2014 Internet Banking SITEisfaction survey shows improvement in sectorSpecialist online marketing research agency, Columinate, recently released its third annual 'Internet Banking SITEisfaction in South Africa' survey. Image: www.freedigitalphotos.net Launched in 2012, the survey is a measure of customer satisfaction with online banking services in South Africa. The report is the only one of its kind to focus exclusively on internet banking and is viewed by the industry as a key feedback tool for the banks evaluated as it reveals the behaviours and experiences of their online customers. The winner"The definition of the best overall internet banking service provider is one that has a large percentage of highly satisfied users, and a low percentage of dissatisfied users," says Henk Pretorius, Columinate CEO. "We measure the 'big 5' banks in South Africa, namely Absa, Capitec, FNB, Nedbank and Standard Bank, against a number of key drivers. These include ease of use, information and quality, trust, innovation, device flexibility, reasonable banking fees, and communication and assurance." This year, Capitec came out tops with a SITEisfaction score of 71. FNB fell to second place with a score of 69, down from its score of 75 last year. Standard Bank took third place with a score of 56- an improvement of 6 points from its 2013 rating, Nedbank was ranked fourth at 48, and Absa remained in last place, although its overall score was up 3 points from last year. "This year Capitec scored the highest points in each category except for device flexibility, making them the overall winner of the survey," says Pretorius. The InsightsThe 2014 survey also analysed key consumer trends that have emerged in the internet banking sphere over the last year, the most notable of which are discussed in more detail below.
Pretorius notes that the variety of financial fraud activities continues to increase, which makes it difficult for banks to keep customers educated on how to constantly be vigilant against these attacks. "Banking customers have to contend with the usual attacks on their accounts like phishing and deposit refund scams, as well as newer attempts like 'smishing' (SMS version of phishing) and 419 scams," he explains. A closer look at appsThe use of apps was investigated at a preparatory level within the internet banking survey. In terms of mobile app SITEisfaction scores, FNB took first position with 81%, followed by Absa at 79% and Nedbank was in third place with 77%. "Overall, the development of the internet banking industry has been tremendous over the last year," says Pretorius. "Banks are providing more complex solutions for tech-savvy customers across multiple device options, however they should not lose sight of what matters most at the end of the day - ease of use and convenience for customers. They should also continue to make an effort to educate consumers about safe internet banking practices," concludes Pretorius. Download the Columinate - Internet Banking 'SITEisatisfaction' Industry Report |