Absa, Standard biggest losers
Customers hammer former leaders of pack for ‘horrendous’ service
ABSA, now trading under the banner of Barclays Africa, and Standard Bank are the biggest losers in the Business Times Intellidex Bank of the Year survey.
A decade or so ago, Absa and Standard Bank led the pack in retail banking, both in quality and quantity.
Today, while they both remain top dogs when it comes to market share, their customers are not amused by the quality of their service and products.
Customers polled in the survey placed Absa last in most categories, only marginally behind Standard Bank.
More galling for both banks would be the views of their clients, one of whom described the customer service at both banks as “horrendous”.
“Absa’s client service is notoriously poor. I have had painful problems with my home loan in the past to the extent that I seriously consider moving my account,” another said.
Customers ranked both banks poorly when it came to their current accounts, and said they would be less likely to recommend these banks to friends or family.
Absa seems to realise that it has significantly slipped back in the estimation of customers.
Craig Bond, Barclays Africa’s head of retail and business banking, said the bank’s “intention is to regain customer and client dominance in our key markets.”
Bond said the bank would invest more than R3-billion to transform its businesses.
“We are investing in customer channels and infrastructure, rebooting and relaunching our brands and propositions, and boosting the sales engine.”
Absa said its in-house research showed that its customer satisfaction scores were improving.
Standard Bank, however, seemed reluctant to discuss why it seems to have slipped back in customer perceptions.
Funeka Montjane, Standard Bank’s head of personal and busi- ness banking in South Africa, said: “We acknowledge that the environment within which we operate has evolved, and we remain committed to ensuring that we provide financial solutions and a customer experience that meet each individual customer’s needs.
“We are listening to the feedback from our customers on an ongoing basis, and responding to it,” Montjane said.
When it came to home loans, Absa was the lowest ranked, behind Standard Bank. Both the JSE-listed lenders recorded low scores in general satisfaction level, and most respondents said they would not be repeat customers.
When it came to savings accounts, Standard Bank was ahead of Absa.
One customer said his time with Standard Bank “has been rough, especially as I’m a student. For us times are hard, and Standard Bank is not near to helping the situation at all.”
Another customer said that while Absa’s bank fees were high, “it is just a hassle to change banks due to debit orders and deposits”.
These comments contrasted with those who banked with Capitec Bank. The perception of Capitec was summed up by one customer, who said the fledgling bank made them “smile”.