CompareGuru | Compare Insurance Quotes OnlineCompare Insurance, Car Insurance Quotes, Funeral Cover Quotes, Life Insurance Quotes, MotorVAPS Quotes, Budget Insurance, Insurance Quotes, CompareGuru, South Africa.
Car and Household
Commercial Insurance
Funeral
Medical
Pet Insurance
Wills
Car Insurance
Cover your vehicle
More Information
Get Quote
Home Insurance
Cover your home and everything in it
More Information
Get Quote
Commercial Vehicle Insurance
Protect vehicles and drivers used in the day-to-day operation of your business against risks like financial loss, damage or personal injury.
More Information
Get Quote
Commercial Insurance
Provide cover against common risks and disruptions to business operations, such as theft, damage to property, employee / client injury and much more.
More Information
Get Quote
Directors and Officers Liability
Safeguard your business and key players from financial loss with the right policy.
More Information
Get Quote
Errors and Omissions Liability
Covers your business and employees against claims of negligence, poor workmanship, and more.
More Information
Get Quote
Funeral
Protect your family financially and cover funeral expenses
More Information
Get Quote
Gap Cover
Cover yourself for unexpected medical costs
More Information
Get Quote
Health Insurance
Protect your family with affordable basic medical cover
More Information
Get Quote
Pet Insurance
Protect the whole family including your fur babies.
More Information
Get Quote
Apply For A Will
Get a Will drafted and cover the costs of dying.
More Information
Start Application
Menu
Home
About Us
Life Insurance Quote
Car Insurance Quote
Funeral Insurance Quote
Gap Cover Quote
Health Insurance Quote
Pet Insurance Quote
Extended Warranty Quote
Pre-Owned Warranty Quote
Scratch and Dent Quote
Tyre And Rim Quote
Apply For a Will
News Room
Meet The Team
Careers
Providers
Insurance
Car Insurance
Building Insurance
Household Contents Insurance
Life Insurance
Disability Insurance
Serious Illness Insurance
All Risk Insurance
Funeral Insurance
Gap Cover
Health Insurance
MotorVAPS Cover
Commercial Insurance
Commercial Vehicle Insurance
Directors and Officers Liability Insurance
Errors and Omissions Liability Insurance
Money
Support
Contact Us
Terms of Service
Privacy Policy
Disclosures
Client Letter
POPI Act
CIM Policy
Complaint Escalation
TCF Form

News Room

The Best And Worst Banks In SA According To Social Media

We explore social media’s feelings toward banks in SA. Here is a humorous, sometimes contradictory, roundup of tweets about our 5 big banks.
We all have our banking anecdotes, whether good or bad. And, since the advent of social media, customer service has become a very public affair. Marketing and research firm, BrandsEye, released data last year on the banks in South Africa. The report reveals received the most positive, or most negative, sentiments from social media in the preceding year. debt review

The Best And Worst Banks In South Africa

BrandsEye focused on the five major banks in South Africa. Namely: Standard Bank, ABSA, Nedbank, FNB, and Capitec. According to social media activity between June 2015 and June 2016, FNB was the most complained about bank in South Africa. Making up 40% of negative sentiment online. Following closely behind was Standard Bank with 39%, Absa with 34%, Capitec with 29%, and, the least complained-about bank, Nedbank with 20%. In terms of positive feedback, Capitec, now the third biggest bank, took the lead with just under 40%. Absa brought up the rear with the least positive feedback at 24%. When it came to customer service, Capitec took the lead again with 21.3% of positive experiences cited online, and 42% complaints. Standard Bank scraped the barrel with only 8.5% of positive experiences cited online, compared to 59.7% negative.

What The Little Birdies Are Saying

While FNB has recently come under attack on account of the recent bank heists under the hashtag #fnbheist; Absa bank lost a man’s life savings in December in a negligent, bank-assisted, transfer. Here’s a roundup of the past year’s activity on Twitter from customers comparing banks:

The Future Of Banks In South Africa

Social media has posed a formidable foe to ‘the way things have always been done’. This along with the industry disruption caused by the growing fintech (financial technology) industry is sure to alter the future of banking. Recently, serial investor and former CEO of FNB, Michael Jordaan, said to CNBC Africa that he would love to take on the banks in the future as he believes there’s a lot more that can be done with new technology. Jordan, who’s entered the telecommunications and broadband industries through strategic investments, says we’re going to see a big switch.
“In the future, banks will become more like telecommunications companies, while telecoms players are trying to muscle into banking,” said Jordaan.
He warns that there are “lots of businesses” being started globally, including in telecommunications and banking, that have very low cost bases. He predicts that, in the next 10 years, we'll see many incumbents (big banks in South Africa) fighting against these upstarts.
“These upstarts don’t have big brands and lots of customers yet, but they have the benefit of new technologies and very low costs,” said Jordaan.
Jordaan states that disruptive businesses are great for consumers and has expressed his desire to play a role in bringing them to South Africa.