It’s set to be a tough year for traditional banks in 2019. For the first time, SA’s largest retail banks – FNB, Absa, Capitec, Nedbank, Standard Bank and African Bank – are facing stiff competition from new entrants to the market. With the launch of TymeBank, Bank Zero and Discovery Bank, all of which are playing in the digital sector offering consumers greater convenience and lower costs, customer satisfaction will be the deciding factor when it comes to how much market share the traditional banks will sacrifice. According to the SA customer satisfaction index for banking 2018 (SA-csi), conducted by Consulta, customers are starting to expect more and more from their banks, while banks are battling to achieve even the most fundamental aspects of customer satisfaction. SA-csi founder and chair Professor Adré Schreuder says that in the current landscape, where competition has become more complex thanks to the new disruptors, getting to grips with delivering on all variables of the cus...

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