The best banks in South Africa 2024 according to online sentiment is undertaken by information specialists, DataEQ. With the help of AI, this week it published its 2024 South African Banking Sentiment Index. In it, through the analysis of millions of online and social media mentions, it’s able to rank the country’s big retail banks in terms of sentiment, reports Business Tech.
BEST BANKS IN SOUTH AFRICA 2024
According to its best banks in South African 2024 report, nearly 3.5-million online and social media mentions were tracked from 1 September 2023 to 31 August 2024 (one full year). This includes (in alphabetical order), ABSA, African Bank, Capitec, Discovery Bank, First National Bank, Nedbank, Standard Bank and TymeBank.
As mentioned, the overall sentiment towards South Africa’s banking institutions has slipped, signifying a tough year for the industry. Net sentiment has dropped from 24% in 2023 to 20% this year. However, on the positive side, South Africa still has the best online perception out of all the countries studied by DataEQ. This includes the UK, Kenya, and UAE.
MOST LOVED IN THE COUNTRY
Nevertheless, South Africans are still generally positive about their banking experiences. As prefaced by the fact that sentiment around the big banks is a net positive, and higher than in retail (9%), insurance (4%) and telecommunications (-19%). Here’s how the best banks in South Africa 2024 rank …
- 1. Discovery Bank – 47%
- 2. ABSA – 40%
- 3. FNB – 27%
- 4. African Bank – 24%
- 5. Nedbank – 11%
- 6. Tymebank – 9%
- 7. Standard Bank – 7%
- 8. Capitec – 0%
MOVERS AND LOSERS
Discovery Bank and ABSA are widely praised for good service. Additionally, the former’s Vitality rewards system is regularly commended online. Capitec, while neutral at 0%, actually saw an improvement from -0.1% in 2023. FNB saw the biggest drop, moving from the top-ranked spot in 2023 (42%) to 27% in 2024.
Interestingly, DataEQ identifies that the biggest drivers of positive sentiment in the industry are customer loyalty programmes. Meanwhile, poor customer service experiences (call centre and email correspondence) account for the highest negativity. System downtime and technical failures are the next biggest issue across the industry, significantly impacting customer sentiment and brand trust.
Likewise, fraud concerns, exacerbated by the aforementioned customer support delay continue to plague South Africa’s banks. As a result, it should be a key area of focus for the banking industry as it moves inexorably further into the digital space.
HOW WOULD YOU RATE YOUR BANK?
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