Beyond fees, it’s a good idea to check out how banks compare in several key features, including their online experience, customer service, loan and credit options, and the unique services that set them apart. Let's dive right in ...
Did you know that South African banks have some of the best digital capabilities in the world? In fact, we’re ranked second only to Singapore and outperform countries like Switzerland, Netherlands, UK, Spain, The US and Germany.
But which SA bank has the best internet and mobile banking?
Global brand consultancy Human 8’s ‘SITEisfaction Survey’ has become a go-to resource in gauging how South Africans feel about digital banking services. Launched in 2012, it looks at eight key areas of their banking experience, such as how happy they are with customer service, the ease of using the bank's services, and how safe they feel with the bank.
So which bank has been taking the top spot over the years? We scoured the net for the winners and got as far back as 2014. Take a look:
This section highlights the evolution and recognition of excellence in digital, internet, and online banking over a decade. It covers key milestones, innovative practices, and the most impactful awards that have shaped the digital banking landscape between 2014 and 2024.
| Year | Winner | Runner-ups |
|---|---|---|
| 2024 | FNB | Nedbank, Capitec |
| 2023 | FNB | Nedbank, TymeBank |
| 2022 | Capitec | FNB, Nedbank |
| 2021 | Capitec | FNB, TymeBank |
| 2020 | FNB | Capitec, TymeBank |
| 2019 | FNB and Capitec | Nedbank |
| 2018 | FNB | Capitec, Nedbank |
| 2017 | Capitec | FNB, Nedbank, and Standard (tied for third) |
| 2016 | FNB | Capitec, Standard Bank |
| 2015 | FNB | Standard Bank, Capitec |
| 2014 | Capitec | FNB, Standard Bank |
It’s pretty obvious from this table that FNB, Capitec, TymeBank and Nedbank dominate the digital banking space, at least by this survey’s results.
This year, Human 8 also commended FNB, Nedbank, Capitec and Discovery Bank for their ‘ease of use’ and Discovery Bank for ‘functionality.’ In the ‘communication’ category, FNB, Discovery, and Capitec were commended for making sure that their users were well-informed about platform updates and improvements.
Ever had a bad experience at a bank? If it was particularly painful, you may have found yourself jumping on X to vent or firing off a few angry Facebook messages. What you might not know is that social media mentions have become a key unit of measure for consumer sentiment.
Data tracker DataEQ’s South African Banking Sentiment Index tracks millions of social media mentions to see how positively or negatively people perceive our major banks. Their 2023 index looked at 4.5 million mentions! These were the results compared to 2022:
| Bank | 2022 Public Net Sentiment | 2023 Public Net Sentiment |
|---|---|---|
| FNB | 37.5% | 41.9% |
| Discovery Bank | 7.9% | 40% |
| Absa | 25.8% | 36.9% |
| African Bank | 14.1% | 25.6% |
| Nedbank | -3.4% | 23.5% |
| TymeBank | 5.3% | 16.2% |
| Standard Bank | -8.2% | 0.4% |
| Capitec | -15.4% | -0.1% |
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So how do our banks stack up when it comes to lending? Below, we listed the banks with unique perks when it comes to their personal loans:
| Bank | Feature |
|---|---|
| FNB | If your personal loan is up to date, you automatically qualify for a January-free-of-a-loan instalment every year. No penalty fees involved when you settle your debt early. |
| Capitec | Add affordable credit insurance, including retrenchment and death cover. It’s charged monthly at a Rand amount for every R1 000 of your outstanding balance. This means that the longer you pay (and the less you owe), the lower your monthly credit insurance premium will become. |
| Absa | If you’re offered a lower interest rate anywhere else, Absa promises to beat it. |
| Standard Bank | You can use your UCount Rewards Points to help pay off your loan. |
| TymeBank | One of the cheapest personal loans in SA. |
Banks also compete when it comes to credit cards. Here are the added perks when taking out a credit card with the below banks:
| Bank | Features |
|---|---|
| Capitec | Get cash back, pay less when you spend overseas with zero currency conversion fees and interest from prime. |
| Discovery Bank | Unlock rewards when you add the Vitality Money programme, including up to 40% back on HealthyFood and save up to 10% on fuel and Uber rides. |
| FNB | Complimentary travel insurance, free automatic debt protection. |
| Standard Bank | Gives you from 3* times more UCount Rewards Points and up to R10* back in Fuel Rewards with a Standard Bank Credit Card. |
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Comparing banking fees are just a small part of what we do. Millions of South Africans have compared everything from car insurance to medical with us.
Disclaimer:
While every effort has been made to ensure this guide is accurate at the time of writing, be sure to always check fees directly with your bank before signing up for an account or loan – either on their website or via a phone call.
Reference:
Fintech New Africa, https://fintechnews.africa/42925/fintech-south-africa/south-africas-digital-banking-outperforms-other-nations-heres-why-it-leads/, (accessed 08 November 2024).
Businesstech, https://businesstech.co.za/news/banking/792530/the-best-digital-banks-in-south-africa-in-2024/, (accessed 09 November 2024).
