Capitec has most satisfied customers among South African retail banks
The latest South African Customer Satisfaction Index (SAcsi) for Retail Banks, conducted by independent company Consulta, indicates that South African banking customers are the most satisfied with Capitec Bank, despite its score declining for the first time in four years.
Capitec scored 83.1, above the industry average of 76.5, but lagging 0.7 points behind its 2015 score of 83.8. FNB came second to Capitec with 81.3 (up 1.5 points), followed by Nedbank with 77 (up 1.4 points). Absa recorded a negligible decline compared to 2016 (74.2 in 2016 versus 74.3 in 2015), and Standard Bank had another year of decline in customer satisfaction down to a low of 71.9 (down 1.1).
“In the banking industry, we have empirical evidence that customer experience drives customer satisfaction rather than product innovation. Thanks to the ease of banking and simplicity of services, Capitec and FNB both performed strongly in this area,” says Consulta CEO, Professor Adré Schreuder.
“FNB showed the highest improvement and is now within reach of Capitec, with Nedbank still in the race. The intensity in competing for customers’ hearts and minds is fierce since only two banks have managed to improve their scores this year, namely FNB and Nedbank. Despite the Barclays announcement, Absa showed resilience in maintaining its score at the same level as 2015.”
The fifth SAcsi Benchmark for Retail Banks attempts to offer impartial insights on the South African retail banking industry by blending a Customer Expectations Index, Perceived Quality Index and a Perceived Value Index to achieve an overall result out of 100.
“Low loyalty scores should be an area of great concern, particularly as brands such as FNB and Capitec market themselves on the ease of switching to their banks,” added Schreuder.