SOUTH AFRICA’S BEST BANKS REVEALED

With social media playing such a huge role when it comes to customer service, it seems to be a good enough source for a survey.

The South African Banking Sentiment Index was released by DataEQ recently and it revealed consumers’ viewpoint of South Africa’s biggest banks.

Social media posts relating to African Bank, Absa, Capitec Bank, Discovery Bank, FNB, Nedbank, Standard Bank and TymeBank were tracked from 1 September 2023 to 31 August 2024.

Discovery Bank came out tops for both operational and reputational net sentiment with an overall net sentiment performance of 47%. Discovery’s security as well as Vitality rewards benefits were mentioned and commended.

According to the report, a large amount of operational praise for the bank was driven by brand posts that encouraged customers to share positive experiences with the bank.

Second place went to Absa with 40% and FNB with 27% came in third.

Complaints focused on customers who were unsatisfied with service and lack of resolution. Customers mentioned unauthorised overdrafts, discrepancies in account balances, and extra fees.

Image credit: The South African