Real-time service promised

2011-05-28 00:00

IT is no coincidence that the rapidly growing retail bank Capitec attracted a great deal of attention and praise for its bold decision taken recently to launch permanent Sunday trading at 84 of its 460 branches nationwide.

Consumers have never really warmed to South African banks and this is, for the most part, understandable when one considers the various­ debacles over banking fees and other contentious issues that South Africans have seen. However, it seems that Capitec has made a conscious decision to counter these conceptions by marrying innovative technology with simplicity and flexibility.

Carl Fischer, marketing and corporate affairs executive, told Weekend Witness that this philosophy cuts across all aspects of the business.

“From the outset, the Capitec model is something unique and special in banking. Traditionally, banking has been very structured and inflexible. Our aim has been to make it as simplified and easy as possible for clients to use.

“We have used technology to remove a lot of the administration, logistics and security risks from banking.”

The technology to which Fischer makes reference is biometric technology, in the form of a fingerprint and photograph-identity system that enables clients to receive real-time service.

“For example, credit checking can be done immediately, as you sit with a consultant. You don’t have to wait for lengthy periods­ of time for approval.”

The biometric technology has been described by Capitec as a world-first for the industry.

Banking fees are perhaps the most contentious of all topics in the sector.

Fischer, who contends that Capitec’s (on average) fees are half that of other banks — says that simplicity is their mantra in this regard.

“We charge a fixed fee on each transaction. It doesn’t vary like certain banks.

“Having said that, we are of the view that drawing cash is one of the most expensive and risky means to transact. We therefore encourage the use of non-cash methods.

“If you’re buying something, rather use your card. We don’t charge a fee for using your card. If you must draw cash, rather draw at a retail outlet.”

Capitec also charges a flat administration fee, and the same applies to debit orders and payments to other accounts.

This simplified system makes it easier for consumers to choose their banking products and services.

With 75 branches already in KwaZulu-Natal — including three in Pietermaritzburg and two more in the pipeline in the city — it is not surprising­ that this fast-growing bank boasts almost three million active clients across South Africa.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.