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File Image: IOL

Capitec ranked best SA bank in Forbes survey

By Supplied Time of article published Jun 11, 2020

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Capitec Bank has been ranked as ‘Best SA Bank’ for the second consecutive year on the global media giant’s annual survey of the World’s Best Banks.

The banks were rated on overall recommendation and satisfaction while trust, terms and conditions, customer service, digital services, and financial advice were surveyed. 

Forbes partnered with market research firm Statista to measure the best banks in nearly two dozen countries. Statista surveyed more than 40,000 customers to rate the banks.

Gerrie Fourie, CEO of Capitec Bank, says, “We’re continually challenging the norms of traditional banking to bring our clients a simplified, affordable solution that puts them in control of their money. A client centric focus, along with the pursuit of relevant innovation has made it possible to transform what was originally a grudge purchase into a service that truly helps people better manage their financial lives. We are honoured to receive this recognition and while it is a sign that we are headed in the right direction, we will not rest in our pursuit to simplify banking.”

The accolade comes at a time when bank’s traditional service channels are taking a back seat to their digital offerings; a trend which was been significantly augmented by the Covid-19 crisis. Capitec’s digital banking services are the most widely used in the country, with over 7.4 million active users. They’ve also noted a significant increase between January and May 2020, with the bank welcoming over 470 000 new digital banking clients, a 6.8% increase on their digital client base.

Fourie added, “A bank’s ability to keep clients satisfied through client centric digital solutions will set them apart in this fast-changing environment. We’ve noted a significant decrease in clients’ dependency on cash based transactions during the past 3 months as the increased safety, convenience and affordability of digital banking become necessities for clients. I believe that in future years bank branches will continue to be an important point of personalised service for clients but will also serve as digital service centers, able to help clients across the country in real time.”

“Our use of AI technology has allowed us to continuously improve our processes and efficiencies, while giving us a better understanding of our clients’ needs on an individual level. Not only has this allowed us to offer our clients more personalized service but we’ve also passed the efficiencies onto them through cost and time savings across both our digital channels and in branch. This allows us to offer affordable digital fees that challenge the norm, such as immediate payments for only R8, compared to an industry norm of around R50.”

PERSONAL FINANCE 

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