SOUTH AFRICAN BANKING SENTIMENT INDEX 2017 - BRANDSEYE
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South African Banking Sentiment Index 2017 In partnership with
SOUTH AFRICAN BANKING SENTIMENT INDEX
Contents
Introduction 1
Methodology 3
Sentiment and Net Promoter Score analysis 4
Sentiment analysis 4
Net Promoter Score and Net Experience Effect 6
Topics analysis 9
Evaluating customer experiences 11
Appendix 21
In partnership withSOUTH AFRICAN BANKING SENTIMENT INDEX
Introduction
The South African banking sector is growing steadily, with three new
entrants expected to launch in 2018. The sector’s growth is likely to intensify
competition amongst the existing big five banks. In order for these banks to
succeed they will need to allocate significant resources toward analysing and
improving upon their customer experience (CX) offering, from streamlining
customer query turnaround time to innovating easy-to-use fintech solutions.
Improving customer experience will be critical to the development of a
loyal customer base, without which, the banks’ long-term success will be
compromised.
Given the centrality of customer experience in driving sentiment, for this year’s
index, BrandsEye partnered with customer experience expert, Julia Ahlfeldt.
Ahlfeldt’s research on Net Promoter Score and her newly developed metric,
the Net Experience Effect, corroborate and complement our sentiment
analysis of the banks. Furthermore, we have integrated BrandsEye topics
analysis into Ahlfeldt’s own Elements of CX model. This integration enabled
us to illustrate which customer experience topics are driving both negative
and positive sentiment towards each of the five banks.
BrandsEye’s sentiment analysis of the banks is based on 1.8 million social
media posts from September 2016 to August 2017. The unsolicited nature
of social media makes platforms like Facebook and Twitter ideal sources to
gauge public opinion. Unlike traditional polling surveys, people take to social
media to post their views without prompting or guidance on what to say or
how to say it. The usual challenge with analysing large sets of data from social
media is how to organise them into valuable, structured insights. BrandsEye
is able to overcome this challenge and achieve high levels of accuracy by
combining machine-learning algorithms with human contributors. Unlike
algorithm-only analysis, we send statistically significant samples of the data
we analyse to our ‘crowd’ of human verifiers. Our crowd contributors verify
the sentiment and topics contained in each post.
We begin this report by analysing public sentiment towards the banks,
including their net sentiment scores and the main drivers of sentiment
towards the highest and lowest ranking banks. Following this, we illustrate
In partnership with
1SOUTH AFRICAN BANKING SENTIMENT INDEX
how Net Promoter Scores compare to the sentiment scores. We then
introduce the concept of Net Experience Effect, which quantifies experience
by measuring the variance in customers’ and non-customers’ NPS scores.
In the second part of the report, we explore which topics are driving
conversation about South Africa’s banks. Using BrandsEye topics analysis, we
look at the main topics of banking conversation. We then integrate BrandsEye
topics for the month of July 2017 with Ahlfeldt’s Elements of CX model to
represent the CX topics driving consumer sentiment.
In partnership with
2SOUTH AFRICAN BANKING SENTIMENT INDEX
Methodology
BrandsEye data
SENTIMENT DATA
BrandsEye tracked 1 790 933 social media posts, by 554 600 unique authors,
about South Africa’s big five banks from September 2016 to August 2017.
To achieve 95% confidence level, a statistically significant sample of the total
posts was then distributed to a proprietary crowd of vetted and trained local
language speakers. Each post was then coded and verified by multiple crowd
members, who assessed the sentiment of the post.
TOPICS DATA
BrandsEye topic analysis enables a deeper understanding of the issues
driving sentiment. For the integration of BrandsEye topics with Ahlfeldt’s
Elements of CX model, 7 955 sentiment-bearing mentions for the month of
July 2017 were coded and verified by multiple crowd members, who assessed
the sentiment of the post and the topics driving the sentiment.
Net Promoter Scores
Net Promoter Score (NPS) measures the loyalty between company and
a consumer. NPS scores range from -100 to 100. The score refers to the
customer’s willingness to recommend a product or service. For this report,
501 South African banking customers were asked about their willingness to
recommend each of the five major South African retail banks. The survey
also asked customers at which banks they currently hold or previously
held accounts. The survey was administered by a third-party research
provider, Panel Services Africa. The respondents were a demographically
representative sample in terms of geography, age, ethnicity, and LSM.
In partnership with
3SOUTH AFRICAN BANKING SENTIMENT INDEX
Sentiment and Net Promoter
Score analysis
Sentiment analysis
September 2016 - August 2017
For a third consecutive year, Capitec had the highest net sentiment. Capitec
is also the only bank to maintain a positive net sentiment.
2015 2016 2017 Net sentiment
20%
13.5%
10%
6.1%
4.0%
0.9%
0%
-0.2%
-5.8% -6.0%
-10% -7.6%
-8.5%
-11.3%
-14.1%
-16.0%
-20% -19.5%
-17.9%
-24.5%
-30%
FNB Absa Capitec Nedbank Standard Bank
Over the past three years, Capitec grew their share of online conversation
the most with 15% growth. FNB has lost the greatest share of online
conversation, with a 6% loss since 2015.
