CUSTOMER EXPERIENCE

SA financial services brands rate highly in latest CX index

By our News Team | 2023

On average, customers are willing to wait no more than 24 hours for complete resolution of their query, study finds.

Companies that focus on customer experience (CX) – enabled by service standards – typically exhibit increased revenue, are more profitable, have more engaged employees and have customers who are willing to pay up to 18% more for products.

 

This is according to Andrea Rademeyer, founder and CEO of research company Ask Afrika, which produces the annual Ask Afrika Orange Index. It is claimed to be the broadest customer experience benchmark in South Africa.

Customer Experience

Photo by Savvas Stavrinos from Pexels

In 2023, a total of 48 000 customers completed the interview detailing their actual service experience with a brand.

 

This year, companies in the financial services industry account for half of the top 10 companies overall.

 

In first position, and the company that is the most highly rated when it comes to delivering a consistent customer experience, is Rand Merchant Bank (RMB), a private bank. Investec (banking and wealth management) is in second place, followed by Discovery Limited (digital banking).

 

What sets winning brands apart

 

According to Rademeyer, exhibiting human traits such as empathy, assurance, responsiveness, reliability, communication and other tangibles are all key catalysts setting winning brands apart.

 

Customers who report high effort in dealing with a company give it a significantly lower rating for responsiveness. 

 

On average, across industries and query type, customers are willing to wait no more than 24 hours for complete resolution of their query before they become dissatisfied with the level of effort required.

 

Winning brands, says Rademeyer, have closed the gap between being seen to be a good brand and having emotionally connected customers. Consumers with an emotional connection to a brand are less likely to switch to another brand, have a higher tolerance for larger fee increases, and would still be a client of that brand.

 

She adds that this year’s CX results reflect declining global societal shifts in both service and emotion. 

 

“Society’s broad vulnerability is shaping the rise of intangible expectations such as trust, a relationship with the company, a sense of belonging, and even a sense of self-worth. Where consumers experience a sense of ease and convenience, they are more likely to believe that the relationship is fair and balanced. Relationship strength drives performance differentiation among top performing brands.” 

 

Notable 2023 Ask Afrika Orange Index category winners include:

 

Medical insurance: GetSavvi Health

 

Mass retail: Checkers Hyper 

 

Franchise restaurants: Mugg & Bean

 

Automotive companies: BMW Group

 

Long-term life Insurance: Metropolitan

 

Medical aid companies: Medihelp

 

Short-term insurance: Liberty

 

Mobile operators: Vodacom

  

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.