This is SA's top digital bank - customer survey
InSites Consulting South Africa (previously Columinate) has revealed the results of its ninth annual SITEisfaction survey. Launched in 2012, the report is an annual measure of customer satisfaction with digital banking services in South Africa.
It rates each banking institution with a score from -100 (worst possible experience) to +100 (best possible experience), combining the scores for internet banking (via computer web browser) and mobile banking (via mobile apps).
Consumer data in the SITEisfaction report indicate that FNB achieved first place as South Africa’s Best Digital Bank with a score of 81, while Capitec came second this year, with a score of 78. FNB and Capitec were tied for first place with a score of 79 each in 2019. These two banks have consistently been rated either 1st or 2nd since the measure was introduced in 2012. Third place went to newcomer TymeBank, with a score of 74, followed by Nedbank (72), Standard Bank (66), and Absa (61).
Consumers rated Capitec for its affordability, user-friendliness and convenience, while FNB users cited security as well as user-friendliness and convenience as features they appreciate.
Consumers delighted with TymeBank mentioned aspects such as user-friendliness, good safety features, as well as affordability. The latter is further echoed amongst those who recently switched to TymeBank, with most saying they switched because of this. Furthermore, banks traditionally perform better among primary users of an account (the bank account used most often for all banking transactions) than secondary users, but this is not the case with TymeBank: both its internet and mobile banking platforms performed exceptionally well amongst primary and secondary users.
Giuseppe Virgillito, FNB Head of Digital Banking, says, “We are honoured to once again be recognised as the best digital bank in South Africa. The consistent improvement in customer experience across our digital channels is in line with our strategy to help customers manage their money through a safer, convenient and efficient platform.”
“Over the last year, our digital channels saw record interactions, and we continue to see more customers embracing the use of digital channels for their day-to-day banking needs. Our sustained investment will allow customers to continue enjoying the benefits of safe and secure banking while building sustainable relationships on our trusted platform. More importantly, this accolade affirms our journey of innovation to offer the best banking experience to our individual and business customers,” adds Virgillito.
Analysing the top-line results of the survey, Anneri Venter, Research Director at InSites Consulting South Africa, comments: “The battle between FNB and Capitec for the best digital experience continues. The narrative is a seasoned one, where different strategies have served both banks well: FNB focusing more on rolling out appropriate technologies to its users, and Capitec focusing more on simplicity. That being said, the significant score increase for Nedbank, Standard Bank and Absa, and TymeBank starting off strongly in third place, means that FNB and Capitec are no longer the only banks competing in the fast lane.”
The SITEisfaction 2020 report explores the digital banking sector in more detail on topics including internet banking, mobile banking, the threat of fraud, and changes in banking behaviour during the ongoing lockdown in South Africa. Check the appendix for more insights into these topics.