Chris Wood, Network International

DataEQ’s seventh annual South African Banking Sentiment Index, which was released at the end of 2022, analysed over four million social media posts about the South African banking industry’s biggest players to get a sense of how the general public feels about the industry. And, for the first time, the results are positive. DataEQ’s analysis suggests that South African consumers had a better experience with their banks than they did with local retailers, insurers and telcos.

According to Thabo Mofokeng, a senior banking analyst at DataEQ, positive customer experience is one of the main drivers of customer sentiment around the industry. As such, it’s essential for banks of all sizes to focus on providing their customers with a good experience in 2023. The tough economic climate that South African consumers need to navigate at the moment means that they are more price-sensitive than ever before and won’t hesitate to cross-compare banks if they feel they’re not receiving an adequate level of service.