For the second consecutive year, Capitec has taken the top spot as News24’s Bank of the Year, solidifying its position as a leader in the South African banking sector. This prestigious award is determined by a unique set of criteria, including a survey of over 13,000 News24 readers who shared their experiences with their primary bank.
The survey, which is a key component of the evaluation process, saw Capitec receive exceptional scores, with over 93% of its participating clients giving it a rating of either four or five out of five for client service and communication. Additionally, more than 9 out of 10 participants would recommend Capitec to friends and family, which helps explain why the bank now boasts an impressive 25 million clients.
What Sets Capitec Apart
According to News24 Business editor Helena Wasserman, Capitec’s impressive performance can be attributed to its efficient handling of complaints, proactive stance against banking fraud, and effective media communication. The bank’s commitment to transparency, responsiveness, and communication has clearly resonated with its clients, setting it apart from its competitors.
Capitec’s success can also be measured by its financial performance, with the bank now valued at over R500 billion. Since its unbundling and listing on the Johannesburg Stock Exchange (JSE) in 2002, Capitec has gained enormous traction, thanks to its simple-to-understand bank products and low fees.
Expansion into Business Banking
As Capitec continues to grow, it is making a significant push into business banking, targeting the high-income market. This strategic move is expected to further cement the bank’s position as a major player in the South African banking sector. With its strong foundation and commitment to client satisfaction, Capitec is well-positioned for continued success.
Some of the key factors that contributed to Capitec’s win include:
- Exceptional client service and communication
- Efficient handling of complaints
- Proactive stance against banking fraud
- Effective media communication
At a gala event in Cape Town, Capitec CEO Graham Lee thanked the bank’s 16,000 employees for their hard work and dedication to providing excellent service to its clients.
