ThinkMoney readers weigh in on banks

According to ThinkMoney subscribers, banks that innovate are ayoba. FNB gained market share among the subscriber base, moving from 23,8% of its member base in 2007 to 30,8% in 2010. Nedbank has also grown in popularity, with an increase of 17% among its subscribers.

ThinkMoney is an online independent financial comparison website that compares a wide range of financial products, including personal banking and loans. Comparisons are based on price as well as consumer feedback, so the analysis provides great insight into what is working for consumers.

Gareth Mountain, ThinkMoney’s general manager, says innovative products and simple pricing structures put both FNB and Nedbank ahead of their competitors in terms of subscriber market share. Newcomer Capital Bank also fared well, due to its low-cost accounts that earn high interest and charges that are easy to understand.

“FNB’s Smart Unlimited Account (R59,99 per month) and Nedbank’s Savvy Current Account (R69 per month) are excellent examples of how products should be priced and structured; charging a fixed monthly fee and including most electronic transactions in this price,” says Mountain.

Absa and Standard Bank fared less well with ThinkMoney subscribers, with both of them losing approximately 36% of market share.

More research done by ThinkMoney shows that in 2007, 33% of its members were happy with the bank accounts they had and were not looking to switch.

In 2010, this has increased to 45%, indicating that more people have already switched and are now satisfied with their banking products and not looking to make a change.

ThinkMoney has 130 000 subscribers and this sample was taken from a group of about 3 500 subscribers.

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