South Africans are threatening to close their bank accounts – this is where they would rather go

Capitec Bank is at risk of losing customers – and if customers make good on their threats to close their accounts and leave, banks like Discovery Bank stand to be the biggest winners.The index is based on over 4 million consumer social media posts about South African banks from 1 September 2021 to 31 August 2022. DataEQ then analysed posts for sentiment and conversation themes.

The net score – derived by subtracting the acquisition intent from cancellation intent – indicates how likely a bank will see customers leaving or entering their business . These direct comparisons give an indication of where banking customers would head if they left their current bank. Overall, FNB looks to be the biggest gainer should banking customers make good on threats to leave, drawing customers from Captec, Standard Bank, Nedbank and TymeBank.

“Digital downtime was a major obstacle in this regard, impacting the industry negatively and eroding consumer confidence in banks. Often linked to this was a rising concern around digital security amid increased accusations of account irregularities and reports of fraud,” the group said.

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