Customers vote Standard Bank tops

24 October, 2003 - The Star - Business Report

Standard Bank copes with being moaned at better than any other bank, last night walking off with the Office of the Banking Adjudicator (OBA) award for dispute management.

Standard Bank beat off competition from Absa, last year's winner. This is the third year the awards were held, and four banks competed.

Research company Markinor surveys a random cross-section of the banks' databases of clients who have complained during the past year. A year ago it reported that one in six people interviewed had cause to complain to their banks. This year a one in nine ratio was found. However, 30% of customers felt "trapped", as there were barriers that prevented them from leaving their respective banks.

The survey found a direct correlation between a customer's level of satisfaction with the manner in which a complaint was resolved and the customer's continued loyalty to the bank.

Banking Adjudicator Neville Melville said that taking note of this research had financial benefits for those banks which were in tune with the needs of their clients.

The OBA marketing commitment award, which recognises the bank which has best promoted the OBA to its customers, was won last night by Nedbank.

Standard Bank's Les Barrett won two awards: The OBA independent directors award, which recognises the person who has mastered handling customer complaints; and the OBA individual recognition award, which recognises the person who has provided top-notch customer service, as judged by his interactions with the OBA.

Nedbank won the Code of Banking Practice marketing commitment award, which recognises the bank which has best promoted the Code of Banking Practice to its customers.