Keep your strategy in tune with consumers’ needs via Price Sentiment Trackers
Written by Yvonne Feucht
How tracking price sentiment helps you ensure that your price and product strategies stay in tune with consumer and retailer needs
Launched in 2012, the SITEisfaction® report is our annual measure of customer satisfaction with digital banking services in South Africa. It rates each banking institution with a score from -100 (worst possible experience) to +100 (best possible experience), combining the scores for internet banking (via computer web browser) and mobile banking (via mobile apps).
Consumer data in the SITEisfaction® 2020 report indicate that FNB achieved first place as South Africa’s Best Digital Bank with a score of 81, whilst Capitec places second this year, with a score of 78. FNB and Capitec were tied for first place with a score of 79 each in 2019. These two banks have consistently been rated either 1st or 2nd since the measure was introduced in 2012. Third place is awarded to newcomer TymeBank, with a score of 74, followed by Nedbank (72), Standard Bank (66), and Absa (61).
Consumers rated Capitec for its affordability, user-friendliness and convenience, while FNB users cited security as well as user-friendliness and convenience as features they appreciate. Consumers delighted with TymeBank mentioned aspects such as user-friendliness, good safety features, as well as affordability. The latter is further echoed amongst those who recently switched to TymeBank, with most saying they switched because of this. Furthermore, banks traditionally perform better among primary users of an account (the bank account used most often for all banking transactions) than secondary users, but this is not the case with TymeBank: both its internet and mobile banking platforms performed exceptionally well amongst primary and secondary users.
Giuseppe Virgillito, Head of Digital Banking at FNB
The battle between FNB and Capitec for the best digital experience continues. The narrative is a seasoned one, where different strategies have served both banks well: FNB focusing more on rolling out appropriate technologies to its users, and Capitec focusing more on simplicity. That being said, the significant score increase for Nedbank, Standard Bank and Absa, and TymeBank starting off strongly in third place, means that FNB and Capitec are no longer the only banks competing in the fast lane.
Get in touch for more SITEisfaction 2020 insights featuring details on internet banking, mobile banking, the threat of fraud, and changes in banking behaviour during the ongoing lockdown in South Africa.
Written by Yvonne Feucht
How tracking price sentiment helps you ensure that your price and product strategies stay in tune with consumer and retailer needs
Written by Anke Moerdyck
Strengthening our European footprint, we’re excited to announce our latest acquisition in the region with Happy Thinking People, headquartered in Munich and spanning Germany, Switzerland, and France. Happy Thinking People was founded in 1989 as a qualitative boutique, and today an international market research and innovation consultancy, ranking #1 on Innovation and Creativity in Germany (Marktforschung.de 2021).
Written by Lisa McFarland / Tom De Ruyck
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