Customers Vote for Top South African Banks

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The Top South African Banks came under the spotlight recently with Capitec and FNB receiving the highest scores based on new findings from the South African Customer Satisfaction Index (SAcsi).

Overall, customer satisfaction with South African banks has remained unchanged at 76.3 out of 100. Capitec, however, has outdistanced its competitors in a number of areas which contribute to overall customer satisfaction, including quality, perceived value, customer loyalty and low levels of complaints with high rates of complaint resolution.

SAcsi surveyed over 16,500 customers of Capitec, FNB, Nedbank, Absa and Standard Bank across the mass, middle and upper income segments. Both Capitec and FNB retained their leadership position for the second year in a row with overall satisfaction scores of 83.8 and 79.8 out of 100 respectively (previously 82.2 and 79.3). Nedbank scored on par with the industry average at 75.6 out of 100 (previously 74.8), while both Absa and Standard Bank’s scores were below par at 74.3 and 73.0 out of 100 respectively (previously 74.8 and 73.7).

Most banks managed to meet their customers’ expectations of quality with a relatively high average score this year, an achievement made more noteworthy when one considers that customers are reporting higher expectations each year.

One area identified as a potential differentiator is perceived value, which measures quality received in relation to price paid. “In this instance we see far bigger gaps between the banks, with Capitec and FNB both industry leaders on this metric, though Capitec’s score surpasses the average by a significant margin of 15.2 points at 89.4 out of 100. With the exception of FNB, all other banks are performing below par,” says Adrè Schreuder, CEO of Consulta.

Customers’ likelihood to recommend their bank remains largely unchanged since the previous measure, though Capitec customers demonstrate an appetite for additional products and services. This should encourage other banks to introduce more innovations with new products and services.

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