And the worst online and mobile banks in SA are…

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Of the five major banks in South Africa, it looks like Absa and Nedbank aren’t getting it right when it comes to innovative banking solutions.

Customer insights agency, Columinate, has released the results of its fifth annual Internet Banking SITEisfaction survey, revealing which digital banking services customers are most satisfied with.

Around 10 000 internet banking users took part in the survey and banks were given a score out of 100.

Best Digital Bank

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In a new category created this year called “Best Digital Bank”, which looks at satisfaction with banks’ internet banking platforms, FNB came top scoring 81 out of 100.

“FNB has consistently delivered the best experience in local digital banking. For four out of the five years, FNB has won the best online banking service and has also won best mobile for the two years that these aspects have been tracked,” Columinate said.

“FNB also consistently had the highest feature usage amongst its customer base,” added  Columinate CEO, Henk Pretorius.

Capitec came in second with a score of 69, Standard Bank in third, going down one place from second in 2015.

“A recent challenge for Standard Bank’s online banking offering has seen interruptions, which seems to be the main halting factor of the momentum gained in 2015,” the agency said.

Nedbank placed second last with a score of 59, while Absa came in last, scoring 54.

Pretorious notes that while Absa places last for internet banking, it comes in third in the mobile banking category and that this is perhaps an indication that efforts are being focused on mobile solutions, but that lack of improvement of the traditional channel is a detractor.

Best Mobile Bank

FNB App for Windows Phone

This category looks at satisfaction with banks mobile platforms, including apps and mobisites for both mobile phones and tablets.

Again, FNB claimed the number one spot, with a score of 81, followed by Capitec with 72 and Absa and Standard Bank tied in third place with a score of 70.

Nedbank came in last at 66.

Columinate adds that banking apps are the preferred online banking channel of choice for purchasing airtime, with 62% of users saying they do this on their banking app, followed by buying data (52% of users used the app for this) and electricity (36% of users the app for this).

For more intricate transactions on the other hand, users preferred traditional online banking.

Internet banking a growing trend

Columinate’s survey also revealed that 22% of internet banking users have only used this form of banking for two years or less, an indication of the methods fast growth due to the rapidly growing internet population over the last few years.

However, online fraud remains a major concern for internet banking users.

In 2015, 50% of online banking users said they’d been targeted by fraudsters, while 14% said they’d fallen victim to it.

“A key insight from the study has been the role that users need to play in the safety of their own accounts. Many of the most common fraud types rely not on technological attacks but rather on methods of getting users to supply confidential account information to fraudsters. Banks should embrace their role as educators in order to decrease the likelihood of users falling victim to a scam.” Pretorius concluded.

[Image – CC Wikimedia Commons]