Share of voice
2015 2016 2017
40%
35.5%
35%
31.4% 30.3%
29.5% 28.9%
30%
24.7%
25%
21.9%
20% 16.9%
14.9% 15.0%
14.1%
15%
12.1% 11.8%
10% 7.8%
5.2%
5%
0%
FNB Absa Standard Bank Capitec Nedbank
In partnership with
4SOUTH AFRICAN BANKING SENTIMENT INDEX
702 @Radio702 29 Mar
Have you switched to #CapitecBank?
Please tell us why (in less than 140 characters, obviously)...
buff.ly/2oaALzE #TheMoneyShow
WHAT IS DRIVING SENTIMENT?
Liabo Setho
@LiaboSetho
For the industry as a whole, no single topic was discussed in a consistently
Yes, I have switched from @FNBSA . I love @CapitecBankSA
positive
702
manner.
@Radio702
Innovation was one of29the
Mar
most simple,no
positively discussed
frills banking topics,
plus my bank charges are 80% less
Have you switched to #CapitecBank? 6:50 PM - Mar 29, 2017
but this was mostly influenced by FNB and Capitec’s consumer conversation.
2 5 9
Please tell us why (in less than 140 characters, obviously)...
buff.ly/2oaALzE #TheMoneyShow
Highest net sentiment: Capitec
Liabo Setho
702
Liabo Setho
@Radio702 29 Mar @LiaboSetho
Low bank charges from Capitec was one of the bank’s
Have you switched to #CapitecBank?
@LiaboSetho strongest advantages
Replying to @Radio702
over
Yes, I its
have
Pleasecompetitors
switched from
tell us why @FNBSA
(in less and
than 140. the
I love most positive topic discussed.
@CapitecBankSA
characters, obviously)... Simplicity
Yes, I have switched from @FNBSAof .use
I love @CapitecBankSA
simple,no frills banking
buff.ly/2oaALzE plus my bank charges are 80% less
#TheMoneyShow simple,no frills banking plus my bank charges are 80% less
was another
6:50 PM - Mar 29, 2017 function customers value from this bank. 6:50 PM - Mar 29, 2017
2 5 9 2 5 9
Liabo Setho
@LiaboSetho
Yes, I have switched from @FNBSA . I love @CapitecBankSA TeeJay Mapaila
Liabo Setho
simple,no frills banking plus my bank charges are 80% less
@LiaboSetho @15TeeJay
6:50 PM - Mar 29, 2017
Replying to @Radio702 The bank charges at FNB are too much yerrrrrr.........Capitec I
2 5 9
Yes, I have switched from @FNBSA . I love @CapitecBankSA am coming back home.
simple,no frills banking plus my bank charges are 80% less 9:31 AM - Dec 17, 2016
6:50 PM - Mar 29, 2017
2
Liabo Setho
2 @LiaboSetho
5 9
Replying to @Radio702
Pinky Khoabane
Yes, I have switched from @FNBSA . I love @CapitecBankSA @pinkykhoabane
TeeJay Mapaila
simple,no frills banking plus my bank charges are 80% less
@15TeeJay
6:50 PM - Mar 29, 2017
Thuli must tell us if @Absa will pay back the money deposited
Lowest
The bank net
2 5
sentiment:
charges
9
at FNB are too Absa
much yerrrrrr.........Capitec I into Barclays Bank in 1984 & illegally turned into bonds &
am coming back home. offered as a gift
9:31 AM - Dec 17, 2016 5:37 PM - Oct 10, 2016 · Johannesburg, South Africa
Ethics was the most negative topic of discussion 9by customers.
2 TeeJay Mapaila 160 42
32.2% of
Absa’s@15TeeJay
negative sentiment was related to the release of the Public Protector’s
The bank charges at FNB are too much yerrrrrr.........Capitec I
reportPinkyonKhoabane
the Bankorp bailout, with some customers requesting Absa to pay
am coming back home.
@pinkykhoabane
back the
9:31 AM - Decmoney.
17, 2016
Thuli must tell us if @Absa will pay back the money deposited
into2Barclays Bank in 1984 & illegally turned into bonds &
offered as a gift
5:37 PM - Oct 10, 2016 · Johannesburg, South Africa
Pinky Khoabane
9 @pinkykhoabane
160 42
Thuli must tell us if @Absa will pay back the money deposited
into Barclays Bank in 1984 & illegally turned into bonds &
offered as a gift
5:37 PM - Oct 10, 2016 · Johannesburg, South Africa
9 160 42
Complaints related to cards were common, especially the turnaround time
on receiving credit cards and the R120 credit card replacement fee.
Olympia's Deputy Mom
@pjay005
Why. Must. I. Be. Charged. For. Replacing. An. Expired. Card??
R120?? Nigcwele ukunya @absa.
