Complaints against SA's major banks jump in 2020, only Absa improves
South Africa's "big five" banks - bar Absa - recorded an increase in complaints in 2020.
The annual report published by the Ombudsman for Banking Services (OBS) shows that First National Bank (FNB) is at the top of the list, for the second year running.
Absa on the other hand, recorded the least complaints after being the most complained about bank in 2018.
We are particularly pleased about the inroads made with regards to fraud-related complaints. Given the rapidly changing fraud landscape, a major factor in turning the tide on complaints has been Absa’s comprehensive re-engineering of its approach to dealing with customers who have been defrauded, and our market-first, free Digital Fraud Warranty.Absa statement
Complaints about FNB rose by 29% while there was a drop of 36% at Absa.
Capitec recorded the biggest increase in complaints (up 65%).
Here is the breakdown of the big-5's rankings by the number of complaints received in 2020, compared to 2019:
1 - First National Bank: 2,197 (increase of 29%)
2 - Standard Bank: 1,572 (increase of 39%)
3 - Capitec: 1,259 (increase of 65%)
4 - Nedbank: 1,217 (increase of 11%)
5 - Absa: 943 (decrease of 36%)
Out of all South Africa's banks, Discovery saw the biggest percentage increase in complaints lodged with the Ombud - up over 1,700%.
The OBS adds the disclaimer that "banks vary considerably in size, client profile and product mix and these factors all impact on the number of complaints made against any given Bank."
Bruce Whitfield discusses the report with consumer ninja Wendy Knowler.
This year it's 72% in favour of the banks and the remainder in favour of the consumer.Wendy Knowler, Consumer journalist
Listen to the conversation in the audio below:
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