FNB and Standard Bank are the preferred banks for personal and business banking among high-income earners and high-net-worth individuals in South Africa.
This was revealed in Daily Investor’s 2024 South African Investor and Banking Report, based on responses from 2,013 South Africans.
The survey was conducted in January 2024, and most respondents were high-income earners and high-net-worth individuals.
FNB did a good job maintaining its brand lead among middle-class South Africans and high-net-worth individuals.
In the 2024 survey, 26% of respondents said FNB is their preferred bank for personal finances. It is down from 29% last year.
Standard Bank was a close second at 22%, closing the gap with FNB from 7% to 4% over the last year. Absa, Capitec, and Nedbank completed the top 5.
The biggest winner over the last year was Capitec. It increased its popularity by 4 percentage points, which is significant in a relatively stable market.
It shows that Capitec is making inroads in the high-end of the market and moving away from its traditional image of being a working-class bank.
The survey results confirmed that the big five banks have excellent brand awareness, and new challenger banks will have to work hard to win market share.
The chart below shows the preferred retail bank among high-income earners and high-net-worth individuals in South Africa.
Preferred banks for business
FNB did an exceptional job in the business banking segment by growing its already extensive lead.
42% of respondents said it provides the best business banking service, a two percentage point increase over the year before.
Standard Bank was second, with 19% of business owners and company representatives saying it offers the best service levels.
Investec showed strong growth, moving from fifth place in 2023 to third place in 2024. It pushed Nedbank to fourth place and Absa to fifth place.
Even though Capitec showed a slight improvement in brand awareness, it still has a lot of work ahead to establish itself as a viable alternative to FNB, Standard Bank, and Investec.
The chart below shows the preferred business banks among business owners and financial officers.