Sunday Times’ Business Times published the results of their Intellidex Bank of the Year survey on 23 March 2014, naming Capitec as the best bank in the country.
FNB was second, Nedbank third, and Standard Bank fourth.
Reportedly, Absa and Standard Bank were criticised by customers for high fees, poor service, and poor communication.
The 2014 Business Times Intellidex Bank of the Year survey polled 1,021 customers on which banks provide the best service in transactional accounts, home loans, car finance, and other products.
According to the recent South African Customer Satisfaction Index’s (Sacsi) report on the banking industry in the country, Capitec achieved the highest satisfaction rating out of all South African banks, with a Sasci score of 81.5. FNB had the second most satisfied customers with an index score of 79.5.
All the other banks in South Africa ranked below the SA banking industry average, led by Standard Bank (74.4) and Nedbank (74.3), with Absa customers the most unsatisfied with an index score of 72.4.