Finally, the day has arrived where the customer may just get a fair, maybe even a good, deal in the SA banking environment. South Africa’s major banks are fighting for market share by promising consumers lower bank fees and a more customer friendly experience.
In its latest advertising campaign, Standard Bank promises to help customers to save up to 50% on bank fees.
Capitec is also promoting the fact that they offer competitive bank costs, and that they simplify banking for their customers.
FNB is also encouraging consumers to switch to them, using their advertisements to compare their services (which are promoted as being superior) to that of their competitors.
Absa, in turn, is saying that it has been “voted best bank in Africa” at this year’s Asian Banking International Awards.
FNB and Standard Bank have both lodged complaints with the Advertising Standards Authority of South Africa (ASA) related to the other’s ads.
When asked about the aggressive marketing campaigns taking place in the banking sector – particularly around mobile and online banking and fees – Capitec was confident about the issue. “Our DNA from day one was to lead in terms of innovation; we therefore do not have to scream as loudly as they [other banks] do.”
Read the full original article here: http://businesstech.co.za/news/banking/8775/sa-banking-fight-on-price-and-services/
In a survey done by MyBroadband BusinessTech recently, FNB was rated as the top bank with an average score of 4.52 out of 5, closely edging out Capitec Bank with 4.51.