Author: Sarah Lamb, Head of Client Services, DataEQ
In recent years, the banking sector has undergone a transformative shift, largely propelled by technological advancements and changing consumer expectations. This digital revolution is not merely about incorporating new technologies but about reimagining the banking experience from the ground up.
It is unsurprising then, that banks had a significantly higher digital share of voice and recorded more positive conversation than other industries. This is according to DataEQ’s inaugural South African Digital Experience Index, which tracked over 5.5 million social media posts about the country’s leading banks, insurers, retailers, and telcos.
The index revealed that South African banks led in technological innovation, outpacing their telco, retail and insurer peers. The industry’s high performance can be attributed to the fact that it offers a range of secure and efficient digital services. This variety allows banks to cater to different customer needs and preferences, attracting a broader customer base.
Billing or payments was the top driver of praise for the banking industry, with consumers emphasising convenience in various services offered such as sending money, virtual cards, safe online shopping, cashless transactions and beneficial features on specific brands’ mobile banking apps. Ease of use ties into this convenience, but also highlights specific reward programmes offered and the integration of third-party services.
Third-party partnerships drive praise
The future of banking is not only digital but also collaborative. Banks are increasingly partnering with other companies to drive innovation and improve their offerings. These collaborations allow banks to offer customers more comprehensive and efficient services.
This was one of the standout features that contributed to the widespread adoption of banking apps in the index and has proven to be a valuable drawcard for users seeking convenience and efficiency. By consolidating services such as Lotto integration, license renewals, trading platforms, rewards programmes, eWallets, virtual cards, and budgeting tools within a single app, users are empowered to streamline their financial activities and interactions.
FNB outperformed the sector
A noteworthy player in this landscape is FNB’s app, which garnered significant acclaim for its multifaceted offerings. Users praised its role in facilitating various banking activities in a convenient manner. By mitigating the need to endure long queues at physical bank branches or grapple with extended wait times at call centres or via email, the app effectively addresses pain points that are inherent with traditional channels.
The digital experience in banking is transforming how we think about financial services. By embracing digital-first strategies, focusing on personalisation, prioritising security, and fostering collaborations, banks can meet the evolving needs of their customers. This digital journey is continuous, and banks that adapt, innovate, and focus on customer experience will lead the way in shaping the future of banking.
As we navigate this digital age, it's important for banks to not only adopt new technologies but to also foster a culture of innovation that anticipates customer needs and exceeds their expectations. The goal is to create a seamless, secure, and personalized banking experience that aligns with the digital lifestyle of today's consumers.