The people have spoken, and the results can be found in the latest South African Customer Satisfaction Index (SAcsi) for banking report.

In the 2019 report, compiled by Consulta, the term “watershed year” stands out, as South Africa’s traditional banks are forced to reckon with the emergence of a new digital banking era.

These new entrants into the game have seen customer expectations rise, with technological advancements disrupting a market previously dominated by a handful of names.

Let’s see those stats via MyBroadband:

Capitec has come out on top, but there’s not really that much to choose between first and last on that table.

I wonder if Absa’s logo fiasco played any role in people being dissatisfied. Nah, probably their bang average customer service, actually.

A few more findings from the same report:

OK, let’s talk about value for money.

I am still amazed at some of the charges I find on my account, when I decide to dig a little deeper. Oh, just a charge here for transferring my own money between my own accounts, and then a little something more for drawing some out at the ATM a few times a month.

Not sure I will ever grasp that concept. Don’t these big banks make enough money from the interest on our money, which they’re certainly not handing over to us at the end of the month?

Thankfully, Zero Monthly Fee accounts are offered by one of the new digital players, Bettr, which is set to launch to the general public shortly.

Then again, when you can eradicate all the costs that come with running brick and mortar outlets, we’re not surprised.

With Bettr, the entire bank exists online, and opening a bank account is as simple as downloading the mobile banking app. By submitting your details and completing the security checks, you are assigned your virtual account.

The card linked to your account is then delivered to your door, and you’re up and running.

That’s what happens when you have a bank that has spoken with South Africans throughout the entire process about what they want from a bank, and then put that knowledge to good use.

If you want to dabble in the digital, you can pre-order your Zero Monthly Fee account and Bettr debit card, and find out more, here.

Otherwise, enjoy the same old banks and the same old bank accounts.

[source:mybroadband]