The South African Banking Sentiment Index by DataEQ has revealed how of the biggest banks in South Africa compare in the eyes of consumers.
The index tracked over 3,382,821 social media posts about African Bank, Absa, Capitec Bank, Discovery Bank, FNB, Nedbank, Standard Bank and TymeBank from September 1, 2023 to August, 31 2024.
The index has seen the banking industry continue to improve its net sentiment keeping it’s position as the most positively spoken about South African industry according to consumers on social media.
Out of the eight banks that were featured on the index, Discovery Bank came first overall taking the top spot for both Operational and Reputational Net Sentiment with an Overall Net Sentiment performance of 47% followed by Absa with 40% and FNB with 27%.
In terms of operational performance, praise for Discovery Bank ranged from inquiries and expressions of interest in bank accounts and credit cards to thanking staff for good service. Customers also mentioned the Vitality rewards benefits and commended the bank’s security.
The report said that a large amount of operational praise for the bank was driven by brand posts that encouraged C to share positive experiences with the bank.
According to the index, customers praised Absa for its #AbsaChatWallet, highlighting how they used the ChatWallet for tasks like purchasing value-added services (VAS) like electricity or data, and sending money to others.
DataEQ said that FNB generated significant brand positivity through customer compliments towards branch staff, who were praised for their exceptional service.
“The bank leveraged promotional campaign content tied to #LoveFNB to drive positive engagement around their products and features. This included encouraging customers to share their experiences with offerings like eBucks, virtual cards, eWallet, FNB Fusion, and Easy Pay accounts,” DataEQ said.
According to the index, banks leveraged hashtags to drive positive sentiment with Absa, Discovery Bank, Standard Bank, FNB, and African Bank benefitting the most from campaign conversation using popular hashtags to encourage positive consumer engagement. The trend, which has been common in the banking industry for a number of years, continued into 2024.
In terms of products that banks offers telecommunications products achieved the highest Net Sentiment among financial offerings which can be attributed to positive responses to mobile data and bundle options.
Social media campaigns that encourage customers to share their favourite products helped boost engagement and drive positivity which demonstrates how promotions and competitions could enhance sentiment toward products and services.
Overdraft services had the lowest Net Sentiment with customers voicing concerns over unexpected charges, and difficulties in getting accurate credit report updates.
Other complaints focused on unsatisfactory customer service and lack of resolution. Reports of unauthorised overdrafts, discrepancies in account balances, and extra fees also contributed to negative sentiment.
Other issues also included challenges with overdraft applications, delayed refunds, and difficulties obtaining proof of account closure.
