2013 Banking Innovation Study South Africa This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from Innovation Agency. This material was produced by Innovation Agency based on client interaction; it is not a complete record of the discussion.
In the highly competitive market that banks in South Africa find themselves, a means of differentiation is of paramount importance. Innovation is seen as one of the primary drivers in achieving this differentiation and developing a competitive advantage.
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2013 Banking Innovation StudySouth Africa
This report is solely for the use of client personnel. No part of it may be circulated, quoted, or
reproduced for distribution outside the client organization without prior written approval from
Innovation Agency. This material was produced by Innovation Agency based on client interaction;
it is not a complete record of the discussion.
Purpose of the Innovation Banking Study
In the highly competitive market that banks in South Africa find themselves, a means of differentiation
is of paramount importance. Innovation is seen as one of the primary drivers in achieving this
differentiation and developing a competitive advantage.
This study investigates a number of aspects surrounding the level of innovation being achieved by
organisations, as perceived from a localised end-user perspective. The study also looks at the level
of customer satisfaction with their bank; whether they use other banks and what would motivate a
customer to switch from one bank to another. The study also reveals the view that customers have of
switching banks. The market research conducted highlights which banks are perceived to be the
most innovative in the industry. Further analysis delves into why this is so, and how this perception
about the banks has changed since the 2007 study.
The study also serves to create a greater awareness around the concern that banks need to be
responsive to customers’ emotional needs. The core purpose underpinning this initiative is a strategy
for managing the information acquired and turning it into insights that empower banks in new ways to
better understand their customers.
Research Methodology
This report is an administered survey conducted during various programs, interventions and
workshops offered by Innovation Agency throughout the year.
The survey was administered in a controlled manner. Survey questions were designed to be
opened-ended in nature, and served to gauge individual perceptions around the level of innovation
achieved by institutions from an end-user perspective. Respondents were not given information
and/ or definitions of the survey questions.
Data collected was grouped and analysed, which was used to develop the keywords as a means to
graphically represent the results of the study. The 2013 Innovation Study consisted of 403
respondees.
Innovation study questionnaire
Which bank is the most innovative?
Why did you rate the bank as the most innovative?
What lessons can be learnt from innovative banks?
Have you switched banks in the last 12 – 18 months?
We live in a socially aware society where involvement across a collective workforcecommunity is used to drive innovation. Social Based Innovation approaches pave theway to a more networked and integrated means of managing innovation. We aredriving this evolution forward.