South African multinational bank, First National Bank (FNB) has been named the best digital bank in South Africa, by the SITEisfaction survey, conducted annually by Belgium brand consultancy company, Human8.
The survey, which was first conducted in 2011, is in its 12th year, and evaluates the satisfaction rate of South African consumers with digital banking. Banks are ranked with a score of 100, based on various criteria to identify the best digital bank, the best internet banking platform, the best mobile banking solution, etc.
FNB won with a score of 73.94 out of 100; Nedbank placed second with a score of 72.94; and digital-only TymeBank came third, scoring 69.76. Though FNB leads the pack, the results show it facing stiff competition from Nedbank, TymeBank and Discovery, who are quickly gaining ground.
The survey identified trust and ease of use as the key factors for all banking platforms, and that communication and quality of information were the main factors for internet and mobile banking, respectively. FNB and Standard Bank ranked highest in trust, scoring 88%, while Capitec took top honours in the mobile banking category.
TymeBank, which placed third overall, led in quality of information and transparent communication, scoring 90% in both categories, two critically important factors for banks that only operate digitally.
Speaking on how Nedbank attained its high rank in the survey, a spokesperson from the bank said, “In 2016, Nedbank embarked on a R9-billion managed evolution technology strategy aimed at unlocking efficiencies by embracing digital through a complete refresh of our digital platforms. Over the years, the managed evolution journey has enabled us to refactor our core banking. The project has resulted in continued double-digit growth in all digital-related metrics,”
South Africans still view FNB as the most innovative bank, with a high innovation score of 83. FNB was the pioneer of internet and mobile banking solutions. The other banks have had to invest heavily in IT infrastructure and staff to keep up, but Nedbank stands out since it has overcome its previous image as a digital follower.