“ This year, as well as in 2016, the bulk of assets under management per client were between R3m and R10m ”

- 2017 Top Private Banks & Wealth Managers survey

“ 60% of private bank clients rate the quality of advice they receive as ‘very good’ or ‘excellent’ ”

- 2017 Top Private Banks & Wealth Managers survey

“ The percentage of private banking clients who feel they receive excellent value for money decreased from 25% in 2016 to 17% this year ”

- 2017 Top Private Banks & Wealth Managers survey

“ Of the 100 largest JSE-listed companies 87 conducted BEE deals, 35 of those included public benefit organisations ”

- 2017 Empowerment Endowment

“ Assets under management of R5.5 trillion, up from R4.7 trillion last year, while they spent about R1.9bn in brokerage last year and the previous year. ”

- 2017 Ranking the Analysts survey

“ R32.6bn in endowments now held by foundations set up as a result of BEE deals that will support charitable activities ”

- 2017 Empowerment Endowment

“ The percentage of wealth management clients who are “extremely likely” to recommend their institution declined to 53% from 78% last year ”

- 2017 Top Private Banks & Wealth Managers survey

“ This year, 35% of wealth management clients say they receive excellent value for money, down from 54% last year ”

- 2017 Top Private Banks & Wealth Managers survey

“ More than 70% or wealth management clients rate the quality of the advice they receive as ‘very good’ or ‘excellent’ ”

- 2017 Top Private Banks & Wealth Managers survey

“ R51.6bn value created specifically for charitable recipients through BEE deals ”

- 2017 Empowerment Endowment
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Retail Bank of the Year

The results of the Business Times Intellidex maiden Retail Bank of the Year survey were published in the Sunday Times on 23 March. Read the Business Times package here.

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The results stem from an online questionnaire for the general public which ran from 9 November to 20 December 2013.

The purpose of the survey was primarily to garner banking clients’ views on their banks across a range of products and service offerings. All of South Africa’s retail banks were considered, as well as non-bank credit card, home loan and vehicle finance providers. Only institutions where we received a significant amount of feedback were eligible for awards. We considered six product categories (current account, credit card, home loans, savings accounts, car loans, fixed/notice deposits) and two service channels (online banking and mobile banking).

Various different elements were considered to inform the results. Below is a summary of how each of the awards was arrived at.

Overall Bank of the Year
This was based on the average score received for the various services that the institution provides as well as its online and mobile channels. We excluded banks that restrict the customer base by wealth or assets from the overall award, such as private banks. This approach means that banks which do not provide certain services, for example car loans or home loans, were not prejudiced in the assessment. We considered those banks which had received a statistically significant amount of feedback, which included six banks.

Best comprehensive bank
This considered total scores for all products and two distribution channels (online and mobile). Banks providing all six product categories therefore benefited. We considered those banks which had received a statistically significant amount of feedback, which included six banks.

Best exclusive bank
This award considered the average scores for those banks which have an exclusive customer focus, usually called private banks. This year only one bank was considered.

Best current account
Scores were calculated from equally weighting answers to three questions: “how easy was it to open this current account”, “how likely are you to recommend this institution to a friend for this product” and “overall experience with this account”. Six banks were considered.

Best credit card
This was based on a broad assessment of customer feedback on issues including satisfaction with rewards programme, ease of opening account, effectiveness in solving problems, likelihood of recommending card to friends. Twenty credit card providers were considered.

Best home loan
This was based on scores given to two questions: “if you were to sell your home and buy a new one, would you want to take out the new loan with your existing provider” and “overall experience with this account”. Six home loan providers were considered.

Best savings account
This was based on scores given to two questions: “how likely are you to recommend this institution to others for this product” and “overall experience with this account”. Six banks were considered.

Best car loan provider
This was based on scores given to two questions: “should you sell your car and buy a new one, would you take out a new loan with the same institution” and “overall experience with this account”. Six car loan providers were considered.

Best notice/fixed deposit
This was based on responses to two questions: “how likely are you to recommend this institution to others” and “overall experience with this account”. Five banks were considered for this award.

Best online/mobile banking
This was based on feedback given on various service aspects including, cost effectiveness, level of security, website functionality, overall mobile satisfaction levels and website uptime. Six banks were considered for this award.

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