Some years ago I made my way over to mud island, London specifically, and one thing I always appreciated was not having to rush to the bank on a Saturday morning just because that was the way things were. This is surely good for banking in South Africa and a giant leap toward getting Saturday mornings back.

Citing its long running philosophy of following a more retail based approach to banking, South Africa’s youngest commercial bank has taken the pressure off having to rush to the bank on Saturday mornings.

Carl Fischer, Capitec’s marketing and corporate affairs executive had the following to say about the liberation:

The bottom line is that all those malls are open on Sundays and almost all shops are open except banks. Now someone who works in an industrial environment from Monday to midday Saturday is there but unable to do his banking business.

By opening our branches on Sundays, we will not only enable clients to do their personal banking when it suits them, but also further align ourselves to other retailers’ opening hours.

It will also help to reduce in-branch pressure experienced over month-end peak days.

Stephen Meintjes, an analyst from Imara SP Reid, has claimed the closure of banks on Sundays was a legacy of Western civilisation that people were simply used to. He doubts people will make use of the service. He explains:

I don’t think Capitec stands to benefit on this one but it’s entitled to make mistakes. I just think other banks will wait and see before following in their footsteps.

Stephen, I politely disagree with you. What we pay to bank in this country is ridiculous and it’s about time the customer benefited a bit more, wouldn’t you agree?

Absa’s retail bank chief executive, Gavin Opperman, said uptake of their Sunday offering, now up from two banks open on a Sunday to seven, had been good.

Obviously, Gavin, this is something people (the paying customer) like and want.

Fischer sums up the argument well by describing exactly what’s happening here – clients can now do their banking when it suits them, and not the other way around.

[Source: BusinessReport]