Capitec banks on data, speeds up digital drive
Capitec Bank recently detailed its client-focused innovation strategy, demonstrating how it integrates new technology across all services to enhance banking for its 25 million customers. The bank reported using vast amounts of data to design practical products, resulting in services like opening an account in minutes through its mobile application. It also emphasized transparent pricing, citing international transfers for a flat fee and a travel card without transaction charges.
The financial institution has also strengthened its security systems, noting it has prevented 300 million rand in potential fraud losses and blocked thousands of suspicious accounts. For business clients, Capitec cited significant growth, including over one billion rand provided in SME funding and a major increase in its merchant base. The event served to illustrate that these innovative solutions are already actively deployed and scaling across the South African market.
