Capitec is the best bank, according to a social media survey. Picture: SUNDAY TIMES
Capitec is the best bank, according to a social media survey. Picture: SUNDAY TIMES

Capitec’s customers are the happiest according to social media.

BrandsEye’s banking index assessed consumer sentiment towards SA’s major retail banks based on positive and negative social media mentions.

Capitec was the only bank with a positive overall net sentiment. Earlier last week, Capitec was also named the third-best bank in the world by the Lafferty Banking 500 study, in which it was compared to 500 banks worldwide.  

The BrandsEye banking index scores were based on 1,720,810 social media posts mentioning five retail banks, Absa, Capitec, FNB, Nedbank and Standard Bank posted during the period September 1 2017 to August 31 2018. The monitored social networks were Twitter, Facebook and Instagram.

The report shows that Capitec generated the highest positive sentiment around pricing conversations. 

BrandsEye’s chief marketing officer, Nic Ray said social media has become a valuable source of capturing raw consumer feedback.  “Unlike other methodologies, social data is unsolicited and accurately captures how people feel, without the bias of a questionnaire or a focus group moderator.”

Overall, BrandsEye found that bad customer service was the reason behind most of social media complaints and that about 30,000 social media users threatened to leave their bank over the past year. It also found that FNB took the lead on conversations around digital banking.

ButheleziL@businesslive.co.za