Best and worst banks in South Africa

The latest South African Customer Satisfaction Index (Sacsi) for banking shows that Capitec has the happiest customers.

The Sacsi report by Consulta said that 2019 is set to be a watershed year for the banking sector “as traditional banks face intense competition and disruption from new entrants such as Discovery Bank, Bank Zero, and TymeBank”.

It added that as banking moves through technological disruption and competition intensifies, customer expectations continue to increase.

Despite this, Capitec maintained its top spot in the customer satisfaction rankings.

“Capitec has nailed it in terms of understanding its target markets, their needs, and how the value proposition filters into that,” stated the report.

Value and ratings

The report stated that Capitec is also the “undisputed leader in perceived value”, and achieved the lowest complaint incidence ratio (10%) – which is line with global benchmarks.

“Capitec’s low complaint incidence rate is reflective of its simple and efficient model that avoids complexity.”

By contrast, the other major banks were on average 150% higher than the international benchmark of 10%.

Additionally, Capitec had the highest Net Promoter Score at 59.8%, which is “almost double the industry average”.

“Capitec customers are actively promoting and recommending the brand to others. NPS measures the likelihood of a person recommending a brand,” stated the report.

Rankings

The table and graphic below detail the results of the Sacsi report for banking in South Africa.

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