11:50 AM - Feb 4, 2017
3 7
Eric Miyeni
@EricMiyeni
1. @Nedbank @FNBSA @CapitecBankSA @Absa
@StandardBankZA None of these have priority queues for
pensioners. And they rob them blind!
11:21 AM - Jul 1, 2017
In partnership with
10 6 2
5
Cyrusmusik
@CyrusmusikSOUTH AFRICAN BANKING SENTIMENT INDEX
Absa had 15.6% more complaints related to branches than online banking.
Many customers were frustrated with having to go to branches to resolve
issues. Absa had the lowest positive sentiment for innovation compared to
all the other banks.
Net Promoter Score and Net Experience Effect
Ahlfeldt’s NPS research showed similar results in terms of South African
consumers’ likelihood to recommend the various banks.
20 Capitec These results comprise
15 FNB
16 feedback from customers
10 13 and non-customers of
5 each bank.
0
-5
-1
-15
-20
Nedbank Standard Bank
-25 Absa
-25 -26
-30 -28
-35
The disparity between Capitec and FNB from the other banks is substantial.
Negative NPS scores are generally uncommon; Absa, Nedbank and Standard
Bank’s NPS scores illustrate customers’ dissatisfaction.
In partnership with
6SOUTH AFRICAN BANKING SENTIMENT INDEX
NPS SCORES AND MEASURING EXPERIENCES
Julia Ahlfeldt’s research leverages NPS scores of customers compared to
non-customers in order to quantify the impact of customer experience on a
customer’s opinion of a brand. Ahlfeldt’s metric is called the Net Experience
Effect.
NPS NPS
Non-Customer Customer
Score is based on the general Score is based on the
consumer’s impression of the same influencing factors as
brand, developed over time non-customers, plus their
experiences and interactions
through feedback from friends with the brand over time.
and family, advertisements,
what they hear in the news, etc.
HOW THE NET EXPERIENCE EFFECT WORKS
Net experience effect
52pts
NPS -16 36
-100 0 100
Non-customers Current and
previous customers
One would expect customers to have a higher NPS score than the average
consumer, but by how much? The ‘spread’ between customer and non-
customer NPS scores indicates how successfully the company fostered
loyalty by delivering good customer experiences. The higher the number of
the Net Experience Effect, the more a consumer’s opinion improved based
on their experiences as a customer.
In partnership with
7SOUTH AFRICAN BANKING SENTIMENT INDEX
80 Net Experience
71
Effect for SA banks
60 2017
40 36
89
20
52
2
0
-7 Customer NPS score
-12
-20 40 -16
-18
30 37 Net Experience Effect
-40
-38
-42 Non-customer NPS score
-44
-60
Absa Nedbank Capitec FNB Standard Bank
By comparing the Net Experience Effect within an industry, we can identify
emerging leaders in a sector. Capitec’s Net Experience Effect far exceeds that
of the other banks, suggesting that superior customer experiences have
been a key driver of success.
In partnership with
8SOUTH AFRICAN BANKING SENTIMENT INDEX
Topics analysis
Net sentiment for main topics in July 2017
MAIN TOPICS FNB ABSA CAPITEC NEDBANK STANDARD BANK
Turnaround Time -81.3% -87.1% -62.2% -82.5% -90.1%
Brand Comparison -34.6% -60.5% 66.9% -56.0% -48.1%
Staff -43.3% -74.4% -24.4% -49.8% -74.4%
Pricing -85.1% -93.1% 67.9% -88.4% -88.5%
Intent to Cancel -58.9% -86.6% -22.0% -65.8% -77.8%
Products -77.7% -43.0% -54.9% -68.6% -71.9%
Lack of Availability -83.9% -65.5% -62.2% -79.0% -86.2%
Safety and Security -84.0% -70.6% -38.7% -64.2% -88.4%
Ethics -95.9% -82.5% -87.1% -94.6% -96.2%
Intent to Purchase -15.7% -49.1% 13.6% -16.7% -39.7%
Company Performance -30.0% -30.5% 59.8% -25.0% -48.1%
In partnership with
9SOUTH AFRICAN BANKING SENTIMENT INDEX
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In partnership with
10SOUTH AFRICAN BANKING SENTIMENT INDEX
Evaluating customer experiences
Integrating BrandsEye topics
with Ahlfeldt’s Elements of CX
Ahlfeldt’s Elements of Customer Experience
Ahlfeldt’s Elements of Customer Experience model is based on the four
universal elements that customers seek in experiences with companies:
Value Proposition, Ease of Use, Resolution and Promise = Delivery. Brands
leverage the value proposition to attract new customers but if they cannot
deliver on the basics (promise = delivery, resolution and ease of use) they will
find it difficult to retain customers.
DIFFERENTIATING FACTORS
Customers want experiences that align with
• Drivers of positive feedback their unique consumer decision-drivers.
• Can strengthen relationships and loyalty,
Value Consists of multiple sub-factors which vary
but not in isolation
• Selling points that attract new customers Proposition from person to person.
Customers want frictionless
Ease of Use experiences that minimise
the effort on their part.
When things go awry, customers
Resolution want problems to be sorted out
quickly and completely.
