Just a day after being named as the best bank by the latest Lafferty global rankings, Capitec has more news. The banking institution will soon allow its customers to tap and go when they make purchases. Picture: Reuters

CAPE TOWN - Just a day after being named as the best bank by the latest Lafferty global rankings, Capitec has more news. The banking institution will soon allow its customers to tap and go when they make purchases. 

Francois Viviers, marketing and communications executive at Capitec, said, that in an effort to improve, the company was working on new technology on a number of platforms. 

One of these new tech innovations will be the tap and go system, according to Business Tech. 

It should be made clear that you will probably only see this new feature in 2019.

“We think tap-and-go functionality is going to become a mainstream technology, and in some countries in Europe it has already tipped from swiping cards to tap-and-go,” he said.

“It is definitely in our plans, but I think it is important to remember that Capitec focuses on the needs of the mass-market.”

“We are a bank for 95% of the population and our energy up until now has been to ensure that we have the best solution in terms of our product offers and our app for the broad base of the population," Viviers said.

“But by next year we believe the market will tip, and tap-and-go will become more prevalent at major retailers – meaning we will be ready with tap-and-go as well," he concluded.


BEST BANK

Yesterday, Capitec was named the best bank in South Africa and was also named as one of the best banks globally, according to a new study.

The Lafferty Banking 500 study is a global research report that analysis 500 global banks. The study rates the banks by giving them a star out of 5. How does the study assess these banking institutions, seems to be the main question. 

The report looks at a number of factors that includes: 

The financial and non-financial disclosures in the banks’ latest annual reports. The banks different business models.

It should be noted that the study does not only examine the bank's financials and ratios but also looked at other factors that included, strategy, work culture, customer satisfaction, and brand promises.

SA's Capitec was one of only eight global banks that obtained a five-star “top quality” rating.

In the Lafferty study, most SA banks received a 3.7 ranking. When you compare SA banks to their global counterparts, SA banks fair quite well.  Canadian banks received an average score of 2.9, UK banks obtained an average score of 3.5 and the US scored a mere 2.8 rating.

10 MILLION CUSTOMERS

At the end of September Capitec also reported that it has over 10 million customers. 

Capitec also published their financial results for the six months ending August 31, 2018 and said that it has seen a huge boost in profit as well as hitting more than 10 million customers. 

According to the results, the bank posted a 20 percent growth in headline earnings to R2,46 billion and headline earnings per share increased by 20 percent to R21,28. Capitec's net transaction fee income (non-lending) also increased from R2,4bn to R3,1bn on the back of a rise in staff, branches and in IT infrastructure costs. 

There has also been a 25 percent increase in transaction growth and the bank has pointed out that they have 10,5 million active clients. The South African bank said that strong client growth is one of the key drivers of its performance'

Capitec said that they are continuously improving to ensure that customers get the best service and are able to control their money. According to the bank, they have brought in 109 000 additional active clients every month. 

BUSINESS REPORT ONLINE