South Africa’s financial sector, more especially the banking sector have been the number one economy driving vehicle ever since. There are thousands and thousands of financial institutions and banks in the country which one have never heard of. Some of the banks has been in business since the 90s but never reached the top spot.
Question is how do we measure success of financial institutions and banks in South Africa? What criteria is best suited to determine who must sit at the top spot? When it comes to banks, their most important priority is customer satisfaction which will in turn be used to measure basis of each bank’s market share. Below we will discuss the best banks in SA based on customer size and growth.
- Standard Bank – 11.6 million (2015/16 Customers)
- Absa Bank – 9.4 million (2015/16 Customers)
- Nedbank – 7.4 million (2015/16 Customers)
- Capitec Bank – 7.3 million (2015/16 Customers)
- FNB – 7.2 million (2015/16 Customers)
Looking at the index or ranking above, a newly born Capitec is listed as the third largest bank in South Africa. Capitec have recently won awards for best customer service in the financial industry two years ago, 2014. Recognized by the World Economic Forum (WEF), Capitec was named as one of the fastest global growing bank in Africa. Financial experts believe Capitec has brought banking to simple transaction by introducing the most innovative ways of banking with the basic business model.
The past few years have seen major banks such as FNB and Nedbank lost quite a lot of customers. FNB have dropped from having 7.3 million to 7.1 million customers in 2015. However the bank has been seeing a bit of growth in 2016 and hoping to up the leader in the future years to come.