How did your bank fare

South African bank ratingsThe 2017 banking report generated by the South African Customer Satisfaction Index (SAcsi), an independent survey done on a national scale, makes for interesting reading. The latest report was compiled using data provided by 17483 banking customers.

Since the 2016 survey, average customer satisfaction across the top five retail banks has improved slightly. Customer satisfaction at FNB increased by the highest percentage, putting them in second place behind Capitec Bank, who managed to snag the title of “Best Bank” for the fifth year in a row.

Capitec’s launch of their banking app was a success and their credit card offering has improved. They also recognize that the Small, Medium & Micro Enterprise (SMME) market exists, and we will soon see service offerings in this sector. Their home-loan offering is also set to be upgraded. In addition to this, Sunday operating hours will continue to expand in major centres.

Nedbank ranked third, ABSA fourth and for the third consecutive year, Standard Bank clients were the least satisfied. They have lost the most customers and based on reviews of their banking app, their online and remote banking offerings have fallen short of customers’ expectations.

It appears South African consumers have become increasingly discerning about who they bank with, which is a good thing, as healthy competition among the major banks will ultimately result in better service for all bankers.

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