2018 is set to be an interesting year of change for the SA banking sector, as new competitors are set to enter the market. Results from my research collaboration with Brandseye paint an uncertain future for 3 of SA’s major banks. Our research found that banking customer experience was lackluster across most of the major legacy brands, and that sentiment had suffered as a result.
Capitec was the only bright spark. This challenger banking brand has been a breath of fresh air for consumers. With their current trajectory, Capitec should continue to thrive, but the future is less certain for South Africa’s legacy banking brands. These businesses must act quickly to improve customer experiences and foster loyalty, or risk losing market share to the newcomers.
Following the release of our research collaboration, BrandsEye CMO, Nic Ray, and I spoke with SA Classic FM Business presenter Michael Avery about our findings and the future of banking in South Africa.
Click here to download the recording of our conversation. To hear more insights about customer experience, check out my monthly podcast, Decoding the Customer, which explores themes in customer-centric business management and explores CX success stories from different industries, including making customer experience.