The secret to running one of the largest financial services rewards programmes isn’t complex tiers or hidden fine print — it’s simplicity and transparency.
In the latest episode of Bank on it, Kelly Goldsworthy, head of Capitec’s rewards programme Live Better, reveals that the bank is actively disrupting the industry’s typical cost-driven complexity by making tangible, real-world value accessible to all 24-million of the bank’s clients, a strategic departure from competitors who intentionally limit top-tier rewards to a select few. This mindset shift — prioritising client benefit over immediate profit — is the core insight driving Capitec’s powerful brand sentiment.
This is the eighth episode of the Bank on it video and vodcast series, launched by Capitec in partnership with Business Day and presented by former investment banker turned financial education influencer Koshiek Karan.
Capitec launched Live Better in early 2021, allowing clients to qualify for 0.5% cash back on all their monthly debit card spend, paid into their Live Better savings account.
The bank ultimately moved away from this model after realising that it inadvertently excluded some clients — those without cars couldn’t use the fuel station benefits, for example.
This strategic shift required using data and client feedback to expand to 52 partners and implement what Goldsworthy calls a “Smartie box” personalisation approach. This ensures that rewards are not just a perk but a tool for financial relief, with cashbacks accumulating in savings accounts for a “rainy day” — a tangible benefit that builds loyalty across diverse market segments, from youth to affluent clients.
Live Better has grown from a simple cash back programme into an experience that uses small, easy moments of gamification to keep clients engaged. With straightforward tools like a virtual stamp card, clients receive a WhatsApp after they buy something from a partner, encouraging them to complete a few quick actions to earn a voucher. This rewards system avoids complicated “virtual currency” and instead uses limited-time, high-value offers that tap into FOMO to drive fast, high-volume engagement. This provides a repeatable, low-cost blueprint to keep the Live Better base active without relying on heavy and costly gaming mechanics.
While most programmes use complexity to deliberately narrow the pool of beneficiaries to save costs, Capitec’s strategy is built on transparency and a commitment to delivering real value that is sustainable for the entire client base.
The bank does not share personal client data with partners, only aggregated market trends, and they meticulously co-craft all terms and conditions to ensure there are no hidden agendas. This dedication to placing the client’s best interest first is a powerful brand-building tool that overcomes market scepticism.
This episode of Bank on it offers actionable insights into cost-effective loyalty, building brand trust, and how to use simple, clear gamification to drive repeat behaviour and re-engagement.
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 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.
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This article was sponsored by Capitec.
