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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.
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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