South Africa’s Best and Worst Digital Banks According to Customers
InSites Consulting South Africa today unveiled the results of its annual SITEisfaction survey, which shows the behavior and experience of online customers using South Africa’s six major consumer banks: FNB, Capitec, TymeBank, Nedbank, Standard Bank and Absa.
The survey assesses each banking institution with a score of -100 to +100, combining two scores from Internet banking and mobile banking.
Capitec edged out FNB to take first place as South Africa’s best digital bank, after placing first in the online banking and mobile banking categories, with a score of 81.
FNB ranks second with a score of 79. As with the 2020 results, third place goes to TymeBank, with a score of 75, followed by Nedbank (70), Standard Bank (69) and Absa (64).
Both FNB and Capitec have been praised for their security measures, but while Capitec’s platforms are seen as clear and easy to use, ETF’s platforms are seen as more state-of-the-art. “Both banks have set the bar high, but newcomer TymeBank has proven to be a serious competitor and a threat,” the report’s authors said.
Customers said TymeBank’s platforms are user-friendly, interesting and innovative, which could be attributed to the bank being seen as a disruptor in the banking space.
“A promising performance is also observed at Nedbank and Standard Bank. Nedbank performs consistently across its internet and mobile banking platforms, which are viewed by customers as easy to use, clear and convenient. Standard Bank saw its digital banking score increase by three points, mainly thanks to its mobile banking platform. “
Likewise, Absa has seen a three-point increase since last year in its digital banking score and the best five-year trend on both its internet and mobile banking platforms at all banks.
Capitec saw a four point increase in the mobile banking category from 81 to 85 points. “In 2020, we noticed minimal movement for Capitec on its SITEisfaction score for mobile banking, despite
has just launched its new mobile banking app, ”said Anneri Venter, Research Director at InSites Consulting South Africa.
“We expected more fluctuations. However, the bank was switching both its old and new apps, which could have mitigated the drastic changes. This year, however, Capitec has decided to tear up the band-aid and ditch its old app – a gamble we often see failing to pay off in the first year of a new release. For Capitec, this clearly paid off, claiming first place in this category. “
FNB remains a strong competitor in this category, despite a slight decline since 2020 (two points, from 83 to 81). It remains above the industry score of 80 this year and continues to lead the innovation space by releasing relevant and original features, the report’s authors said.
Users praise FNB for constantly improving its functionality and believe it to be a safe and trustworthy platform.
The change in Standard Bank since 2020 also tells a positive story, with a sharp increase from 71 points to 78 points in 2021. Last year, the bank increased from 59 points in 2019 to 71 in 2020. TymeBank’s platform has increased by 4 points to 78 points this year. .
“In an age of heavy reliance on digital banking platforms and with digital adoption accelerating due to foreclosure, it is more important than ever for banks to ensure their digital platforms deliver seamless experience, ”said Ventre.
“Time and time again it has been proven that a platform focusing on a simplistic experience versus a platform focusing more on the innovative angle will lead to both delighted customers. Whatever angle each bank chooses, it is clear that all banks are now competing in the fast lane: their competition is the bank slightly ahead and slightly behind them.
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