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.<\/p>\n
SAcsi is an independent measure of customer satisfaction with various industries which is released at regular intervals throughout the year by Consulta Research.<\/p>\n
The research was conducted in the last quarter of 2014.<\/p>\n
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.<\/p>\n
Absa and Nedbank scored under par in the survey.<\/p>\n
| #<\/td>\n | Bank<\/strong><\/td>\n| Score<\/strong><\/td>\n | Points\u00a0from average<\/strong><\/td>\n | Score change from 2014<\/strong><\/td>\n<\/tr>\n | 1<\/td>\n | Investec<\/td>\n | 78.8<\/td>\n | 8.4<\/td>\n | -6.1<\/span><\/td>\n<\/tr>\n | 2<\/td>\n | RMB<\/td>\n | 73.7<\/td>\n | 3.4<\/td>\n | 0.8<\/span><\/td>\n<\/tr>\n | 3<\/td>\n | FNB<\/td>\n | 72.2<\/td>\n | 1.9<\/td>\n | -3.5<\/span><\/td>\n<\/tr>\n | 4<\/td>\n | Standard Bank<\/td>\n | 72.2<\/td>\n | 1.9<\/td>\n | 3.9<\/span><\/td>\n<\/tr>\n | 5<\/td>\n | Absa<\/td>\n | 69.2<\/td>\n | -1.1<\/td>\n | 7.9<\/span><\/td>\n<\/tr>\n | 6<\/td>\n | Nedbank<\/td>\n | 65.1<\/td>\n | -5.2<\/td>\n | -4.4<\/span><\/td>\n<\/tr>\n | <\/td>\n | Average<\/strong><\/td>\n | 70.3<\/strong><\/td>\n | –<\/td>\n | 2.4<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n | Prof. Adr\u00e9 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.<\/p>\n He cautioned that the sample sizes for the some of the banks are smaller than the SAcsi\u2019s preferred sample size of 270 respondents per brand.<\/p>\n \u201cA smaller sample size introduces variance into the score, but we have taken this into account via the confidence intervals for the respective scores,\u201d he said.<\/p>\n 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.<\/p>\n 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.<\/p>\n Customers indicated that Investec, RMB and Standard Bank offered the highest quality in private banking, while\u00a0 Standard Bank has seen a noticeable increase in its value ratings, Schreuder said.<\/p>\n Absa\u2019s private banking customers are notably more loyal this year and Standard Bank\u2019s private banking loyalty scores have improved.<\/p>\n 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.<\/p>\n \u201cInvestec has the highest NPS of its peers, followed by FNB and RMB,\u201d said Prof. Schreuder.<\/p>\n More on SA banks<\/h3>\nBest and worst banks in South Africa<\/a><\/strong><\/p>\n SA\u2019s best and worst banks<\/a><\/strong><\/p>\n What happens to SA banks during load shedding?<\/a><\/strong><\/p>\n |