The best digital banks in South Africa

FNB has been ranked as the best digital bank in South Africa, taking the gold in both mobile and Internet banking.

This is according to the latest SITEisfaction survey from Human8, which looked at customer satisfaction in digital banking services across South Africa.

The group ranks internet and mobile banking platforms based on its SITEisfaction score out of 100, which is determined using both quantitative and qualitative approaches.

The quantitative approach uses short surveys on the Internet and mobile banking experiences of primary and secondary users. This includes usage, satisfaction with platforms and other issues, such as security and extent of trust.

“Including implicit brand measurement, focusing on brand perceptions of each bank to add an additional layer of aspects that could influence digital platform perceptions and experiences,” Human8 said.

The qualitative measurements are based on engagement with consumers, covering a series of issues, such as digital inclusiveness, empathetic banking, the cost-of-living crisis and how banks can help consumers in challenging times.

Results

According to the SITEisfaction’s results, FNB is the Best Digital Bank in South Africa, with a score of 73.94.

Nedbank is in second place with a score of 72.09, whilst digital-only TymeBank is in third place with 69.76 points.

Digital Banking

Delving deeper, FNB also had the best internet banking.

Second on the list was Nedbank, with Discovery Bank the highest-placed digital-only bank at third.

Internet Banking

When it comes to Mobile Banking, FNB was again named the best in the country.

Nedbank was again in second place, followed by Capitec.

Mobile Banking

Human8 added that South African users will often positively rate customer satisfaction in digital baking if there is trust, ease of use and communication.

FNB and Standard Bank both scored highly for trust, while Capitec led in terms of ease of use in its mobile banking category.

TymeBank, on the other hand, did well in the quality of information it provides and transparent communication, which is essential without physical branches, Human8 said.

Interestingly, load shedding has led to major South African bank site disruptions, with Discovery rated the best for reducing this impact through its proactive and transparent communication with its users about issues.

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