Capitec is the most popular bank amongst customers in South Africa

South African research and business performance consultancy Consulta has released the latest iteration of its South African Consumer Satisfaction Index (SACsi) for retail banks in the country. Capitec has emerged as the most popular bank in the country amongst customers, followed by FNB.

The latest index comes shortly after Big Four accounting and advisory firm PwC released analysis detailing how the major banks in South Africa have maintained a mild but steady degree of growth due to increases in consumer spending. This is against the backdrop of sluggish economic growth in the country.

Alongside a slow economy, however, the major banks are currently struggling with a range of other disruptive factors, including regulatory and digital disruption, as well as the rapid increase in the number of smaller competitors who are emerging to capitalise on the rapidly expanding Fintech environment in the country.

Keeping customers happy is of paramount importance in such a scenario, and the SAcsi has revealed that the major banks appear to be doing so to a relatively high degree. The Big Four major banks listed by PwC – Absa, FNB, Nedbank and Standard Bank – all make the top six bank in Consulta’s list.

Nevertheless, the top spot in the SAcsi has gone to Capitec, which appears to have achieved a great degree of familiarity with its customers. “The Capitec promise of simple, easy, and affordable banking is strongly backed by its ability to deliver in terms of processes, people, and systems,” says Consulta.

Capitec was on top of the index for the last year as well, and has maintained its position despite a minute 0.4 point drop in its SAcsi score. FNB and Nedbank follow Capitec, and all three scored ahead of the industry average this year, while African Bank, Standard Bank and Absa followed in the same order, scoring below the industry average.

“Traditional banks are facing steadily increasing customer expectations while struggling to consistently get the basics right that underpin the most fundamental aspects of customer satisfaction,” said Consulta, in addition to enumerating the range of other challenges that are currently plaguing the South African banking sector.