First National Bank has topped the banking charts and has been rated best digital bank in brand consultancy Human8’s SITEisfaction 2023 survey, however, TymeBank and Discovery are climbing up closer.
Human8 has ranked FNB as South Africa’s best digital bank in Belgium-headquartered Human8’s 12th annual edition of it SITEisfaciton report. FNB went in first place by scoring 73.94 out of 100; Nedbank placed second with a score of 72.94; and digital-only TymeBank came third, scoring 69.76.
How the survey ranks the banks, is that it measures levels of satisfaction with digital banking across the South African consumer base. Banks are assessed on a number of metrics and then ranked in terms of customer satisfaction to identify the best digital bank, the bank with the best internet banking platform, the best mobile banking solution and so on.
One of the important drivers across all banking platforms identified by the report identified include trust and ease of use, alongside communication and quality of information identified as the main drivers for internet and mobile banking, respectively. FNB and Standard Bank ranked highest in trust (88%), while Capitec took top honours in the mobile banking category. TymeBank, which placed third overall, won in the quality of information (90%) and transparent communication (90%) categories, two critically important factors for a bank that operates without physical branches.
At the current moment, FNB is seen as the most innovative bank by South Africans, with a top score in innovation of 83. First to introduce internet and mobile banking solutions was the FirstRand subsidiary, while the rest of the banks have had to make significant investments in IT infrastructure and staffing to catch up.