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Consulta has released its latest South African Customer Satisfaction Index (SAcsi), which details which local banks have the most satisfied customers.

The satisfaction index is based on whether a particular brand falls short or exceeds a customer’s expectation and how the respondent’s idea of an ideal product is perceived. This achieves an overall result of 100.

The latest release is based on data collected in 2017, and included 13 099 bank customers who were randomly selected to participate in the survey.

The data shows that Capitec customers are the most satisfied with their choice of bank. They have a score of 85.3 out of 100, and is the only other bank other than Standard Bank to increase its score.

Absa, however, has experienced a decline in score, dropping by 3.3 points, ranking it the bank with the least satisfied customers.

Here’s how the banks performed for 2018, versus their 2017 scores.

Ranking Bank 2016/2017 Score 2017/2018 Score Change in points
1 Capitec 83.1 85.3 +2.2
2 FNB 81.3 81.0 -0.3
2 African Bank n/a (as bank was not previously scored) 81.0 new
3 Nedbank 77.0 76.3 +0.5
4 Standard Bank 71.9 75.2 -0.7
5 Absa 74.2 73.3 -0.9

 

According to Consulta CEO, professor Adré Schreuder, Absa bank fell behind in customer satisfaction scores in 2017. Their scores are lower than the industry satisfaction average score metrics.

This equals a loss of nearly 300 000 customers during the first six months of 2017, and is a result of bank-imitated closures of dormant accounts.
On the other hand, Capitec bank has now entered ‘Big Four’ bank status, with a customer base of nearly 9.3-million in mid-2017. This is second only to Standard Bank. Capitec’s lowest lowest score in the past three years is still higher than this year’s industry average. It is also the highest score achieved by all other banks listed in the survey.

Schreuder said that FNB has consistently maintained second position on the SAcsi because of its strong brand name. They are widely regarded as the most innovative and disruptive bank in South Africa.

Picture: Pixabay

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Lucinda is a hard news writer who occasionally dabbles in lifestyle writing, and recent journalism graduate. She is a proud intersectional feminist, and is passionate about actively creating a world which is free of discrimination and inequality.