Absa Bank is top of the pops in customer satisfaction, but the big four banks have all seen their ratings slide, according to market researchers Synovate.
”Absa has beaten First National Bank (FNB) and Standard Bank for the first time,” Synovate spokesperson Catherine Barnhoorn said in Johannesburg on Monday.
”First position has historically been a battle between Standard Bank and FNB, who are essentially tied at second place this year.”
Nedbank came in last, possibly because its customers have higher expectations, she said.
Barnhoorn said the South African Satisfaction Index (Sasi) banking study, conducted by Synovate and endorsed by the Department of Trade and Industry, has been undertaken for four years.
The study measures customer satisfaction levels with the four big banks: Absa, Nedbank, Standard Bank and FNB.
”This year, Absa was first in delighting its customers, but competition is intensely close — a mere 2,3% points separates the top and bottom performers.”
However, the results do not indicate good news for the banking industry.
”Every one of the big four saw their satisfaction ratings slide. There was an overall decline in satisfaction from 81,3% to 77,1%.”
The Sasi measures six factors: internet banking, call centre agents, staff, ATMs, telephonic banking and general issues.
”The highest levels of satisfaction, across the board, were reported with internet banking,” she said.
Barnhoorn pointed out though, that there had been ”a uniform decline” in ratings across all services.
Synovate speculated that frustration with the Fica identification requirements had an adverse affect on public perception of banks in general.
”Negative sentiment caused by these laws could have spilled over to all aspects of the relationship with the bank.”
There were a few instances however, where Absa bucked the trend and improved greatly, she said.
”Greatest satisfaction levels with Absa were reported on its internet banking, specifically with the security measures taken to ensure safe transactions.”
FNB dropped most significantly in the area of staff performance and Nedbank lost points on its ATMs, call centre agents and internet banking.
Standard Bank leads the pack in terms of ATM convenience and services offered by the machines, but bank charges contributed to a perceived slump in value.
”Customers are not convinced that costs charged by the banks are reasonable,” Barnhoorn said.
”Keeping customers informed about fee increases needs to be more effective.”
She said the research results indicated that since customers were already unhappy about costs, ”implementing further increases without due warning could seriously impact on trust”.
The interviews took place in July and August 2005 and more information can be found at www.sas-index.co.za. – Sapa