Photo: Adobe Stock
Photo: Adobe Stock
The survey looked at South Africans’ banking habits, service satisfaction, and interest in new digital banking entrants.
There were over 1000 respondents. The majority were male South Africans who were between the ages of 18 and 40. They earned an income between R10,000 and R50,000 a month.
FNB was the most popular bank with 36% of respondents using their services.
Capitec, Standard Bank, Absa and Nedbank were the runners up. Bidvest Bank and Old Mutual took the bottom positions.
The majority of banks are living up to their customer’s expectations. On a scale of 1 – 10, they scored between 8 – 10 on the customer satisfaction ratings.
Investec one upped Capitec with a rating of 8.71 to 8.70 while FNB took third with 7.69.
The question of switching banks was met with little interest. Since most respondents expressed high levels of satisfaction with their banks, this is not a surprise.
However, 20.6% did express a desire to change banks. A small percentage expressed confusion as to whether to switch or not.
Absa, Nedbank and Standard bank customers made up most of that percentage. Those three banks did not meet the satisfaction level of a third and quarter of their customers.
Should those customers leave, which bank would they choose to go to? 41% would move to Capitec if forced to move to a non-digital bank, however many expressed interest in digital banking over traditional.
Almost half (45%) of respondents said they would consider switching to a new digital bank, with Discovery Bank being the top pick of the four.
Nedbank clients are most likely to make the jump to digital, followed by Standard Bank, Absa, FNB and then Capitec clients.
The new digital banks are TymeBank, Discovery Bank, Bank Zero, and Sasfin’s Hello Paisa. They provide new competition in South Africa’s banking space.
Consulta puts together the South African Consumer Satisfaction Index for retail banks. They warn that customer satisfaction is a deal breaker, especially when it comes to how much market share is lost to new entrants.
Consulta’s tip for banks? Banks need to get the basics of customer satisfaction right.