Launched in 2012, the SITEisfaction® report is our 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 two scores from internet (via computer web browser) and mobile banking (via mobile apps).
Customer data from this year’s SITEisfaction® report indicates that Capitec has edged out FNB to claim the top spot as South Africa’s Best Digital Bank, with a score of 81. FNB places second this year and is only slightly behind Capitec with a score of 79. Similar to the 2020 results, third place is awarded to TymeBank, with a score of 75, followed by Nedbank (70), Standard Bank (69), and Absa (64).
FNB and Capitec have been battling 1st and 2nd place since SITEisfaction® was introduced in 2012. Both banks are praised for their security measures, but whilst Capitec’s platforms are considered clear and easy to use, FNB’s platforms are seen as more leading-edge. Both banks have set the bar high, yet newcomer TymeBank has proven to be a strong contender and threat. Customers say that TymeBank’s platforms are user-friendly, interesting and innovative, which could be attributed to the bank being seen as a disruptor in the banking space.
A promising performance is also seen from Nedbank and Standard Bank. Nedbank is displaying a consistent performance across both its internet- and mobile-banking platforms, which are noted by customers as easy to use, clear and convenient. Standard Bank has seen a 3-point increase in its digital-banking score, mostly driven by its mobile-banking platform. Similarly, Absa has seen a 3-point increase since last year in its digital-banking score, and the best 5-year trend across both its internet- and mobile-banking platforms across all banks.
In a time when there is a high reliance on digital-banking platforms, and considering the fast-tracking of digital adoption due to the lockdown, it is more important than ever for banks to ensure their digital platforms deliver a seamless experience. Time and time again, it has been proven that a platform focusing on a simplistic experience versus a platform concentrating more on the innovative angle will both result in delighted customers. Regardless of the angle chosen by each bank, it’s clear that all banks are competing in the fast lane now: their competition is the bank slightly ahead and slightly behind them.
Get in touch for more SITEisfaction® 2021 insights including internet banking, mobile banking, the threat of fraud, and changes in banking behaviour during the ongoing lockdown in South Africa.