Rate your bank!

By 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!

Recent Articles

Featured Rating agencies may come knocking

It is only the middle of February, but the rand has already made two big moves. The first was the rand moving from R14.60 to R 13.20 at the beginning of the year, as emerging markets (EM) became fashionable again. The second was where the rand gave away nearly 90 cents in 2 weeks as the EM rally ran out of steam, and local events started to hit the headlines.

Read more

The cost of sending money home to neighbouring countries

Transferring money home within the Southern African Development Community (SADC) provides vital financial support for many households in neighbouring countries.

Read more

Student bank accounts: Which come out on top?

Being a student signals budgeting and not having a lot of money at your disposal. This means streamlining expenses such as your grocery costs and entertainment budget. But what if your bank account is in fact costing you more than you can afford?

Read more

Can you afford an ambulance in South Africa?

When a loved one is straddling the line between life and death, you won’t hesitate to call an ambulance. This week, Justmoney found out how much an ambulance ride costs in South Africa, whether you can refuse to get into an ambulance, and who pays the bill if you’re unconscious. 

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

President Hotel Easter Special

Price: From R1,500
When: 15 March to 30 April
Where: Cape Town

Kulula-Preskil Island Resort Special

Price: R16,999
When: 11 May -14 September
Where: Mauritius

A Touch Of Madness Tuck In Tuesday Special

Price: R70
When: Tuesdays
Where: Cape Town