South Africa’s banking sector has gone through what can be termed as a revolution over the last two decades. Not only has the industry seen more and more players coming on board, but there has also been a drastic shift in the trends shaping the digital banking industry. Below are some of the things you need to know about SA banks online.
FNB is the top internet banking service provider overall – Standard bank in this regard stands in second place. Capitec holds the third position while Nedbank and ABSA are in the lowest two positions.
Bank users access online banking from multiple devices – The favoured combination to access accounts is using computer and cellphone, followed by computer, cell phone and tablet with a smaller proportion using a computer only.
Security concerns remain – The 2015 survey has shown only a slight decline in this trend.The number of people targeted for any type of fraud is at 55% while 12% fell victim to a successful attempt and incurred some sort of financial loss.
Greater focus on mobile banking – In terms of client satisfaction with mobile facilities, FNB came out tops with the highest scores across all mobile platforms scoring 77 out of a 100. Capitec is second place, Standard Bank third, ABSA and Nedbank achieved the lowest ratings.
Increase in the number of people aware of personal financial management tools -These are tools that help consumers better control their finances, often by integrating information from internet banking statements. Until this year, the awareness and usage of these services was very low amongst internet bankers in this survey.