performance: in the Internet Banking category, the bank has increased its score from 63 points in 2021 to 69 points in 2022. Users attribute this to a reliable and trustworthy platform, as well as the bank’s improved communication regarding updates, features, and security measures.

Nedbank has also increased its score in the Mobile Banking category by one point (from 76 points in 2021 to 77 points in 2022), where the bank is praised for its innovation and constant improvement to the platform.

While Absa has shown a consistent performance year on year with no shifts in any direction in 2022, the bank still shows the most impressive five-year trend across both the Internet Banking and Mobile Banking categories.

Over this period, the bank’s Internet Banking score has increased by 13.7 points (48 points vs 62 points), and its Mobile Banking score by 8.2 points (59 points vs 67 points).

SITEisfaction also placed greater emphasis on digital inclusivity in 2022 – the notion that all individuals, regardless of their situation, should have access to technology and online content and that banks should empower these individuals to use the platforms autonomously.

The results revealed that there are three As of financial digital inclusivity which banks should aim to fulfil: access, ability (or information inclusion, which relates to educating and informing consumers about how to use a platform), and affordability.

Read: Capitec reports surge in customers, hikes dividend on strong growth