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Capitec Bank is the best in South Africa by far, say customers. Here’s why…

Also read the following related article:

* Capitec Bank is growing fast and earnings are booming

Just over a month ago, the South African Customer Satisfaction Index (SACSI) released their findings on the banking industry.

It found that Capitec Bank has the highest satisfaction amongst customers and Standard Bank fared the worst.

Using a sample size of over 16 000 customers; Capitec and FNB came out tops, with scores of 82.2 and 79.3 respectively – both significantly higher than the average SACSI score of 76.3 out of 100.

Many people have been singing the praises of Capitec, one reason being their very affordable banking charges.

We spoke to Capitec Bank CEO Gerrie Fourie

“There is a very big service culture in our company,” says Fourie. “Every single person working in the bank gets extensive service training before they start their employment. We talk ‘service’ every single moment!”

Author’s note

I moved from Absa to Capitec Bank almost two years ago. I did my research and, at the time, Capitec Bank offered the best interest rates and the lowest bank charges, by far.

Switching banks was, against my expectation, easy as pie and perfectly seamless. The only issue I had was with Sars, as I had to go into a branch to verify my identity.

My bank charges are, I kid you not, less than R30 a month!

My wife, who runs her own small business, also effortlessly switched accounts from Absa to Capitec Bank. Her bank charges have plummeted from more than R300 a month to less than R50.

The service I receive at my branch (Adderley Street, Cape Town) is friendly and efficient.

This is NOT and advertisement and I own no shares in Capitec Bank (although I’m starting to wonder why).

Listen to the audio for more detail.

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