THE BASICS
• Drivers of negative feedback
• Can erode customer Customers want to get
relationships if neglected Promise = Delivery what they were (implicitly
• Foundation of retention, but or explicitly) promised.
not usually selling features
Of BrandsEye’s 40 banking topics, 24 were categorised into one of the model’s
four elements. Five of the 16 remaining topics (Branch, App, ATMs, Internet
& Telephone) related to channels that customers use to engage with banks,
and were often mentioned in conjunction with CX elements. These five were
mapped against the four elements through a co-occurrence matrix.
DIFFERENTIATING FACTORS Customers want experiences that align with their
• Drivers of positive feedback unique consumer decision-drivers.
• Can strengthen relationships and loyalty, but not in isolation Value Consists of multiple sub-factors which vary from
• Selling points that attract new customers Proposition person to person.
Customers want frictionless
Ease of Use experiences that minimise the
In partnership with effort on their part.
11
When things go awry, customers
Resolution want problems to be sorted out
quickly and completely.SOUTH AFRICAN BANKING SENTIMENT INDEX
Topics pertaining to corporate values and corporate identity were not
incorporated into the CX elements model as they were not spoken about in
relation to the customer experience and constituted a relatively small portion
of the overall conversation.
Topic breakdown of CX elements
VALUE PROPOSITION
The Value Proposition element was the most spoken about, comprising
35.7% of all conversation. It was also the theme, across all banks, with the
highest positivity.
EASE OF USE
The Ease of Use element was on average the most negative across all banks
on average, but also had the lowest volume of conversation (8.1%). The most
spoken about topics in this theme were product or service availability and
queuing.
RESOLUTION
The Resolution element constituted a relatively small part of the conversation
(8.6%), and also carried a negative sentiment. Pro-active staff members were
the most positively spoken about topic. Turnaround time was the most
spoken about topic with 7.2% of the total conversation, most of which was
negative.
PROMISE = DELIVERY
The Promise = Delivery element received the second highest volume across
all banks averaging 24% of all conversation. The most discussed topic was
accusations of unethical behaviour, 10% of the total volume of conversation.
In partnership with
12SOUTH AFRICAN BANKING SENTIMENT INDEX
Industry benchmark
Sentiment values Ahlfeldt’s Elements of CX Prominent brands per channel (net sentiment)
% OF TOTAL MENTIONS BRANCH APP ATMS INTERNET TELEPHONE
-11.7% net sentiment -100% -64% -100%
Value proposition
Standard ABSA ABSA
35.7% Bank
-74.7% net sentiment -100% -93% -80%
Ease of use
Standard FNB Nedbank
8.1% Bank
-56.6% net sentiment -63% -94%
Resolution
Nedbank FNB
8.6%
-51.3% net sentiment -58%
Promise = Delivery
FNB
24.3%
The industry benchmark table highlights the lowest performing banks per
element for the month of July 2017. The performance was rated by percentage
volume of conversation and net sentiment towards each element.
In partnership with
13SOUTH AFRICAN BANKING SENTIMENT INDEX
Absa
Sentiment values Ahlfeldt’s Elements of CX Key topics per channel (net sentiment)
% OF TOTAL MENTIONS BRANCH APP ATMS INTERNET TELEPHONE
-51.1% net sentiment -100% -100%
Value proposition
Comparing Business
38.2% brands innovation
-82.4% net sentiment -100%
Ease of use
Queueing
6.4%
-63.8% net sentiment
Resolution
4.1%
-82.9% net sentiment -100%
Promise = Delivery
Accusations
24.5% of unethical
behaviour
Grant i Stephens
@GrantiStephens
@Absa I have been waiting for an HOUR at Canal Walk. Only 3
customer service staff here. Invest in a ticket system! FNB here I
Absa’s in-branch experience was negatively discussed, particularly with
come.
regards to queuing and not meeting customer expectations.
2:49 PM - Jul 3, 2017 · Milnerton, South Africa
2
Grant i Stephens Makgotso Ngoako
@GrantiStephens @MakgotsoNgoako
@Absa I have been waiting for an HOUR at Canal Walk. Only 3 So glad I'm switching from @Absa to @FNBSA . So tired of
customer service staff here. Invest in a ticket system! FNB here I being abused
come. 11:20 AM - Jul 30, 2017 · Roodepoort, South Africa
2:49 PM - Jul 3, 2017 · Milnerton, South Africa 1
2
Winifred
Makgotso Ngoako @winzaa4u
@MakgotsoNgoako
Capitec has the best service compared to other banks! I've been
So glad I'm switching from @Absa to @FNBSA . So tired of waiting in Absa for more than 45 min and i still have a long way
being abused to go
11:20 AM - Jul 30, 2017 · Roodepoort, South Africa 1:35 PM - Jul 27, 2017
1 1
Winifred Teebag
@winzaa4u @Tee__Yeyo
Capitec has the best service compared to other banks! I've been The new FNB app is everything,.,.,.I feel sorry for our Capitec.
waiting in Absa for more than 45 min and i still have a long way
to go #LoveMyFNBApp
1:35 PM - Jul 27, 2017 9:25 AM - Jul 28, 2017
1 1
Teebag
@Tee__Yeyo
The new FNB app is everything,.,.,.I feel sorry for our Capitec.
