{"id":679919,"date":"2023-04-16T17:00:30","date_gmt":"2023-04-16T15:00:30","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=679919"},"modified":"2023-04-16T10:10:54","modified_gmt":"2023-04-16T08:10:54","slug":"these-are-south-africas-favourite-banks","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/679919\/these-are-south-africas-favourite-banks\/","title":{"rendered":"These are South Africa’s favourite banks"},"content":{"rendered":"

Capitec and FNB are the most popular banks for low- and middle-income South Africans, respectively.<\/p>\n

According to the African Bank Consumer Research Report on the low- and middle-income market, Capitec is the most popular main bank for most South Africans, with 38%-58% of respondents across most cross-segments and subsegments citing them as their main bank.<\/p>\n

However, FNB is the most popular bank for middle-class adults, with its 34% share beating Capitec’s 25%.<\/p>\n

The report said that there was a clear income trend when it comes to the main banks, with lower-income respondents more likely to prefer Capitec compared to higher-income respondents, with FNB’s share growing as income increases.<\/p>\n

FNB, Absa and Standard Bank have a larger proportion of South Africans that earn more than R10,000 compared to lower income brackets.<\/p>\n

The main bank across Adult segments are below:<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
Brand name<\/th>\nNo Income<\/th>\nEntry Level<\/th>\nLow income<\/th>\nLow Middle<\/th>\nMiddle<\/th>\n<\/tr>\n
Absa<\/td>\n5%<\/td>\n7%<\/td>\n8%<\/td>\n12%<\/td>\n16%<\/td>\n<\/tr>\n
Capitec<\/td>\n51%<\/span><\/strong><\/td>\n50%<\/span><\/strong><\/td>\n44%<\/span><\/strong><\/td>\n38%<\/span><\/strong><\/td>\n25%<\/td>\n<\/tr>\n
FNB<\/td>\n14%<\/td>\n17%<\/td>\n22%<\/td>\n25%<\/td>\n34%<\/span><\/strong><\/td>\n<\/tr>\n
Nedbank<\/td>\n9%<\/td>\n6%<\/td>\n5%<\/td>\n7%<\/td>\n4%<\/td>\n<\/tr>\n
Standard Bank<\/td>\n8%<\/td>\n8%<\/td>\n12%<\/td>\n9%<\/td>\n13%<\/td>\n<\/tr>\n
Tyme<\/td>\n10%<\/td>\n10%<\/td>\n5%<\/td>\n6%<\/td>\n4%<\/td>\n<\/tr>\n
Other<\/td>\n3%<\/td>\n3%<\/td>\n4%<\/td>\n5%<\/td>\n4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

According to the report, trust is the most important factor when it comes to choosing a main bank, regardless of income level.<\/p>\n

There are interesting contrasts between banks, with ABSA and FNB clients saying that rewards were important, while costs were stressed by Capitec and Tyme Bank customers.<\/p>\n

According to the report, young students often look for banks with good digital banking more so than the ‘general youth’.<\/p>\n

For adults, higher-income associates with higher levels of agreement on the importance of good digital banking, innovation, having a good rewards programme and being able to
\naccess credit\/loans.<\/p>\n

The reasons for choosing a main bank are listed below (click on the image to enlarge):<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

The youth were the least likely to recommend Capitec, with only 31% extremely likely to recommend the bank, found the report.<\/p>\n

Absa and Nedbank scored the lowest amount among adults when it comes to recommending a bank (35-37%), with seniors also giving Nedbank their lowest score (17%).<\/p>\n

Capitec and Nedbank youth customers were the most likely to look for a new main bank.<\/p>\n

Capitec, on the other hand, was the worst-performing bank when it came to adults considering changing banks.<\/p>\n

When it comes to finding a new bank, the most popular reason given across segments was a bank that \u201coffers the most competitive and transparent fees.\u201d<\/p>\n

The second main reason regards the location of branches and ATMs, which is then followed by elements in relation to trust and savings\/investment.<\/p>\n

South Africa’s banking numbers<\/b><\/p>\n

Most of the respondents in the survey use banks, with 90% of youth, 99% of adults and 94% of seniors having an account.<\/p>\n

Even 97% of South Africans who are currently earning no income have a bank account.<\/p>\n

When it comes to Youth who have no bank account, the main reason cited is a lack of income or that bank fees are too high. However, for kids and teens the main reason is an absence of ID.<\/p>\n

Kids and teens that currently are not part of a bank said that they intend to get one in the future, with saving (88%) and learning how to manage money (76%) given as key reasons.<\/p>\n

Unbanked adult respondents mostly said that bank fees are too expensive or that they use money transfer services instead.<\/p>\n

\n

Read: FNB edges out Capitec as the strongest banking brand in the world<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

According to an African Bank report, Capitec is the most popular bank for low-income earners, while middle-class South Africans prefer FNB. <\/p>\n","protected":false},"author":95,"featured_media":646951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26],"class_list":["post-679919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/679919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=679919"}],"version-history":[{"count":17,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/679919\/revisions"}],"predecessor-version":[{"id":680703,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/679919\/revisions\/680703"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/646951"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=679919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=679919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=679919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}