Best digital banks in South Africa revealed

Market research agency Columinate has revealed the results of its eighth annual Internet Banking SITEisfaction survey, showing which banks provide the best digital banking experience.

The survey measures customer satisfaction with digital banking services in South Africa and rates each institution with a score out of a possible 100.

To date, the SITEisfaction survey has engaged more than 13,000 internet and digital banking users. The latest edition indicates that Capitec and FNB are the best digital banks in South Africa, with a score of 79 points each.

The two banks have dominated the SITEisfaction leaderboard since the measure was introduced in 2012.

Below is a summary of the consumer satisfaction levels for each bank, across Internet banking and mobile banking categories.

Internet Banking

FNB raised its Internet banking satisfaction level score from 75 in 2018 to 77 in 2019.

Capitec claimed larger gains in this category, growing its Internet banking satisfaction levels from 70 to 77.

Among the other banks, Nedbank’s score grew from 60 to 63, and Standard Bank’s score grew from 55 to 59.

“Standard Bank’s growth could be attributed to the shuttering of their legacy Internet banking platform and migration to an updated version. Absa has continued to grow consistently, moving from 48 in 2018, to 51 in 2019,” Columinate said.

Bank Score
Capitec 77
FNB 77
Nedbank 63
Standard Bank 59
Absa 51

Mobile Banking

In the mobile banking category, Capitec emerged as the overall winner, although it experienced a slight dip compared to last year. Capitec moved from a SITEisfaction score of 84 in 2018 to 82 in 2019.

Similarly, FNB dropped from 84 to 81 and Nedbank shed a single point in the last year, falling to 68. Standard Bank suffered the greatest consumer backlash, its SITEisfaction mobile banking score dropping from 74 to 59 over the course of the last year.

Absa is the only bank that managed to gain some ground in the category, improving from 59 to 62.

Bank Score
Capitec 82
FNB 81
Nedbank 68
Absa 62
Standard Bank 59

Source: BusinessTech

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Best digital banks in South Africa revealed