Report on Banks Reveals Importance of Rewards
Recently, Consulta released a report about consumer satisfaction with the various banks and their services. The idea is to find the most satisfied clients at a particular bank. The report however also revealed some interesting info about how consumers view their banks and their rewards programs.
Stand out items on the report were ABSA’s excellent customer satisfaction levels with regard to personal loans and Capitec Bank’s huge victory in the current account side of banking.
Other than that people saw little difference between the products been offered and the costs from the various local banks. This has lead to a situation where many consumers use multiple banks for multiple products. This is making it hard for banks to win the loyalty of their clients (and get them to deposit salaries etc). This is one reason why their loyalty rewards are interesting and make a difference to consumers.
Out of the industry it was ABSA rewards (who came in second) and eBucks From FNB that came out top.
When asked if they would recommend a bank many consumers pointed to the quality of their rewards program as being the main factor (or a significant factor) in whether they actually would or not. Banks whose rewards programs were weak or under delivered on promises actually suffered as consumers become disgruntled or frustrated with the rewards program.
A similar online poll that focused on all sorts of rewards programs locally also showed that eBucks was the clear favourite among the banks rewards programs and was only beaten out for the overall top spot by Pick n Pay’s Smart Shopper by less than 50 votes.