Capitec Bank Named Overall Winner At The Ask Afrika Orange Index Awards

Innovative retail approach that puts the customer first cited for bank’s win

 

South Africa’s youngest retail bank, Capitec, has been named the overall winner at the annual Ask Afrika Orange Index Awards outperforming industry peers such as Woolworths, Discovery and Outsurance. The bank also took top honours in the banking category to rank first ahead of the traditional ‘Big Four’ banks FNB, Standard Bank, Nedbank and Absa.

 

Riaan Stassen, Capitec Bank CEO says, “This is a tremendous honour for us at Capitec. The Ask Afrika Orange Index is the national benchmark of South African service as based on consumer opinion. As a relative newcomer to the retail banking industry, we are thrilled that our business model of transparency, simplicity and value has resonated so strongly with consumers in just 10 years. This is a significant win for us.”

 

Based on opinion of over 10 000 nationally represented South Africans surveyed over six months, results of the Ask Afrika Orange Index Awards are highly credible.

 

Sarina de Beer, Ask Afrika MD says, “This year we surveyed close to 100 brands across 18 industries and Capitec Bank not only consistently came out trumps, it also overtook its competitors by as much as six percent.”

 

Reasons cited for Capitec Bank’s clear win are based on the growing trend among consumers to seek services from providers that offer clear, transparent benefits – and that put the customer first. 

 

“The global trend is for consumers to move towards more value-driven offerings and services and a consistent service that goes beyond what is expected. They want client-centricity, respect and honesty instead of over-promises, creative facades and showy shop windows. In other words they have seen through the smoke and mirrors and want quality service with a human touch. Capitec Bank offers this and South Africans are responding to it.”

 

Founded in 2001, Capitec Bank has seen remarkable growth in the retail banking sector: Today it has 3,2-million clients, 472 branches, attracts on average 90 000 new clients a month and consistently performs well for its shareholders as its recent interim results released last month suggest.

 

Yet besides its growing popularity among South Africans, Stassen says he believes the fundamental thing that sets it apart from its competitors is how it operates. 

 

“Due to the extensive use of technology to support Capitec’s administrative functionality, we are not as reliant on human resources as other players. This allows us to offer paperless real-time service, competitively low fees and branches that are founded on our client’s experience.”

 

Stassen goes on to say that Capitec has long seen itself as more of a retailer than a traditional bank. This is because it offers clients clear choices on what its products are, makes its fees easy to find on its website, doesn’t bundle products into complex and confusing offers and uses plain language to ensure clients know what they are buying.

 

“Generally banking has been associated with timely queues; red tape and excessively high fees. Capitec has debunked this and instead offers a service that is easy, to the point and affordable.”

 

This is heightened by the fact that the majority of its employees are not skilled in any banking operations and often come from the retail sector. “We pride ourselves on creating newly skilled bank employees with a retail and service mindset in the finance industry,” said Stassen.

 

This unique approach that consistently puts the customer first, has served Capitec well as the overall Ask Africa Orange Index Award win is testament.

 

For more information visit www.capitecbank.co.za or www.askafrica.co.za.  

Capitec Bank Named Overall Winner At The Ask Afrika Orange Index Awards