Even though Capitec continues to shoot the lights out on paper, experts say the bank reported figures are in no way a reflection of how tough the market is for local bankers now.
“Deposits-only aren’t your most lucrative clients and transactional fees being under pressure with new entrants like Thyme Bank, Discovery Bank and Bank Zero entering the fray,” he says. African Bank is also planning to launch a transactional offering. The bank also says in its results that its credit card product “has been well-received by the market”. At the end of February, the gross credit card book was R3.6bn or 3% of the total SA retail credit card market. Capitec signs up on average 14 000 new credit card clients every month, however the majority of Capitec clients still only use debit cards.
“As the SA banking sector heads into an environment of intense competition and rapidly increasing customer expectations, banks will need to thoroughly interrogate the drivers behind their performance, or lack thereof, in terms of customer satisfaction and loyalty,” said Schreuder. This while some of the bigger banks are closing shops. Standard Bank recently announced it intended to close 91 of its 630 branches and reduce headcount by around 1,200 people. Other banks are likely to follow suite to prepare for the digital disruption which Discovery Bank and Bank Zero is sure to bring to the table.
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