One in four customers are “ready to defect to another bank” and SA banks are increasingly losing loyalty, the latest survey of banking products shows. According to the SA Customer Satisfaction Index (SA-csi) for banking Products, which provides insights into the overall level of satisfaction of customers across various banking products, “current accounts, credit cards, home loans, personal loans, savings accounts and vehicle finance are largely undifferentiated across the banking sector”. This has led to us banking with various banks to meet our various needs. In other words, we have become “multibanked”, the survey says. Gone are the days when you would look no further than your primary bank — the one where your transactional account is held — when you’re in the market for a personal loan, vehicle finance or a home loan. These days it’s not uncommon for consumers to have different banks as credit providers for different needs, and savings accounts with a bank other than their prima...

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