Capitec starts Sunday banking [Archive]

moklet

11-05-2011, 01:30 PM

http://www.fin24.com/Companies/Financial-Services/Capitec-starts-Sunday-banking-20110511

Like it when business break the traditional model of how things have always been done

gnomez

11-05-2011, 01:36 PM

Interresting.. Capitec is doing with banking what Cell C did with broadband.

willie-v

11-05-2011, 01:39 PM

ABSA has been doing this in Menlyn for a while (I am not an ABSA client). Do not think I will ever stick my neck out and move to Capitec.

Mike Hoxbig

11-05-2011, 01:42 PM

ABSA has been doing this in Menlyn for a while (I am not an ABSA client). Do not think I will ever stick my neck out and move to Capitec.

That is branch dependent - some of the other banks also have branches with extended trading hours.

This is branch independent, and will apply to all branches.

muzee

11-05-2011, 01:42 PM

Good on you, hope the other banks follow soon..

Odracir

11-05-2011, 01:44 PM

ABSA has been doing this in Menlyn for a while (I am not an ABSA client). Do not think I will ever stick my neck out and move to Capitec.

Not only in Menlyn but in Bellville (Tygervalley Mall for many years now).
I'm not an ABSA client either.

I made the move to Capitec and it's way better than the other major banks when it comes to banking fees.

taajir

11-05-2011, 01:50 PM

good thinking from them
against the norms

Deep78

11-05-2011, 01:56 PM

i wonder if the other banks will ever try something like this ... after all this would mean improved
customer service!!!

Mike Hoxbig

11-05-2011, 01:59 PM

i wonder if the other banks will ever try something like this ... after all this would mean improved
customer service!!!

They can start by opening until 5-6 pm every weekday. It's ridiculous that so many of them are only open until 3pm.

Zenbaas

11-05-2011, 02:02 PM

Not only in Menlyn but in Bellville (Tygervalley Mall for many years now).
I'm not an ABSA client either.

I made the move to Capitec and it's way better than the other major banks when it comes to banking fees.
Yup. I am very happy with them. For the skeptical people, please stay with your bank :D We don't want you at ours :p

Bumzilla

11-05-2011, 02:21 PM

wow...this is interesting. been with all the banks and seriously, they all lacking in service! I hardly hear from my bank managers for the last 2 years.

etwylite

11-05-2011, 02:30 PM

with all the other channels why do you need to go to a branch on a Sunday? Rather Sat 9-5 would surely suit those who are unable to get there during the week?

It might be service differentiation but I doubt it can be called improved Service. Just a convenience that will add to costs..and who pays?..yip thats right all you capitec customers

Cicero11

11-05-2011, 02:36 PM

Moved to capitec a few month back and really happy that i did. As far as bank cost they beat the big banks by a mile not to mention the interest rates they offer. Really happy with them being open on a Sunday as long as it does not result in exorbitant bank increases.

Shayd

11-05-2011, 02:45 PM

Just another reason I love Capitec...

Zenbaas

11-05-2011, 02:51 PM

bazzathetwit

11-05-2011, 03:05 PM

Is it really going to make that much of a difference having the bank open on a Sunday???

I never go into a branch in any case, so it doesn't make a difference to me...

emptybruwer

11-05-2011, 03:14 PM

When will this happen?

ColinR

11-05-2011, 03:21 PM

When will this happen?

The new hours started last Sunday at 84 of its 460 branches located in or around shopping centres. Capitec said it aligned its trading hours to those of retailers and restaurants to offer clients more flexibility.

He said that Sunday trading would be extended beyond the current 84 branches in due course. To date, 100 new jobs have been created.

Article (http://www.fin24.com/Companies/Financial-Services/Capitec-starts-Sunday-banking-20110511)

Bismuth

11-05-2011, 03:29 PM

Yup. I am very happy with them. For the skeptical people, please stay with your bank :D We don't want you at ours :p

+1 Yes, please, stay away! :D

http://i1032.photobucket.com/albums/a409/CertifiedTroll/god-haters-gonna-hate-eagle.jpg

Unfortunately true, Cell C has been receiving pretty much the same response for their innovations.

