Best and worst banks in South Africa: consumer survey

MyBroadband BusinessTech recently conducted a user survey where consumers were asked to rate their banks according to service levels, pricing and convenience.

Users had to rate their bank on a 5 point scale as shown below:

5 – Excellent (much better than expected)

4 – Good (better than expected)

3 – Fair (exactly as expected)

2 – Bad (worse than expected)

1 – Pathetic (much worse than expected)

This survey attracted 690 responses from Absa, First National Bank (FNB), Nedbank, Standard Bank and Capitec clients who shared their view on their banks, and how their bank can improve.

FNB was rated as the top bank with an average score of 4.52 out of 5, closely edging out Capitec Bank with 4.51.

It is interesting to note that FNB was rated as the top bank in South Africa despite the fact that the survey ran during FNB’s online banking downtime last week.

Absa was rated as the worst bank with 2.57 out of 5 – the only bank which scored lower than the average value of 3.

The following table provides an overview of the survey results.

Bank 5 4 3 2 1 Average
FNB 260 109 18 10 4 4.52
Capitec 41 14 7 1 0 4.51
Nedbank 13 55 37 27 9 3.26
Standard Bank 23 41 85 39 18 3.06
ABSA 9 31 86 58 45 2.57

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Best and worst banks in South Africa: consumer survey