#LoveMyFNBApp
9:25 AM - Jul 28, 2017
1
In partnership with
14SOUTH AFRICAN BANKING SENTIMENT INDEX
Capitec
Sentiment values Ahlfeldt’s Elements of CX Key topics per channel (net sentiment)
% OF TOTAL MENTIONS BRANCH APP ATMS INTERNET TELEPHONE
+34.9% net sentiment -56%
Value proposition
Business
Grant i Stephens
39.7% innovation
@GrantiStephens
-76.3% net sentiment
Ease of use
@Absa I have been
-85% waiting for an HOUR at Canal Walk. Only 3
-78%
Service
customer service Servicein a ticket system! FNB here I
staff here. Invest
10.4% availability availability
come.
2:49 PM - Jul 3, 2017 · Milnerton, South Africa
-29.1% net sentiment +33% -80%
Resolution
Turnaround
2 Turnaround
6.3% time time
+9.4% net sentiment -100%
Grant i Stephens Promise = Delivery Makgotso Ngoako
Accusations
@GrantiStephens 25.5% @MakgotsoNgoako
of unethical
behaviour
@Absa I have been waiting for an HOUR at Canal Walk. Only 3 So glad I'm switching from @Absa to @FNBSA . So tired of
customer service staff here. Invest in a ticket system! FNB here I being abused
come. 11:20 AM - Jul 30, 2017 · Roodepoort, South Africa
2:49 PM - Jul 3, 2017 · Milnerton, South Africa 1
2
Capitec was the only bank with a healthy distribution of positive conversation
Winifred
across all four CX Elements and all seven channels. It was the only bank to
@winzaa4u
Makgotso Ngoako
have a positive net sentiment towards in-branch
@MakgotsoNgoako turnaround
Capitec time.
has the best service Across
compared to other banks! I've been
So glad I'm switching from @Absa to @FNBSA . So tired of waiting in Absa for more than 45 min and i still have a long way
their channels their banking app received the most
being abused to go
negative conversation,
particularly
11:20 AM - Jul 30, in
2017relation
· Roodepoort,to service
South Africa availability. 1:35 PM - Jul 27, 2017
1 1
Winifred Teebag
@winzaa4u @Tee__Yeyo
Capitec has the best service compared to other banks! I've been The new FNB app is everything,.,.,.I feel sorry for our Capitec.
waiting in Absa for more than 45 min and i still have a long way
to go #LoveMyFNBApp
1:35 PM - Jul 27, 2017 9:25 AM - Jul 28, 2017
1 1
Teebag
@Tee__Yeyo
The new FNB app is everything,.,.,.I feel sorry for our Capitec.
#LoveMyFNBApp
9:25 AM - Jul 28, 2017
1
In partnership with
15SOUTH AFRICAN BANKING SENTIMENT INDEX
FNB
Sentiment values Ahlfeldt’s Elements of CX Key topics per channel (net sentiment)
% OF TOTAL MENTIONS BRANCH APP ATMS INTERNET TELEPHONE
-5.9% net sentiment -11%
Value proposition
Business
29.8% innovation
-55.6% net sentiment -68% -93%
Ease of use
Queueing Service
7.6% availability
-51.7% net sentiment -46% -82%
Resolution
Turnaround Turnaround
10.9% time time
-41.4% net sentiment -100%
Promise = Delivery
Accusations
20.5% of unethical
behaviour
Naledi Ndhlovu
@Buttahstar
FNB had large volumes of negative conversation around servicecouldn't
@FNBSA Consultant availability
assist me.inSo instead, he opted to
put me on hold for over 20 minutes!!! I regret switching from
relation to their banking app. Negative conversation
@Absa volumes
to FNB also stemmed
from turnaround time pertaining to telephonic interactions with the bank.
2:05 AM - Jul 29, 2017
1
Naledi Ndhlovu Felix
@Buttahstar @iamFELIX_SA
@FNBSA Consultant couldn't assist me. So instead, he opted to I'm so over @FNBSA. I've been waiting on the phone to get
put me on hold for over 20 minutes!!! I regret switching from through to a consultant for 40mins now #ridiculous
@Absa to FNB 1:19 PM - Jul 31, 2017
2:05 AM - Jul 29, 2017
1
1
Jayden 2.3.0
Felix @Risima_Ngobe
@iamFELIX_SA
@Nedbank please hire @FNBSA tech team your app is too
I'm so over @FNBSA. I've been waiting on the phone to get outdated #LoveMyFNBApp
through to a consultant for 40mins now #ridiculous 8:32 AM - Jul 29, 2017 · Giyani, South Africa
1:19 PM - Jul 31, 2017
1
1
Logan
Jayden 2.3.0 @ortundirl
@Risima_Ngobe
Yo @Nedbank when are you going to add Touch ID security to
@Nedbank please hire @FNBSA tech team your app is too your iOS app? Gotta get with the times hey.
outdated #LoveMyFNBApp 7:02 PM - Jul 16, 2017
8:32 AM - Jul 29, 2017 · Giyani, South Africa
1
1
Logan
@ortundirl
Yo @Nedbank when are you going to add Touch ID security to
your iOS app? Gotta get with the times hey.
