JOHANNESBURG - About 30000 consumers spoke about leaving their bank over the past year, highlighting opportunities for new entrants to the market

BrandsEye has published its annual South African Banking Sentiment Index which assessed consumer sentiment towards major retail banks.

Capitec, once again, emerged as the top-ranking bank by net sentiment, but FNB made significant improvements on its 2017 net sentiment results.

Standard Bank replaced Absa as the lowest ranked bank.

BrandsEye retrieved 1720810 public social media posts about local banks from September 1, 2017, to August this year.

A random sample of 521326 of these posts were evaluated for sentiment by humans on BrandsEye’s Crowd platform - enabling an accurate understanding of consumer sentiment and specific issues driving that sentiment.

Positive sentiment towards FNB’s digital products suggest consumers have an appetite for innovation.

In digital banking conversation, FNB outperformed competitor banks overall, a trend that was largely driven by its innovations over the year, including opening a bank account with a selfie, biometric ATMs and offering passport biometric services in branches.

Digital conversation comprised 24percent of overall topic conversation, suggesting that technology is a core component of consumers’ banking experiences.

FNB had the highest overall net sentiment (42.6percent) across key digital indicators - banking app, online banking and business and technological innovation. Standard Bank had the lowest net sentiment for digital themes at -72.7percent. 

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