Explainer: SA consumers are apparently jumping ship to FNB and Capitec

Explainer: SA consumers are apparently jumping ship to FNB and Capitec

- The 2019 South African Banking Sentiment Index has been released by BrandsEye

- The report analyzed the five major retail banks to determine whose in and whose out

- Briefly.co.za explores the results and explains what consumers think about the heavyweights in the industry

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The latest South African Banking Sentiment Index for this year has been released and contains some interesting insights into what consumers think about the nation's leading banks.

BusinessLIVE reports that over 1.9 million social media posts were analyzed relating to ABSA, Capitec, FNB, Standard Bank and Nedbank.

68 500 additional posts relating to newcomers Bank Zero, TymeBank and Discovery Bank were also looked at to compile the report.

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Cancellation Threats

The report noted that approximately 7.7% of the posts had centered on canceling accounts. Of these posts, FNB faced the largest number of customers who wanted to leave.

These threats hit its peak in March when allegations of racism relating to home loan approvals were doing the rounds.

ABSA and then Standard Bank came next in line when it came to possibly losing customers.

So where were these customers headed?

Strange enough FNB was one of the most cited alternatives listed by citizens threatening to jump ship.

Capitec was also prominent when it came to threats of leaving one bank for another. The report noted that ABSA, Standard Bank and Nedbank clients were more likely to move to FNB.

FNB customers who left the bank seemed more likely to switch to Capitec. Out of all the major banks, these two banks had the highest rates of potential gains.

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Source: Briefly.co.za

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