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Nedbank achieves top scores in the 2021 Consulta South African Customer Satisfaction Index for Banking

Nedbank once again scored highly, improving on their 2020 scores in the 2021 South African Customer Satisfaction Index (SA-csi) for Banking released today.

The index, compiled by Consulta, demonstrates Nedbank’s consistent improvement over a period of five years on most of the measured outcomes. This suggests a deliberate effort to place the client at the centre of everything they do. Nedbank’s focus on improving the client experience over time indicates a purposeful approach in creating sustainable change.

Nedbank is in a leadership position on the Net Promoter Score (NPS), which measures a person’s likelihood of recommending a brand to family and friends. Nedbank’s NPS score of 46,7 points was well above the industry average score of 36. According to SA-csi, Nedbank is the only bank that has shown consistency and marked growth year-on-year in the NPS measure over a period of five years.

While client expectations continue to rise year-on-year, so has Nedbank’s ability to keep their clients satisfied. Nedbank has also taken another leadership position with a score of 81,9 in the overall customer-satisfaction score, also above the industry average score of 79,7. 

According to Consulta, Nedbank has shown consistent improvement in getting its positioning, pricing, messaging, client-facing and online channels right. 

Nedbank’s clients are loyal to their bank. The bank has taken another leading position with their score of 73,9, while the industry average score is 71,9. This is just another example of Nedbank delivering the most consistent improvement in loyalty scores over a five-year period. 

“The SA-csi rankings are an important barometer to measure our performance as it relates to how our clients feel about banking with us. We will continue to deliver leading Client Experience and aspire to reach #1 in NPS,” said Anton De Wet, Nedbank RBB’s Chief Client Officer. 

Nedbank achieved the following leadership position scores, with industry average scores in brackets:

  • Net Promoter Score:46,7 (36,0)
  • Overall Customer Satisfaction Score 81,9 (79,7)
  • Customer Expectations:84,5 (83,8) 
  • Perceived Quality:85,0 (83,7)
  • Perceived Value:79,5 (77,0)
  • Customer Loyalty:73,9 (71,9)
  • Treating Customers Fairly:84,7 (81,7)

Consulta reiterated that South Africa’s banking sector was world-class in terms of customer satisfaction, and across all SA-csi surveys done by Consulta, they found that the banking sector remains the top performer when it comes to customer satisfaction.

Overall, SA-csi found that banks are under significant pressure to reinvent their customer value propositions and differentiators at a time when technology and digitisation are making them increasingly invisible to their customers – until things go wrong.

Abigail Boikhutso, CEO of Consulta, said: ‘Banks and their customers have adapted to digital banking platforms in unprecedented circumstances and time frames. Every aspect of the customer journey has been fundamentally upended, with customers now engaging with many self-service channels from Artificial Intelligence, chatbots, apps, and contact centres opening up between banks and their customers.’

Anton de Wet concluded, ‘The banking industry has changed rapidly in recent years, and it is easy to lose sight of what matters most when dealing with these changes. At Nedbank, we are determined to keep our clients front and centre, as we seek to meet or exceed their expectations and perceived value. Consulta’s SA-csi 2021 validates that we are on the right path.  We will continue to focus on improving our client experiences.’