Private banking – The South African banking sector plays a major role to service the needs of both the private and public sector. It is in line with this service that some of these institutions have proved to be the best in service delivery. As such, a new survey by SAcsi that measured consumer satisfaction was conducted; the survey established that Investec, FNB and RMB have come out as leaders in private banking in South Africa that measured the satisfaction of 3,089 private banking clients.
SAcsi is an independent measure of customer satisfaction with various industries that is released at regular intervals throughout the year by Consulta Research.
The research was conducted in the last quarter of 2014.
Investec and RMB came out as the best in this research, with FNB and Standard Bank joining them above the industry average of 70.3 out of 100.
Absa and Nedbank scored under par in the survey.
Founder of SAcsi and CEO of Consulta Research Prof. Adré Schreuder, said that Investec has set the benchmark among private banking clients with a score of 78.8 out of 100, which is considerably higher than the industry average of 70.3 out of 100.
He cautioned that the sample sizes for some of the banks are smaller than the SAcsi’s ideal sample size of 270 respondents per brand.
“A smaller sample size introduces variance into the score, but we have taken this into account via the confidence intervals for the respective scores,” he said.
RMB and FNB also did well while Investec retained its leadership position; its private banking customers gave the bank an extensively lower score compared to the previous year.
Absa enhanced its satisfaction score by as much as 7.9 points from last year, booming the momentous improvement in the general banking study released recently by SAcsi.
Customers indicated that Investec, RMB and Standard Bank presented the highest quality in private banking, while Standard Bank has seen a noticeable increase in its value ratings, Schreuder said.
Absa’s private banking customers are remarkably more loyal this year and Standard Bank’s private banking allegiance scores have enhanced.
SAcsi also tracks the well-known Net Promoter Score (NPS), which describes the likelihood of customers recommending a particular bank. The NPS has increased by 6% for the private banking industry.
“Investec has the highest NPS of its peers, followed by FNB and RMB,” said Prof. Schreuder.
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