According to the African Bank Consumer Research Report, Capitec is the most popular bank among low- and middle-income South Africans, while FNB is preferred by middle-class adults. Different banks appeal to customers based on factors like rewards (ABSA and FNB) or cost (Capitec and Tyme Bank). The report also reveals preferences for good digital banking among young students and the importance of innovation, rewards programs and credit access for higher-income adults. Capitec has lower recommendation scores among youth, while Absa and Nedbank scored lower among adults. Competitive and transparent fees, branch and ATM locations, trust, and savings/investment options are key considerations for customers seeking new banks.
