Customer satisfaction among South Africa’s top five banks has improved over the last year, with Capitec and FNB cited as the banks with the happiest customers according to the South African Customer Satisfaction Index (SAcsi).

The SAcsi measures service provider and product satisfaction among customers in various industries. According to the index, Capitec and FNB were the best performers in the field of perceived quality, exceeding their customers’ expectations.

A survey was conducted in the last quarter of 2014 with over 16 000 customers (except business clients) using FNB, Absa, Nedbank, Standard Bank and Capitec. Each bank was measured and given a score out of 100.

The SAcsi’s average benchmark score is 76.3. Each bank scored as follows:

  • Capitec – 82.2
  • FNB – 79.3
  • ABSA – 74.8 (the only bank to score higher than the previous year, up from 72.4 in 2014)
  • Nedbank – 74.8
  • Standard Bank – 73.7

“It is important to remember that customer expectation is influenced by each customer’s individual experiences of consistency in service delivery as well as the promises made by competitors,” explained Professor Adre Schreuder, founder of SAcsi and CEO of Consulta Research.

“Capitec is giving their customers what they expect (value-for-money banking), which means they understand their target customer segment very well,” Prof Schreuder added.

The index also looked at how satisfied customers were with various banking channels. “In terms of ATMs, the five banks maintained similar scores to last year at 79.7 out of 100. Nedbank and Absa have shown an upward movement,” said the SAcsi. Capitec scored the highest in satisfaction with physical branches.

FNB, Absa, Standard Bank and Capitec’s banking apps all scored higher points compared to last year, while Nedbank’s score remained the same. FNB scored the highest in this category, as well as in the cellphone and online banking categories respectively.

You can read the full report on the SAcsi website.

[Source – SAcsi, image – Tyger Valley]