{"id":343209,"date":"2020-03-18T10:10:35","date_gmt":"2020-03-18T08:10:35","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=343209"},"modified":"2020-03-18T10:12:40","modified_gmt":"2020-03-18T08:12:40","slug":"absa-and-standard-banks-big-customer-satisfaction-problem","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/banking\/343209-absa-and-standard-banks-big-customer-satisfaction-problem.html","title":{"rendered":"Absa and Standard Bank’s big customer satisfaction problem"},"content":{"rendered":"

Consulta has released its 2019 South African Customer Satisfaction Index (SA-csi) for retail banking, which shows that Absa and Standard Bank have the worst customer satisfaction levels.<\/p>\n

For this index, Consulta polled 15,000 customers from lower, middle, and upper retail banking segments.<\/p>\n

These customers were asked about their overall level of satisfaction with South Africa\u2019s big six retail banks: Absa, African Bank, Capitec, FNB, Nedbank, and Standard Bank.<\/p>\n

The SA-csi uses a causal model that links customer expectations, perceived quality, and perceived value to customer satisfaction (the SA-csi score).<\/p>\n

For the first time since the inception of the SA-csi for Banking, Nedbank has caught up to FNB, with the former managing to outscore FNB in perceived value specifically.<\/p>\n

\u201cAfrican Bank, Capitec, FNB, and Nedbank all hold leader positions. Each of these banks hold a particular, unique, and strong position in the minds of customers,\u201d Consulta said.<\/p>\n

African Bank achieved a 7-point improvement from its 2018 score. This puts African Bank into a leadership position.<\/p>\n

Absa, who is rebuilding its brand, remained stable. \u201cThis is a notable achievement as the bank was in the process of cutting its final ties to Barclays,\u201d Consulta said.<\/p>\n

The report shows that Standard Bank had a particularly tough time, struggling to keep up with the competition on customer satisfaction.<\/p>\n

Overall Customer Satisfaction Score<\/h3>\n

African Bank achieved a high customer satisfaction score of 85.7.<\/p>\n

Capitec (84.0), followed by Nedbank (80.2) and FNB (79.9) are all in leader positions – and above the industry average (78.2).<\/p>\n

While Capitec maintains a leader position off a very high base, it is showing signs of decline.<\/p>\n

This, Consulta said, points to the challenges of maintaining customer satisfaction levels when expectations are on the rise.<\/p>\n

Nedbank has made consistent improvements over the last five years, achieving a score marginally better than FNB in 2019, it added.<\/p>\n

Absa (76.8), although showing slight improvement on its 2018 score, comes in below par, followed by Standard Bank (75.3), who declined on its 2018 score.<\/p>\n

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2019 South African Customer Satisfaction Index Scores<\/h3>\n

\"\"<\/a><\/p>\n

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2018 and 2019 Net Promoter Score<\/h3>\n

The net promoter score (NPR) is a popular measure of customer loyalty.<\/p>\n

\"\"<\/a><\/p>\n

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Now read: The multi-billion-rand online banking fight in South Africa<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

The latest South African Customer Satisfaction Index for Banking reveals that Absa and Standard Bank have a problem with customer satisfaction and loyalty.<\/p>\n","protected":false},"author":23,"featured_media":315775,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[10106],"tags":[36388,26560,5334,1313,35,1111,1851],"class_list":["post-343209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-african-bank","tag-banks","tag-capitec","tag-fnb","tag-headline","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/343209"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=343209"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/343209\/revisions"}],"predecessor-version":[{"id":343223,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/343209\/revisions\/343223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/315775"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=343209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=343209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=343209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}