7:02 PM - Jul 16, 2017
1
In partnership with
16SOUTH AFRICAN BANKING SENTIMENT INDEX
Nedbank
Sentiment values Ahlfeldt’s Elements of CX Key topics per channel (net sentiment)
% OF TOTAL MENTIONS BRANCH APP ATMS INTERNET TELEPHONE
+1.2% net sentiment +62%
Value proposition Naledi Ndhlovu
Business
26.3% @Buttahstar
innovation
@FNBSA Consultant couldn't assist me. So instead, he opted to
-83.4% net sentiment -83% -100% -80%
Ease of use put me on hold for over 20 minutes!!! I regret switching from
Queueing Service Service
8.4% @Absa to FNB availability availability
2:05 AM - Jul 29, 2017
-75.7% net sentiment -100%
1 -78%
Resolution
Turnaround Turnaround
15.5% time time
Naledi Ndhlovu
-66.9% @Buttahstar
net sentiment Felix
-100%
Promise = Delivery @iamFELIX_SA
Accusations
@FNBSA Consultant couldn't assist me. So22.2% instead, he opted to
of unethical
put me on hold for over 20 minutes!!! I regret switching from I'm behaviour
so over @FNBSA. I've been waiting on the phone to get
@Absa to FNB through to a consultant for 40mins now #ridiculous
2:05 AM - Jul 29, 2017 1:19 PM - Jul 31, 2017
1 1
15% of Nedbank’s conversation pertained to Resolution Jayden 2.3.0
issues — seven
Felix
percentage
@iamFELIX_SApoints higher than the industry average. This was mainly due to
@Risima_Ngobe
I'm so over @FNBSA. I've been waiting on the phone to get @Nedbank please hire @FNBSA tech team your app is too
large volumes of negative conversation around
through to a consultant for 40mins now #ridiculous
turnaround
outdated
time for in-
#LoveMyFNBApp
branch experience, telephonic interactions, and the Nedbank app.South Africa
1:19 PM - Jul 31, 2017 8:32 AM - Jul 29, 2017 · Giyani,
1 1
Jayden 2.3.0 Logan
@Risima_Ngobe @ortundirl
@Nedbank please hire @FNBSA tech team your app is too Yo @Nedbank when are you going to add Touch ID security to
outdated #LoveMyFNBApp your iOS app? Gotta get with the times hey.
8:32 AM - Jul 29, 2017 · Giyani, South Africa 7:02 PM - Jul 16, 2017
1 1
Logan
@ortundirl
Yo @Nedbank when are you going to add Touch ID security to
your iOS app? Gotta get with the times hey.
7:02 PM - Jul 16, 2017
1
In partnership with
17SOUTH AFRICAN BANKING SENTIMENT INDEX
Standard Bank
Sentiment values Ahlfeldt’s Elements of CX Key topics per channel (net sentiment)
% OF TOTAL MENTIONS BRANCH APP ATMS INTERNET TELEPHONE
-37.8% net sentiment -100% -58% -100%
Value proposition
Comparing Comparing Business
44.9% brands brands innovation
-75.7% net sentiment -100%
Ease of use
Queueing
7.5%
-63.0% net sentiment
Resolution
6.0%
-74.6% net sentiment -100%
Promise = Delivery
Accusations
29.0% of unethical
behaviour
Peaches
@Miss_Palee
Client of both. Capitec. SB is backward, especially technology
wise. And Capitec charges are super super low
Standard Bank’s in-branch experience received
twitter.com/MasetumoMolefe…
negative conversation around
queuing
9:11 AM - Juland comparisons to competitor branches.
