In the 2019 South African Customer Satisfaction Index report, African Bank was rated number one in customer satisfaction, outshining all other banks.
Photo: IOL
In the 2019 South African Customer Satisfaction Index report, African Bank was rated number one in customer satisfaction, outshining all other banks. Photo: IOL

African Bank ranked number one in customer satisfaction - survey

By Dhivana Rajgopaul Time of article published Mar 18, 2020

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DURBAN - In the 2019 South African Customer Satisfaction Index (SA-csi) report, African Bank was rated number one in customer satisfaction, outshining all other banks.

The South African Customer Satisfaction Index (SA-csi) is an independent report that details which South African banks have the most satisfied customers. Scores are calculated based on brands exceeding, or falling short of customer expectations, as well as the customers’ idea of the ideal product. The 2019 report surveyed 13099 randomly selected bank customers across various segments.

Basani Maluleke, African Bank’s Chief Executive Officer said, "We have worked extremely hard over the last 12 months to improve all aspects of our engagement with customers and being placed first is testimony to the commitment of our people to customer service and the growing trust and confidence shown in the bank by South African consumers". 

"This is only the third year we have participated in the SA-csi survey and to have leaped from fourth place in 2018, to first place in 2019, is a source of great pride. We also achieved first place in two of the channel category placements, namely the Customer Service Call Centre channel and the Branch channel. In the product category, we came first in the Savings and Investment category, leading in customer expectations and perceived quality. African Bank has consistently offered the best investment interest rates in South Africa. It is especially pleasing to see we also ranked well on other aspects like clarity of conditions and peace of mind," added Maluleke.

Within the dynamically changing financial sector, the ability to manage customers’ expectations and handle queries has become a real differentiator. African Bank continued to receive the lowest number of complaints (8 percent) when compared to other financial industry brands.

"Customer satisfaction is the ‘holy grail’ for African Bank. Placing customers at the centre of everything we do and making them feel important and valued is paramount. We are very proud of our SA-csi performance and we are grateful to our customers for their trust and confidence in our brand," concluded Maluleke.

Key Results:

1. African Bank is the overall leader in the 2019 South African Customer Satisfaction index with 85.7 percent.

2. African Bank leaps from fourth place in 2018 to first place in 2019.

3. African Bank is the leader in the Branch channel category with 86.7 percent.

4. African Bank is the leader in the Call Centre channel category with 87.5 percent.

5. African Bank is the leader in the Product category with its Savings and Investment products with 84 percent.

6. African Bank rated the best in incident handling with 70.3 percent.

7. African Bank ranked first in the 5-year trend in treating customers fairly with 88.3 percent.

8. In 2019, for the second year in a row, African Bank won the Ombudsman for Banking Services Annual Bank Award of Excellence, for commitment to fair customer treatment. 

In 2019 African Bank started offering customers unlimited access to their detailed credit report through an innovative partnership with TransUnion Credit Bureau.

George Roussos, group executive of digital and transactional banking at African Bank, said that the credit reports from the big four bureaus are limited to one free credit report per year or up to three months access with XDS. Access to the reports can be quite difficult, coupled with the fact that many South Africans are surprisingly unaware of the importance of a good credit score.

African Bank customers will receive unlimited access to their credit score, credit summary and credit report. If they are not yet an African Bank customer, they will be able to access their credit score and credit summary only.

BUSINESS REPORT ONLINE 

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