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get closure! launches its five star rating for SA financial services

28 October 2008 · Staff Writer

getclosure!, South Africa's complaints driver, haslaunched a five star rating system for service providers based on consumer feedback. The ratings provide a nifty way for consumers to compare South African suppliers and to assess each supplier's customer-centricity with others in the same industry.

According to Wikipedia, customer-centricity refers to "the orientation of a company to the needs and behaviours of its customers, rather than internal drivers (such as the quest for short term profit)". One of the best indications of customer-centricity is the way in which a supplier handles its customers' complaints. getclosure! ratings take this a step further by comparing each supplier's rating to the rating of its industry.

As far as industries go, the internet and communications industry and the financial services industry are neck and neck for first place, with two and a half stars each. This is an interesting statistic when you consider how negative many consumers' perceptions of banks and other financial institutions are.

African Bank is leading the pack with an overall score of three and a half stars. The following three scores are taken into account when calculating this rating:

  • Average satisfaction with complaint outcome
  • Average satisfaction with the way the complaint was handled
  • Complaints responded to timeously
  • Overall rating 
The "average satisfaction with the complaint outcome" rating reflects the average for all consumers providing feedback on the level of their satisfaction with the final outcome of their complaints. This is different to the "satisfaction with the way the complaint was handled" by suppliers.

For example, Nick lodged a complaint because he was unhappy that he had been charged a penalty fee for exceeding his overdraft limit. The bank customer care agent explained politely and clearly that the penalty fee is made clear to the customer when they open their bank account.

Nick was happy with the helpful service thathe received from the customer care agent, hence rated the way the complaint was handled highly, but was disappointed with the outcome of the complaint as he still had to pay the penalty fee - so he gave a lower rating for the outcome of the complaint.

"Complaints responded to timeously" includes all complaints that have been responded to within three days. African Bank has an impeccable record when it comes to prompt responses, with a customer rating of four and a half stars.

ABSA and FNB are also above the average rating for the financial services industry with an overall rating of three stars each. It is interesting to note that FNB has a slightly higher rating for the way the complaint was handled than the outcome of the complaint, which indicates that it is really focusing on customer service.

On the other end of the scale, Nedbank and Standard Bank are currently sitting below the industry average, with two stars and one and a half stars respectively.

These ratings are really useful for a number of reasons:

  • They are easy to read and understand.
  • Consumers can use these ratings as indicator of customer centricity before they make a purchasing decision.
  • Consumers can see which suppliers are
    • Industry leaders
    • The most customer-centric companies in South Africa.
  • The ratings are updated regularly to ensure that the data accurately reflects customer feedback.

For more information, visit get closure!

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