InSites Consulting South Africa today revealed the results of its tenth 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 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).
Other headlines from the SITEisfaction 2021 report are:
- Capitec ranks first in the Internet Banking and Mobile Banking categories;
- Two thirds of mobile-banking users, and almost half of internet-banking users, claim to use these respective channels more now compared to before the lockdown;
- 60% of consumers claim to have been targeted by fraudsters.
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. Linda Appie, Head of Marketing at TymeBank, says, “As TymeBank, we are pleased to have delivered a consistent performance in the two years of being part of the index. Listening to the voices of our 3 million customers is the key to our growth, and we are excited to introduce more banking products and features that will take their experience to new heights.”
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. Belinda Rathogwa, Head of Digital and eCommerce at Standard Bank, says, “Standard Bank remains committed to delivering digital-banking solutions that offer our valued customers an exceptional client experience. We are encouraged by the 2021 SITEisfaction results, as we continue to enhance our online- and mobile-banking offering in line with customer needs and expectations.”
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. Christine Wu, Managing Executive RBB Customer Value Management at Absa, says, “The annual SITEisfaction survey is a critical measure of Absa’s strategy to be a digitally-led bank. Absa has continued its strong trajectory in improving our digital channel satisfaction this year, noting the best 5-year trend versus other banks for both mobile and internet banking.”
Analysing the top-line results of the survey, Anneri Venter, Research Director at InSites Consulting South Africa, comments: “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.”
The SITEisfaction 2021 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 insight into these topics. To purchase the full report, please contact contactus@insites-consulting.com.
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