What would frustrate South Africans enough to switch banks? Surprisingly it is not benefits, or rewards, or a cheaper alternative that would make them move, but impolite, rude or uninterested staff.
This is a wake-up call for local banks, but South Africans are not alone in their number one reason why they would switch banks. A recent customer loyalty study commissioned by Verint found that although consumers globally trusted banks more than other service providers, only 24% of the 18 000 consumers surveyed in nine countries indicated that their bank delivered good service.
When consumers were asked what would frustrate them enough to switch banks, there were two “leaders” — impolite, rude or disinterested staff — or too many mistakes, both with 22% globally.
In South Africa, customer service and price were particularly important for banks; impolite, rude or uninterested staff (23%) was seen as more important than finding a cheaper alternative (19%) as a reason for switching banks. The cheaper alternative was far more important when it came to brands for supermarkets, grocery stores and clothes shops, with 37% of the more than 2 000 locals interviewed, saying finding a cheaper alternative would be the biggest driver in their choice to switch.
Consumers in the UK were even more aggressive with 28% saying that they would change banks because of impolite, rude or uninterested staff and 25% because of too many mistakes. In the US, 31% said they would change banks if there were too many mistakes. — Fin24