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The seven most popular internet banking providers in South Africa

Written by Ron Bernado, freelance writer on behalf of Money Today SA.

The imposition of stricter lockdowns has led to a quicker shift to internet banking channels. South Africans have become more reliant on using digital tools and self-service channels to replace in-branch, face-to-face interactions with banking agents. 

Even before the pandemic hit, there was already increasing customer expectations on improving the online capability of banks, along with the introduction of more personalised offers and services.

More and more mobile banking and internet banking users say they use these channels more than before, primarily because of the local lockdowns that make it hard for them to use ATMs the way they used to. Customers are able to easily transfer payments online using bank branch codes to identify which bank the money is being sent to.

The pandemic has made financial institutions realise that having online banking platforms is no longer a key differentiator in the market. Being available online has become a standard as customers search for more value for money and quality of service in using the internet and mobile applications.

Here are some of the key features of the current online banking options available in South Africa. They are arranged in no particular order.

FNB

FNB remains to be one of the best institutions for internet banking. FNB’s mobile app is more popular than its online banking portal because of the former’s convenience and ease of use. 

FNB is praised for its excellent security features. It sends alerts on possible scams upon logging into the account. 

Highlights: 

  • Access to interbank transactions, bank statements, transfers, and eBucks
  • Considered by many customers as having leading-edge technology compared to its competitors
  • Internet banking is better at showing customers what is going on with their accounts
  • Send money option up to R3 000 to any number in South Africa
  • See investment portfolio in one dashboard
  • Option to apply for life insurance through internet banking. 

Capitec

Capitec is already seeing good performance over the past year even though their mobile banking app just launched recently.

Capitec had an old mobile app that was clunky and outdated. However, the company still maintained it while introducing its new app to help its customers with the transition to the new platform. Eventually, they discontinued the old app and the move clearly paid off, breaking the trend which usually happens when banks move from an old interface to a new one.

Highlights: 

  • Strong security measures
  • Easy-to-use platform
  • Lowest complaint incidence and high complaint resolution, positively impacting customer satisfaction
  • Buy prepaid and make bill payments
  • Get access to important info about the account
  • Fast loading times for the web page
  • Debit orders can be stopped through internet banking. 

African Bank

African Bank understands how daunting it can be to do banking online, especially to those who are unfamiliar with using the internet, which is why they developed a platform that is secure and simple to use. 

Highlights: 

  • Performs well in its niche
  • Low complaint incidence rate
  • View balance, update details, manage accounts, and much more anytime. 

Absa

Absa has been consistent with its provision of internet banking to customers ever since they introduced the option to the market. While they have navigable interfaces, the mobile app, and the online platform, both channels encounter occasional bugs and other issues.

Highlights:

  • Consistent performance across all channels, including mobile and online banking
  • Secure connection for peace of mind
  • Convenient way to do fund transfers, pay bills, check balance, and set up regular payment schedules.

 Standard Bank

Standard Bank internet banking provides South Africans with convenient online banking options, having developed both a mobile app and an online channel to make it easier for clients to do their usual banking routines. 

Highlights: 

  • Good rewards program
  • Easy registration and installation requirements
  • Manage account, view balance, and do fund transfers
  • Increase or decrease overdraft
  • Buy or sell shares during market hours
  • Low transaction fees.

Nedbank

Nedbank internet banking makes it easier for customers to do their usual transactions online. They do regular updates on both channels to maintain security and constantly fix bugs found on previous versions to make the platforms more functional and reliable.

Highlights:

  • Consistent performance on both mobile and online banking platforms
  • Platforms are straightforward, easy-to-use, and convenient 
  • Responsive customer service with the option to chat with a banker
  • Good rewards program.  

TymeBank

TymeBank is seen as a disruptor in the online banking space. According to its Marketing Head, the secret to TymeBank’s popularity is how it listens to the voice of its customers. It inspires them to introduce new banking products and experiment with new things, knowing that their users will give them insights into what users want.

Highlights:

  • User-friendly platform with innovative and intuitive features
  • Fast account opening with simple requirements
  • No monthly service fees
  • Get a free visa debit card upon account opening
  • Excellent rewards system 

Conclusion

The convenience of mobile and internet banking has made it a requirement for all banks in South Africa. Digital adoption is also being fast-tracked due to the current health situation the country is experiencing. As more people move their financial activities via the internet  from learning how to make money online to spending money online, digital banking will continue to grow. 

When it comes to internet banking, platforms that are easy to use and concentrate on innovation and usefulness are the top choices for customers. A platform that focuses on simple and direct customer experience often wins customers’ approval. The competition among them is neck and neck, so whoever provides the more intuitive interface that is easy to understand will take the lead.

DISCLAIMER: Money Today SA confirms that the information listed above is correct as of the time of writing.

[Image – CC 0 Pixabay]

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