DURBAN - Traditional banks are facing steadily increasing customer expectations while struggling to consistently get the basics right that underpin the most fundamental aspects of customer satisfaction.
These are just some of the findings in the latest South African Customer Satisfaction Index (SA-csi) for Banking (2018) conducted by Consulta.
The index provides highly scientific insights into the overall level of satisfaction of customers of South Africa’s big six retail banks – Capitec, FNB, Nedbank, Absa, Standard Bank and African Bank.
2019 is set to be a watershed year for the banking sector as traditional banks face intense competition and disruption from new entrants such as Discovery Bank, Bank Zero and TymeBank. In such an environment, customer satisfaction is a deal breaker when it comes to how much market share is lost to new entrants.
The SA-csi for banks is the largest and most comprehensive survey of its kind for the banking sector on a national basis, surveying 15 542 consumers from lower, middle and upper retail banking segments.
The SA-csi is a causal model that links customer expectations, perceived quality, and perceived value to customer satisfaction (the SA-csi score), which in turn is linked to customer complaints (and recovery), and customer loyalty intentions.
In the 2018 SA-csi, Capitec once again maintained the best overall customer satisfaction score across all brands by a significant margin for the sixth consecutive year, although with a slight decline on its previous score in 2018.
Capitec is followed by FNB, also in a leader position, and Nedbank and African Bank overall ‘on par’ with the industry average for 2018. Absa and Standard Bank follow in a benchmark category that places them below industry average.
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