Best banks in SA for private clients

Investec, FNB and RMB have come out as leaders in private banking in South Africa, according to a new survey which measured the satisfaction of 3,089 private banking clients.

SAcsi is an independent measure of customer satisfaction with various industries which is released at regular intervals throughout the year by Consulta Research.

The research was conducted in the last quarter of 2014.

Investec and RMB came out as the clear winners, with FNB and Standard Bank joining them above the industry average of 70.3 out of 100.

Absa and Nedbank scored under par in the survey.

# Bank Score Points from average Score change from 2014
1 Investec 78.8 8.4 -6.1
2 RMB 73.7 3.4 0.8
3 FNB 72.2 1.9 -3.5
4 Standard Bank 72.2 1.9 3.9
5 Absa 69.2 -1.1 7.9
6 Nedbank 65.1 -5.2 -4.4
Average 70.3 2.4

Prof. Adré Schreuder, founder of SAcsi and CEO of Consulta Research, said that Investec has set the benchmark among private banking clients with a score of 78.8 out of 100, which is significantly higher than the industry average of 70.3 out of 100.

He cautioned that the sample sizes for the some of the banks are smaller than the SAcsi’s preferred sample size of 270 respondents per brand.

“A smaller sample size introduces variance into the score, but we have taken this into account via the confidence intervals for the respective scores,” he said.

RMB and FNB also scored well, and while Investec retained its leadership position, its private banking customers gave the bank a significantly lower score than in the previous year.

Absa improved its satisfaction score by as much as 7.9 points from last year, echoing the significant improvement in the general banking study released recently by SAcsi.

Customers indicated that Investec, RMB and Standard Bank offered the highest quality in private banking, while  Standard Bank has seen a noticeable increase in its value ratings, Schreuder said.

Absa’s private banking customers are notably more loyal this year and Standard Bank’s private banking loyalty scores have improved.

SAcsi also tracks the well known Net Promoter Score (NPS), which describes the likelihood of customers recommending a particular bank. The NPS has increased by 6% for the private banking industry.

“Investec has the highest NPS of its peers, followed by FNB and RMB,” said Prof. Schreuder.

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Best banks in SA for private clients