Uh-oh, Standard Bank, your clients want you to shine up
Survey of social media users shows they love Capitec while Standard takes over from Absa as least popular
Capitec is the most-loved bank among social media users while Standard Bank is the most unpopular – replacing Absa which found itself in that unhappy position last year.
Social media analytics company Brands Eye, which is part of Deloitte, analysed more than half a million tweets and Facebook and Instagram posts from September 2017 to August 2018 to measure consumer sentiment towards SA’s five biggest retail banks. It released its annual SA Banking Sentiment Index on Monday.
Only Capitec had a net number of positive social media posts. The other banks had more negative comments about them than compliments, but sentiment about FNB had improved drastically from the year before.
The insights from 521,326 posts and tweets can help consumers choose a good bank.
Social media posts suggest the following: If you love great apps and digital banking, FNB is the bank to use.
If you want good prices, consumers posted they were happy with bank fees at Capitec and Nedbank.
FNB was the most popular bank to switch to.
If you hate dealing with call centres, stay away from Standard Bank, which received a huge number of posts about difficulties with its call centres.
If you don’t like visiting bank branches, avoid Absa. A fifth of people wanted to leave Absa after a negative experience at its branches.
People love to use social media to complain about their experiences. The report states: “Overall, an estimated 417,500 consumers expressed negative sentiment towards banks in 2018.” About 7% of posts analysed were users who threatened to leave their banks following bad customer service or high prices.
“Capitec had the lowest proportion of consumers demonstrating intent to cancel. Standard Bank received the highest negative sentiment in terms of consumers expressing intent to cancel.”
Most social media users said they wanted to leave their bank because it took it too long to solve queries. At Absa, a slow turnaround time to deal with complaints was the primary reason for threats to leave the bank.
“Problems with Absa branches were mentioned in 19.1% of conversation expressing intent to cancel.”
Over the year, Standard Bank was heavily criticised for not answering its phones, for its difficult-to-use app, for the app being offline, and for bad customer service.
“At least 28% of conversations about cancelling and turnaround time included a reference to telephonic interactions, suggesting potential bottlenecks at the [Standard Bank] customer service call centre,” read the report.
Many of the tweets and Facebook posts were not about banking experiences but about how banks conducted themselves. Most of the posts about Nedbank during the year centred on a “consumer backlash" for plans to replace 3,000 staff with automated technology.
FNB tweets in November 2017 about job opportunities for recent graduates also drove a huge amount of traffic.
One of the most spoken about topics was unauthorised debit order fraud at FNB in December, when hundreds of consumers complained about money deducted from their FNB accounts by unknown people.
Another popular topic on Twitter was the Viceroy Report in January that suggested Capitec was a giant “loan shark”. The report by a small research agency, Viceroy, suggested Capitec held far too much high-risk debt and should be placed under curatorship by the Reserve Bank.
The Viceroy report was heavily criticised and dismissed by the Reserve Bank, but its initial release led to a drop in Capitec’s share price.
Despite months of discussion about the Viceroy report on Twitter, Capitec was the only bank that had more positive tweets about it than complaints.