22, 2017
1
TheMoor Peaches
@simonmodau @Miss_Palee
Replying to @euphonik @mithisa_motho Client of both. Capitec. SB is backward, especially technology
As a former estate agent, out of all big 4 banks, standard bank wise. And Capitec charges are super super low
always came with the highest rates for blacks, lower were FNB twitter.com/MasetumoMolefe…
and ABSA 9:11 AM - Jul 22, 2017
6:37 PM - Jul 26, 2017 1
3
TheMoor
Euphonik™!! @euphonik 26 Jul @simonmodau
Thanks for the response. Do you/can you give previously
Replying to @euphonik @mithisa_motho
disadvantaged south Africans better % rates? Its a struggle for ppl
to buy homes. twitter.com/standardbankza… As a former estate agent, out of all big 4 banks, standard bank
always came with the highest rates for blacks, lower were FNB
and ABSA
TheMoor 6:37 PM - Jul 26, 2017
@simonmodau
3
As a former estate agent, out of all big 4 banks, standard bank
always came with the highest rates for blacks, lower were FNB
and ABSA Euphonik™!! @euphonik 26 Jul
6:37 PM - Jul 26, 2017 Thanks for the response. Do you/can you give previously
disadvantaged south Africans better % rates? Its a struggle for ppl
3 to buy homes. twitter.com/standardbankza…
TheMoor
@simonmodau
As a former estate agent, out of all big 4 banks, standard bank
always came with the highest rates for blacks, lower were FNB
and ABSA
6:37 PM - Jul 26, 2017
3
In partnership with
18SOUTH AFRICAN BANKING SENTIMENT INDEX
Detailed industry benchmark
Net sentiment Topics discussed Topic details
MENTIONS NET SENTIMENT
Value proposition Comparison between brands / companies 15.2% -16.7%
-11.7% net sentiment
Bank fees 7.56% -50.4%
Business and technological innovation 6.68% +6.5%
Purchase considerations / decisions 5.16% -2.6%
Comparison between products / services 1.60% -8.3%
Loyalty or VIP programmes 1.47% -39.8%
Look and feel of branch 1.06% -100.0%
Value adds in the branch 0.96% +50.0%
Ease of use
-74.7% net sentiment Product / service availability 5.47% -73.7%
Queuing 3.96% -80.9%
Physical safety
1.07% -100.0%
and security
Operating hours 0.91% -81.9%
Resolution Frozen / blocked /
-56.6% net sentiment 0.00% +0.00%
suspended accounts
Pro-active
1.34% +35.2%
staff members
Staff competency 1.69% -71.3%
Turnaround time 7.16% -59.6%
Promise = delivery
Criminal behaviour of staff 0.00% +0.0%
-51.3% net sentiment
Misleading / inappropriate advertising 0.49% -50.0%
Payment / invoice errors 0.78% -100.0%
Protest / boycott / call to action
0.91% -100.0%
against a brand
Fraud committed against
2.74% -81.0%
a brand or their clients
Cancellation considerations / decisions 5.85% -32.0%
Affordability 7.55% -25.4%
Accusing a company of unethical behaviour 9.48% -76.7%
In partnership with
19SOUTH AFRICAN BANKING SENTIMENT INDEX
SA banks’ customer numbers
Customer numbers
F/Y F/Y F/Y JUNE DECEMBER JUNE
2013/14 2014/15 2015/16 2016 2016 2017 in millions
Standard Bank 10.4 11.1 11.6 10.9 10.7 10.6
Absa Bank 8.6 9.2 9.4 8.9 8.8 8.65
Nedbank 6.7 7.1 7.4 7.7 7.4 7.8
Capitec 5.8 6.2 7.3 7.9 8.3 9.0
FNB 7.6 7.3 7.2 7.4 7.7 7.8
Based on figures from:
https://businesstech.co.za/news/banking/122483/fight-to-be-the-biggest-bank-in-sa/
https://businesstech.co.za/news/banking/189420/capitec-is-now-the-second-biggest-
bank-in-south-africa/
In partnership with
20SOUTH AFRICAN BANKING SENTIMENT INDEX
Appendix
Banking apps
The most positive discussion point was the use of banking apps without
needing data. Many customers, however, claimed the banking apps used
their data, or they were unable to use it when running out of data, even when
all banks (with the exception of Nedbank) promote the data-free use of their
apps. Most negative comments revolved around the app being offline and
bugs in the app causing issues.
Net sentiment towards
2015 2016 2017 banking apps
20%
11.1%
10%
3.7%
0%
-0.4% -1.4%
-10% -8.8%
-13.0%
-20% -16.9% -18.1%
-30% -28.7% -26.9%
-33.1%
-40% -38.5% -36.2%
-39.6%
-42.8%
-50%
FNB Absa Capitec Nedbank Standard Bank
In partnership with
21SOUTH AFRICAN BANKING SENTIMENT INDEX
Customer service
Net sentiment towards
banks’ customer service
2015 2016 2017
0%
-10%
-13.5% -13.7%
-20% -17.5%
-20.2%
-21.9%
-23.3%
-30% -28.3%
-29.8%
-31.5%
-35.5%
-40% -38.0%
-38.9%
-41.3%
-42.6%
-45.9%
-50%
FNB Absa Capitec Nedbank Standard Bank
Customer service refers to consumer interactions with the brand online and
offline and the feedback these services received. This includes call centre
calls, staff feedback, in-branch operations (queuing, Laurenstaff
Crow competency),
@LSRichards
turnaround time on queries, etc. Lauren Crow
Replying to @Rbjacobs
@LSRichards
I've managed to sort it out. I just don't understand why I pay for a
Replying
"premium"to @Rbjacobs
service that isn't premium at all
18.1% of customer service complaints were related to calls.
