Forbes recently partnered with market research firm Statista to measure the best banks in nearly two dozen countries, including South Africa.
The banks were rated on overall recommendation and satisfaction, as well as five sub dimensions, namely trust, terms and conditions, customer services, digital services and financial advice.
Between 5 and 60 banks were identified as top banks in each country, based on the total evaluations collected, the number of banks in the specific country and the scores achieved.
The shift towards digital banking has shaken the industry. Forbes said that customer expectations are higher than ever for their financial institutions, thanks to advances in technology.
These are the banks South Africans are most satisfied with:
1. Capitec
2. FNB
3. Bidvest
4. Investec
5. Nedbank
The launch of South Africa’s first fully licensed digital-only bank, TymeBank, will further challenge the status quo in the traditional banking industry, with Discovery Bank and Bank Zero also launching later in the year.
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