Global media group Forbes has named Capitec Bank the best bank in South Africa for the second year running.
Capitec emerged top in a survey conducted by Forbes in partnership with market research company Statista.
The survey, which also covered more than 20 other countries and interviewed over 40,000 customers, ranked banks according to overall recommendation and satisfaction.
Capitec ‘honoured’ by accolade
Other factors it considered were trust, terms and conditions, customer service, digital services, and financial advice.
Capitec CEO Gerrie Fourie welcomed the ranking in a statement on Thursday, adding that it comes at a time when the bank is ramping up its digital offerings.
He said, “We are honoured to receive this recognition and while it is a sign that we are headed in the right direction, we will not rest in our pursuit to simplify banking.
“A bank’s ability to keep clients satisfied through client centric digital solutions will set them apart in this fast-changing environment.”
7.4 million digital users
Fourie said Capitec has over 7.4 million active digital users and has seen a notable increase of 6.8 percent over the past five months.
He added, “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 has previously won other accolades, including the best SA bank in the Lafferty global ranking for three years in a row (2016-2018) and the Sunday Times Top 100 Companies Award in 2018.
Other banks in Forbes ranking
The Forbes survey ranked only five banks in South Africa. The recently established TymeBank came second, followed by First National Bank (FNB).
Nedbank and Bidvest completed the top 5 ranking. South Africa was the only African country included in the Forbes World Best Banks survey.