I've managed
Customers were
5:22 PM - Dec 2,to2016
sort it out. I just don't understand why I pay for a
unable to get through to the call centre, were waiting for a callback
"premium" service or were
that isn't premium
1
at all
5:22 PM - Dec 2, 2016
disconnected during a call. 58.7% of complaints about 1
staff referred to a lack
of product knowledge. 23.4% of consumer complaints regarded
Fathima Chocpie the ethical
@FathimaChocpie
conduct of staff. Turnaround time from staff @FNBSA made Fathima upChocpie
53.0% of staff
hi I'm very upset with ure credit card division service,
@FathimaChocpie
complaints. Complaints for staff in branches made up 15.3% of the aconver
it's the first time I encountered problem like this n ure staff
@FNBSA hi I'm very upset with ure credit card division service,
sation, compared with 25.9% for call centre staff members.
it's
6:36the
PMfirst
- Octtime I encountered a problem like this n ure staff
13, 2015
1
6:36 PM - Oct 13, 2015
1
Lauren Crow Greg Davies
@LSRichards
Lauren Crow @greg46011313
@LSRichards
Replying to @Rbjacobs
Greg Davies
Terrible@greg46011313
service from @Nedbank today as well my private banker
I've managed
Replying to sort it out. I just don't understand why I pay for a
to @Rbjacobs has been uncontainable the entire day !
I've managed
"premium" to sort
service it out.
that isn'tIpremium
just don'tatunderstand
all why I pay for a Terrible
4:23 PM -service
Jun 29, from
2017 @Nedbank today as well my private banker
"premium" service
5:22 PM - Dec 2, 2016that isn't premium at all has been uncontainable the entire day !
1
5:22 PM - Dec 2, 2016 4:23 PM - Jun 29, 2017
1
1 1
IG:Luckyswagslimm
Fathima Chocpie @luckyslimm85
@FathimaChocpie
Fathima Chocpie IG:Luckyswagslimm
@FNBSA hi please check with your agent Jessica at personal
@luckyslimm85
@FathimaChocpie
@FNBSA hi I'm very upset with ure credit card division service, credit card departments, she was rude to me and hung the
@FNBSA
it's the firsthitime
I'm Ivery upset witha ure
encountered creditlike
problem card division
this service,
n ure staff @FNBSA
phone on mehi please check with your agent Jessica at personal
it's the first time I encountered a problem like this n ure staff credit card
11:52 AM departments,
- Jun 23, 2017 she was rude to me and hung the
6:36 PM - Oct 13, 2015 phone on me
2
6:36 PM - Oct 13, 2015 11:52 AM - Jun 23, 2017
1
1 2
Greg Davies
@greg46011313
Greg Davies
@greg46011313
Terrible service from @Nedbank today as well my private banker
Terrible
has been service from @Nedbank
uncontainable the entiretoday
day !as well my private banker
has been
4:23 uncontainable
PM - Jun 29, 2017 the entire day !
4:23 PM - Jun 29, 2017
1
1
IG:Luckyswagslimm
In partnership with
@luckyslimm85
IG:Luckyswagslimm
@luckyslimm85 22
@FNBSA hi please check with your agent Jessica at personal
@FNBSA
credit cardhidepartments,
please checkshe
with your
was agent
rude Jessica
to me at personal
and hung the
credit
phonecard departments, she was rude to me and hung the
on meSOUTH AFRICAN BANKING SENTIMENT INDEX
Comparing banks
When being compared to other banks, Capitec was the most favoured bank,
followed by FNB. Standard Bank and Absa were the least favoured banks overall.
Negative Positive Sentiment towards SA
70% banks. September 2016 –
61.4% 63.3%
60% 58.1% August 2017
51.0%
50%
41.8%
40.3%
40%
32.3% 31.1%
30% 24.9% 22.8%
20%
10%
0%
FNB Absa Capitec Nedbank Standard Bank
Head-to-head comparisons
Banks were regularly compared to their competitors on social media. The chart
below shows the breakdown of each bank’s favourable comparisons.
For example, 49.3% of FNB’s favourable head-to-head posts were comparisons
to Nedbank. Additionally. 41.1% of FNB’s favourable head-to-head posts were
comparisons with Standard Bank.
BANK BEING FAVOURABLY COMPARED
FNB Absa Capitec Nedbank Standard Bank
Nedbank 49.3% 9.1% 21.7% 6.7%
Standard Bank 41.1% 18.2% 23.6% 20.0%
BANK BEING COMPARED TO
Absa 5.7% 25.5% 22.0% 6.7%
Capitec 3.9% 27.3% 18.0% 40.0%
FNB 45.5% 29.2% 40.0% 46.7%
FNB Absa Capitec Nedbank Standard Bank
Nedbank 49.3% 9.1% 21.7% 6.7%
Standard Bank 41.1% 18.2% 23.6% 20.0%
Absa 5.7% 25.5% 22.0% 6.7%
Capitec 3.9% 27.3% 18.0% 40.0%
FNB In partnership with 45.5% 29.2% 40.0% 46.7%
23In partnership with The Opinion Mining Company Cape Town +27 21 467 5960 Dubai +971 4 372 1352 Johannesburg +27 11 017 4250 London +44 780 443 1913 +27 83 424 7234 www.brandseye.com julia-ahlfeldt.com
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