Service matters when choosing a bank in SA

By Staff Writer
The way technology influences the way South Africans go about their business is becoming more and more and apparent. Along with uncapped ADSL, Paypal and "mobile bank accounts" it's becoming increasingly clear that South Africa is finally catching up to the rest of the world.

However, when it comes to banking and choosing a bank South Africans are still fairly restricted since they can only choose from about five majour banks but how do South Africans compare their banks and what matters most when they compare their banks?

In a recent survey by Justmoney, it was revealed that 44% of users considered the monthly fees on their account to be the most important thing when choosing their bank. The service clients received was a close second, with 40% of users saying that this was the most important thing to them. The perception people had of the brand and the bank was only 8% while the other 8% of users opted not to answer or selected other as an option.

Despite Standard Bank grabbing the top gong for service during 2009, they were voted second favourite with 19% of users saying this was their favourite bank. FNB won the most loved bank award on the Justmoney survey - as many as 34% of people opted for First National Bank as their bank of choice. Newcomer, Capitec came in third with 19% of users opting for the emerging brand.

When it comes to comparing accounts, a staggering 75% of people said that the most important thing to them is the fees and functionality of the account which makes it no wonder that FNB and Capitec ranked so high when it comes to preferred bank. FNB's electronic account is one of the cheapest accounts around while a Capitec savings account will give you 7% on any balance below R10 000.

"The lack of competition in the local marketplace means that differentiating by product is infrequent and it follows that if a consumer has changed banks, it will most likely be because of service levels rather than pricing options or another reason," said Andy Gilder, general manager of Justmoney.co.za

"I recently read a report that claimed that 37% of South Africans polled claimed they have moved banks in the last year - while I think the number is somehow inflated, the trend is showing that competition amongst the SA banking community is increasing. It can only be good for the consumer.

"If South African are finally happy to move banks without fear of the logistics around the change we are beginning to get rid of the apathetic nature of the South African banking consumer."

Recent Articles

Featured Register your customary marriage or lose the right to inherit estate

December is that time of the year when we will see at least one suitor sending his uncles to negotiate the price of his future wife. Lobola, as the bride price is known, has always been an important element of the African marriage.

Read more

Changing from one medical scheme to another - effortlessly

It is coming up to the end of the year and you might be looking to change medical schemes, or options within a scheme in preparation for the new year. While you don’t necessarily have to wait for year-end to do so, providers often recommend it.

Read more

Your guide to financially surviving Christmas

There are a few times each year where you need to dig deeper into your pocket and spend more money such as birthdays, anniversaries, and the Christmas period. Whether you celebrate this religious holiday or not, the festive period - depending on how you choose to spend it - means increased travelling, buying of gifts, entertaining, and eating out at restaurants.


Read more

Trump, Trump and a little bit of South Africa

What a November we had, with the rand staging one of its best months and closing below the R14.00 level. To be honest, this looked like quite a far-fetched possibility at one stage during the month. It seems that the tide has changed a little, even though it might be short lived since the US dollar bulls are not so sure of their case anymore.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Free iCollege Scholarship

Price: R600
When: Until 16 May 2019
Where: Nationwide

Telkom December Big Deal

Price: R459 pm
When: Until 31 December
Where: Nationwide

Money Savvy Kids Giveaway

Price: R450
When: 8 December
Where: Johannesburg (Milpark)