How do you create a digital product that serves nearly 25-million people while remaining simple, personalised and efficient? This is the challenge faced by the teams at Capitec, as discussed in the latest episode of Bank on it during an insightful interview with Andy Baker, executive head of Technology, and Ravi Govender, head of Product Technology Services — watch the video below.
Bank on it is a bold new video and vodcast series launched by Capitec in partnership with Business Day and hosted by Koshiek Karan, a former investment banker turned financial education influencer and fintech entrepreneur. Karan is known for demystifying finance in an entertaining, relatable way through his platform Banker X.
Capitec has grown to be a dominant force in South African banking by focusing on simplicity and client value. With a user base of 13-million, its app is a powerhouse, processing transactions and providing a range of services. Beyond standard payments, the app’s most popular features are its “value-added services”, such as buying airtime and vouchers.
Capitec’s approach to product development depends on the service. For common functions like payments, the focus is on utility and simplicity. The bank’s goal is to onboard a new user and enable them to make a payment in as little as 10 minutes. For more complex features, however, the focus shifts to personalisation and fraud prevention, using data to understand and predict a user’s behaviour.
“We need to know what you would do and to know the things that you wouldn’t do,” says Baker, highlighting the role of data in creating a seamless and secure user experience.
Capitec is setting its sights on an often-overlooked market: informal businesses. While most banks have separate offerings for individuals and registered businesses, there is a gap for people running businesses that aren’t formal companies. Capitec aims to provide these entrepreneurs with essential tools like point-of-sale systems, credit and reporting, all within the same ecosystem.
Other developments in the pipeline include cross-border remittances that enable more affordable international payments, especially within Africa, by exploring alternative payment rails beyond the traditional SWIFT system, reducing the client onboarding process to just 30 seconds, and continuous work on security to protect clients from fraud.
One of the app’s most innovative recent additions is its in-app calling feature, which allows clients to call support agents for free, without needing airtime. The feature was an instant success when it was introduced earlier this year, with 40% of all customer calls shifting to the app overnight, improving both client and agent experiences. The app digitally authenticates callers, allowing agents to greet the client by name and reducing service time by a third.
What the discussion very clearly revealed is that the Capitec app is much more than just a tool for transactions. Rather, it’s a dynamic platform that is constantly evolving based on client needs and Capitec’s commitment to simplicity, value and authentic innovation.
Watch the latest episode of Bank on it now:
About ‘Bank on it’
As a leading financial institution, Capitec is committed to empowering individuals and businesses. Through its Bank on it leadership series of videos and vodcast, the bank provides authentic conversations and actionable insights that help entrepreneurs and business leaders navigate the complexities of today’s market, reaffirming its commitment to financial inclusion and innovation.
New episodes of Bank on it premiere every alternate week on Business Day TV (DStv Channel 412). You can also find them on the Business Day website and Business Day TV YouTube channel and Capitec’s YouTube channel and the bank’s website.
Follow the conversation and share your thoughts on social media using the hashtag #BankOnIt, and by following Capitec on Facebook, Instagram, X and LinkedIn.
This article was sponsored by Capitec.
