Bank Loyalty Takes Almost Three Decades to Break in South Africa
This article is for subscribers only.
South Africans stick with their main bank for nearly three decades before switching, roughly double the time it takes Americans to move and 70% longer than U.K. citizens, according to a report by Discovery Bank.
Younger South Africans, though, were 20% more likely to shop around than the average customer, according to the digital bank, owned by the country’s largest health insurance administrator Discovery Ltd. The bank used anonymized data from the health business to assess how long customers stayed with their lender.