26.09.2024

Key takeaways:

• FNB Named Best Digital Bank: FNB has been awarded the title of South Africa’s Best Digital Bank for 2024 with a score of 72.80. Nedbank and Capitec follow closely with scores of 70.33 and 69.98, respectively.
• Importance of Ease of Use: Ease of use has become a critical factor for both internet and mobile banking users.
• Communication gaps: Banks need to improve communication about new features and maintenance updates to enhance user experience.
• Customer Experience (CX) at the core: A great user experience (UX) must be supported by an even better customer experience (CX).

FNB named Best Digital Bank of 2024

According to this year’s SITEisfaction® results, FNB has been named South Africa’s Best Digital Bank for 2024, achieving an impressive score of 72.80. Close behind, Nedbank secured second place with a score of 70.33, while Capitec rounded out the top three with 69.98 points. This recognition underscores FNB’s commitment to delivering exceptional digital banking experiences.

Key Trends in Digital Banking

The survey highlights several key trends in the digital banking landscape:

Ease of Use: Ease of use has emerged as a critical factor for both internet and mobile banking users. Users now demand a seamless, trouble-free experience with comprehensive, high-quality features. FNB, Nedbank, Capitec and Discovery excel in this area, with significant improvements noted for Standard Bank and TymeBank.

Functionality: High-quality features are essential for user satisfaction. Discovery leads in functionality, offering comprehensive and reliable features that meet user needs.

Communication: Effective communication about new features and maintenance updates is crucial. FNB, Discovery, and Capitec share the top spot for communication, ensuring users are well-informed about platform updates and improvements.

Insights on Internet Banking

In 2023, trust in the security of user accounts was the cornerstone of satisfaction for internet banking users. This year, the focus has shifted to ease of use and functionality. Users crave a seamless, trouble-free experience and comprehensive, high-quality features. Regular and transparent communication about UX improvements is also crucial.

Anton de Wet, Chief Client Officer at Nedbank, commented on the findings: “Nedbank’s digital transformation journey continues to drive the bank’s innovation agenda forward and has firmly established Nedbank’s reputation as a leader in digital innovation. The findings of the SITEisfaction survey affirm that our digital strategy, which is focused on pushing boundaries for efficiencies and innovative offerings, is yielding positive results and adding value in the lives of our clients while getting us one step closer to achieving our aspiration of being ‘Africa’s #1 Digital Financial Services Provider.’”

Insights on Mobile Banking

Trust remains the top driver of satisfaction among mobile banking users. However, a seamless experience, characterised by smooth app functioning and quick problem-solving, has surged in importance. Ease of use now ranks as the third most critical factor. This trend mirrors internet banking, underscoring the need for banks to prioritise the fundamentals of UX in their apps. In 2024, users are less impressed by flashy innovations and more focused on reliable, user-friendly experiences.

Banks that excel in building trust often do so through visible security efforts. Discovery and FNB lead in trust, with Absa and Nedbank excelling among secondary users, ensuring users feel safe during mobile banking transactions. However, a crucial call-to-action for all banks is to ensure their communication reaches secondary users as effectively as it does primary users.

Engaging with users in a meaningful way

The 2024 report highlights the need for banks to engage with users meaningfully. While digital presence is important, users also value the option to speak to a real person, emphasising the need for a human touch in digital interactions. This year’s findings suggest that embedding customer experience (CX) within the foundation of UX is crucial. Banks must ensure that their digital platforms are not only functional but also empathetic to user needs.

Subash Sharma, Chief Digital Officer at Absa Everyday Banking, noted: “Absa notes and welcomes the findings of the 2024 SITEisfaction report on digital banking, particularly on improved Trust, Ease of use and Functionality scores. We are encouraged that the work we have done on our digital platforms is starting to reflect in the improvements seen in our rankings over the years. Aligned to our brand positioning ‘Your Story Matters,’ we remain committed to our focus to provide a human-centred empathetic experience for over three million customers, listening to our customers and finding innovative ways to continuously improve our digital, mobile, and internet banking experiences.”

The SITEisfaction® 2024 report explores the digital-banking sector in more detail on topics such as internet banking, mobile banking, how brand perceptions can impact the digital experience, and how the user can be placed at the heart of everything. To purchase the full report, please mail to contactus@wearehuman8.com.