Best and worst banks: Online banking, Apps, and ATMs

The latest South African Customer Satisfaction Index (SAcsi) for banking was released this week, and shows that Capitec has the highest satisfaction rating in the country.

SAcsi is a national economic indicator of customer satisfaction with the quality of products and services available to household consumers in South Africa.

The research into retail banking was conducted in the last quarter of 2014 and excludes the views of South African banks’ business clients.

Using a sample size of over 16,000 customers, Capitec and FNB came out tops, with scores of 82.2 and 79.3 respectively – both significantly higher than the average SAcsi score of 76.3 out of 100.

SAcsi noted that the only real change in the 2015 banking industry benchmark is the turn-around success of Absa. The bank showed an improvement of 2.4 points (from 72.4 to 74.8).

Nedbank ranked fourth, with an overall score of 74.8, while Standard Bank fell to the bottom of the list with an overall SAcsi score of 73.7 out of 100.

# Bank SAcsi 2015 SAcsi 2014 Year change
1 Capitec 82.2 81.5 0.7%
2 FNB 79.3 79.5 -0.2%
3 Absa 74.8 72.4 2.4%
4 Nedbank 74.8 74.3 0.5%
5 Standard Bank 73.7 74.4 -0.8%
Industry Average 76.3

Best online banking, Apps, ATMs, and cellphone banking

The SAcsi also measured satisfaction with specific retail banking channels, including ATMs, banking apps, online banking, and cellphone banking.

ABSA’s ATM service achieved the highest results with a satisfaction score of 81.0, followed closely by FNB with 80.8.

Capitec had the highest online banking satisfaction rate with a score of 82.0, with FNB again finishing second on 81.2.

FNB’s App had the highest satisfaction rate, followed by Nedbank and Standard Bank.

The following table provides an overview of the SAcsi scores related to specific banking channels.

Retail channel ABSA Capitec FNB Nedbank Standard Bank
ATM 81.0 75.7 80.8 79.0 78.6
Branches 74.9 82.1 75.3 78.0 75.0
Online banking 75.9 82.0 81.2 79.4 74.7
Cellphone banking 80.8 82.9 84.6 78.2 80.6
Banking app 76.2 NA 83.9 77.9 76.9

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Best and worst banks: Online banking, Apps, and ATMs