First National Bank Named Bank with the Most Complaints, Absa with the Least

- First National Bank was, for the second year running, the bank that was targetted in the most consumer complaints

- FNB was the only bank to break the 2 000 complaint mark, according to an official ombudsman report

- Standard Bank came in second place with 1 572 complaints and Capitec following third with 1 259 complaints

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For the second year running, First National Bank (FNB) has earned itself the title of the bank with the most complaints in South Africa. Results published by the Ombudsman for Banking Services (OBS) on Wednesday, 12 May show that FNB received more complaints this time around than ever before.

2 197 complaints were recorded by OBS, making FNB the first bank to break the 2 000 mark. FNB’s consumer dissatisfaction has increased by a whopping 29% since 2019.

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Standard Bank came in second with 1 572 reported cases and Capitec came in third with 1 259.

ABSA bagged fifth place after having decreased complaints by 36% with only 943 cases of complaints reported, making them the most favourable bank in Mzansi.

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Here is the full list as published by OBS:

1. First National Bank: 2 197 (up 29%)

2. Standard Bank: 1 572 (up 39%)

3. Capitec: 1 259 (up 65%)

4. Nedbank: 1 217 (up 11%)

5. Absa: 943 (down 36%)

Briefly News previously reported that Capitec Bank had been ranked South Africa's 'Best Bank' for the second consecutive year. This is after a survey by the media group, Forbes.

Forbes partnered with the market research firm Statista to measure the best banks in nearly two dozen countries, surveying over 40 000 customers. Capitec Bank CEO Gerrie Fourie said:

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"We’re continually challenging the norms of traditional banking to bring our clients a simplified, affordable solution that puts them in control of their money.

"A client-centric focus, along with the pursuit of relevant innovation has made it possible to transform what was originally a grudge purchase into a service that truly helps people better manage their financial lives."

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Source: Briefly News