[imagesource: sxc.hu]

Capitec went from putting the rest of South Africa’s banks to shame in 2017, to being under investigation by Viceroy Research a few months later (they’re the guys who took down Steinhoff).

They dodged that bullet and, as the country’s biggest bank by client numbers, it’s understandable that they’d want to do everything in their power to stay on top of their game, announcing earlier this year that they wouldn’t be raising their digital banking fees.

They did this even before we knew that we’d all be broke thanks to a global pandemic.

Whatever they’re doing, it’s working, because Forbes has just named them the best bank in South Africa for the second year running.

Forbes partnered with market research firm Statista to produce their list of the World’s Best Banks.

Instead of gauging the balance sheets and P&L statements, as Forbes does for its ranking of the 100 largest publicly-traded U.S. banks published annually, Statista surveyed more than 40,000 customers around the globe for their opinions on their current and former banking relationships.

Banks were rated on general satisfaction and key attributes like trust, fees, digital services and financial advice.

The South African top five for your consideration:

Image: Forbes / Statista

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Gerrie Fourie, CEO of Capitec Bank, says, “We’re continually challenging the norms of traditional banking to bring our clients a simplified, affordable solution that puts them in control of their money…Our use of AI technology has allowed us to continuously improve our processes and efficiencies, while giving us a better understanding of our clients’ needs on an individual level…This allows us to offer affordable digital fees that challenge the norm, such as immediate payments for only R8, compared to an industry norm of around R50.”

Capitec is currently moving away from traditional service channels in favour of a more digital approach. This is in line with Forbes’ predictions for the future of banking, especially after the COVID-19 pandemic.

Consumers are voting with their smartphones, demanding the ability to conduct their financial activities safely and easily on mobile phones and their desktops

Never were these growing demands more important than during the coronavirus pandemic, which forced countries around the world to announce lockdowns to combat the spread of the virus. Unable to visit bank branches, consumers turned to mobile apps and online services to get transactions done.

If Capitec stays on track, they could be looking at the third year atop the rankings.

[sources:forbes&iol&forbes]