Capitec Bank sold 1m funeral policies – from inside a branch - in 13 months

(Also, read: "Capitec Bank gains 1.2m clients in 6 months. 'We're hiring, not retrenching!'")

I made a bet with Ian Kirk [Sanlam CEO]; I said we’ll sell a million funeral policies in a year. It took 13 months. So, I was out!

Gerrie Fourie, CEO - Capitec Bank

Regulatory approval [of the takeover of Mercantile Bank] is imminent… We’ll rebrand it to Capitec Business Banking…

Gerrie Fourie, CEO - Capitec Bank

Capitec Bank has 12.6 million active clients, 1.2 million more than six months ago.

The bank made a profit of R2.9 billion (up 20%) in the half-year to 31 August 2019.

Capitec Bank will open 17 new branches over the next six months.

Capitec Bank

The Money Show’s Bruce Whitfield interviewed Gerrie Fourie, CEO at Capitec Bank.

Listen to the interview in the audio below (and scroll down for more quotes from it.)

The branch function has changed completely… now, you do your transactions on a digital platform. We use the branch to sell products such as funeral policies… for us, a branch is still critical…

Gerrie Fourie, CEO - Capitec Bank

We’ve got 6 million clients who only use branches… Of the 6.8 million who are digital, 4 million were in a branch in the past two months.

Gerrie Fourie, CEO - Capitec Bank

Our transaction volumes have grown by 32% in the past six months…

Gerrie Fourie, CEO - Capitec Bank

There are people who want to interact [in a branch] …

Gerrie Fourie, CEO - Capitec Bank

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Use this handy checklist to see if your investments are OK

Use this handy checklist to see if your investments are OK

How suitable are your investments? Personal finance expert Warren Ingram suggests asking these 5 questions.

Capitec Bank gains 1.2m clients in 6 months. 'We're hiring, not retrenching!'

Capitec Bank gains 1.2m clients in 6 months. 'We're hiring, not retrenching!'

"Our implementation of technology in the business has not posed a threat to jobs," the bank said.

I'm not the 'ex' CEO of Old Mutual! – Peter Moyo

I'm not the 'ex' CEO of Old Mutual! – Peter Moyo

"It’s not theatrics," Moyo tells Bruce Whitfield. "The court found against Old Mutual. I must be reinstated. So, I’m not ‘ex’!”

'Your financial advisor probably earns a commission. That’s a huge problem'

'Your financial advisor probably earns a commission. That’s a huge problem'

Your advisor’s "free" advice may cost you dearly. Pay by the hour, warns personal finance expert Warren Ingram.

How to buy a new car even if you don’t really have enough money for it

How to buy a new car even if you don’t really have enough money for it

South Africans are increasingly buying cars they can’t afford using balloon payments, says consumer journalist Wendy Knowler.

10 unexpected things that most truly rich people have in common

10 unexpected things that most truly rich people have in common

Personal finance expert Warren Ingram on the money values that those "worth" R40 million or more almost invariably have in common.

Popular articles
[UPDATE] No fatalities in N1 north bus fire

[UPDATE] No fatalities in N1 north bus fire

Passengers and JMPD give details of what led to the fire on the bus.

[VIDEO] Real estate company surprises employees with R740,000 bonus each

[VIDEO] Real estate company surprises employees with R740,000 bonus each

Khabazela shares tweets and Facebook posts that have gone viral.

[VIDEO] Dad accidentally dunking baby in 20-inch snow goes viral

[VIDEO] Dad accidentally dunking baby in 20-inch snow goes viral

Khabazela shares tweets and Facebook videos that have gone viral.

[WATCH] Baby saved from falling off counter while mom shops for a gun goes viral

[WATCH] Baby saved from falling off counter while mom shops for a gun goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

'Centurion was built in a floodplain, that's the problem,' says environmentalist

'Centurion was built in a floodplain, that's the problem,' says environmentalist

Water and Environment specialist Professor Anthony Turton says Centurion Lake has always been a controversial development.

'Glug Glug' still our most beloved commercial of the last 35 years

'Glug Glug' still our most beloved commercial of the last 35 years

Even people born after 1990 will probably know this ad.

[WATCH] Woman sharing her most embarrassing moment at parking lot goes viral

[WATCH] Woman sharing her most embarrassing moment at parking lot goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

Did you know? SA exports electricity to seven countries in Southern Africa

Did you know? SA exports electricity to seven countries in Southern Africa

Senior Researcher at Africa Check Kate Wilkinson shares their latest from their fact-finding missions.