Founded in 2001 as a challenger brand, Capitec’s client base is now 25-million strong. The bank’s remarkable expansion isn’t solely rooted in market disruption; it stems from a powerful diagnostic tool that translates millions of raw client interactions into precise, practical knowledge.
This meticulously integrated “listening ecosystem”, which allows Capitec to anticipate client needs, conduct daily product improvements and cultivate a robust wave of client support and advocacy, is the focus of the ninth episode of Bank on it.
Launched by Capitec in partnership with Business Day, this insightful video and vodcast series is hosted by former investment banker turned financial education influencer Koshiek Karan.
In this episode, Karan is joined by Blessing Mgaga and Navashnee Moodley, the bank’s executive heads of Client Experience Delivery and Client Experience respectively.
Mgaga leads the charge in launching transformative new products, while Moodley is the specialist responsible for meticulously designing, measuring and refining the client’s interaction journey.
Capitec’s approach to product development extends well beyond conventional financial services. The bank has successfully constructed an all-encompassing ecosystem of value for its clients.
This is demonstrated through initiatives such as Capitec Connect, a telecommunications service allowing clients to purchase airtime and data directly, and Live Better, a rewards platform automatically awarding clients with benefits as they transact, eliminating the need for active management.
With contemporary customers expecting comprehensive value propositions, Capitec concentrates on creating products that generate a meaningful impact in their clients’ lives. All product innovation is directly fuelled by client requirements.
A sophisticated client health model forms the operational core of Capitec’s client experience, delivering daily intelligence via 24 distinct data streams, sourced from complaint logs, social media sentiment and branch feedback, all feeding the central diagnostic system.
This sophisticated mechanism moves past vague feedback — such as general dissatisfaction with payments — to precisely identify the source of the issue. This allows product teams to rapidly refine offerings, focus intensely on exact pain points and continuously enhance service delivery.
The efficacy of this hyper-focused, diagnostic methodology is clearly visible through measurable increases in client sentiment.
The bank’s foundational principles of simplicity, affordability, accessibility and personal interaction have been critical to achieving its current level of accomplishment. Capitec’s guiding philosophy is, “if it moves, it must be measured.”
This pervasive spirit of accountability and high energy, where client experience scores are reviewed weekly by the leadership team, is the driving force behind the remarkable levels of client advocacy.
Artificial intelligence (AI) is adopted as a powerful tool for enhanced efficiency and optimisation, augmenting the human experience rather than replacing it. Capitec’s stance on AI dictates that it must always serve an immediate client requirement.
A prime illustration is the internal AI system used by branch staff, which allows service consultants to immediately access deep product insights. This capability ensures instant, well-informed responses, thereby enhancing the real, human experience for the client.
The bank has dynamic future plans for client experience, including the integration of behavioural science methodology. This represents the next frontier of client understanding — shifting from simply quantifying what clients do to grasping why they do it.
The ultimate ambition is to embed these advanced insights into technology, developing proprietary Capitec models to continuously deliver value across all operational areas, from insurance and personal banking to business banking, creating highly individualised experiences.
This episode of Bank on it offers a masterclass in strategic listening, unpacking the complex mechanism of turning massive volumes of data into simple, executable product improvements, providing a blueprint for maintaining relevance and growth in a highly competitive market.
Watch it now:
About ‘Bank on it’
As a leading financial institution, Capitec is committed to empowering individuals and businesses.
Through its Bank on it thought leadership series of videos and vodcast, Capitec provides authentic conversations and actionable insights to help entrepreneurs and business leaders navigate the complexities of today’s market. Through this it reaffirms its commitment to financial inclusion and innovation.
New episodes of Bank on it premiere on Business Day TV (DStv Channel 412). You can also find them on the Business Day website, Business Day TV YouTube channel, 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.