B

Ol' Mean Bastid

11-05-2011, 03:50 PM

Ran a workshop a couple of weeks ago and a few of the delegates were from ABSA, they said that ABSA is viewing Capitec as a serious threat.

cheese_za

11-05-2011, 03:54 PM

It is great for people who want to use it, but for me, online banking is all I need, that and ATM deposits. The last couple of times I went into a bank was to collect new cards. I am even able to upgrade/change my accounts online, apply for new accounts online and increase/decrease overdraft & credit card limits online, and I have actually done all those things and it worked!

Zenbaas

11-05-2011, 03:54 PM

Ran a workshop a couple of weeks ago and a few of the delegates were from ABSA, they said that ABSA is viewing Capitec as a serious threat.

I honestly do not think that absa could care less. That is pretty much their approach to everything.

Baboon with Lipstick

11-05-2011, 04:07 PM

Ran a workshop a couple of weeks ago and a few of the delegates were from ABSA, they said that ABSA is viewing Capitec as a serious threat.

I think most bank would be a thread to ABSA, except maybe Standard Bank.

Odracir

11-05-2011, 04:14 PM

SinghDude

11-05-2011, 04:19 PM

Capitec is really delivering to all stakeholders. Anybody looked at Capitec's share price recently....could have made a killing !!!!!

grapgat

11-05-2011, 05:56 PM

Interresting.. Capitec is doing with banking what Cell C did with broadband.

What, they are going to be awesome for 3 weeks, and then have a product that is ridiculously slow, and stops working for 1 minute every 10 minutes.
Offtopic, but Cell C's speedstick is the biggest load of crap, and i have 4 friends who have the same issues. Stay away...

Bismuth

11-05-2011, 07:37 PM

What, they are going to be awesome for 3 weeks, and then have a product that is ridiculously slow, and stops working for 1 minute every 10 minutes.
Offtopic, but Cell C's speedstick is the biggest load of crap, and i have 4 friends who have the same issues. Stay away...

Funny that, me and 4 friends couldn't be happier with Cell C's whooooosh, and the same goes for those that are with Capitec.

B

jasonbot

11-05-2011, 11:14 PM

So what's the catch with capitec then?

emptybruwer

11-05-2011, 11:56 PM

There isn't. Its not a business bank.it focusses on the individual. So there products are less they dont do credit cards and only savings acc.realy cheap i must say i am glad i changed to them.

BayCityRoller

12-05-2011, 12:54 AM

Capitec is really delivering to all stakeholders. Anybody looked at Capitec's share price recently....could have made a killing !!!!!

The share price is high & rose very quickly at one stage, but now is stuck between R168 & about R175 - been like this for a number of months, like most of the market.

Milano

12-05-2011, 01:34 AM

Unsure whether ABSA in still in the actual banking sector. When a bank rejects a blue-chip credit application, I begin to grow concerned. Even more so when I call FNB which approves the same request within fifteen minutes. I would be glad to move my accounts away from ABSA if it was a one-click process, too complicated. Understandably ABSA's core business does seem to be politics. Enjoyed reading news of retrenchments heading ABSA's way soon :)

gordons

12-05-2011, 08:04 AM

Bismuth

12-05-2011, 08:07 AM

I wonder will other industries follow like Government........make South Africa a 24-hour service country with a smile.

Imagine having to visit a Home Affairs on a Sunday afternoon to apply for a passport and receive it within 15 minutes....Imagine that!!

Heck, even under the "previous regime", it took 3 working days to get my first passport. Would be happy if they could do that now, even.

B

phiber

12-05-2011, 09:47 PM

Publicity stunt.

BrandonH

17-05-2011, 07:06 AM

Capitec is not much of a threat to the big banks, at least not yet. Capitec targets a segment of the population that the other banks don't really want due to risk and low returns.

But as the SA market is getting more and more competitive, banks will have to start competing for that segment.

ColinR

17-05-2011, 07:12 AM

Capitec targets a segment of the population that the other banks don't really want due to risk and low returns.

I disagree, Capitec targets anyone who doesn't want to be ripped off, and who is proactive enough to do something about it. The fact that "a segment of the population" banks there is simply due to the low cost.

BrandonH

17-05-2011, 07:44 AM

I disagree, Capitec targets anyone who doesn't want to be ripped off, and who is proactive enough to do something about it. The fact that "a segment of the population" banks there is simply due to the low cost.

Capitecs low cost attracts low income customers with a few higher income ones trying to lower their bank costs.

I work for one of the big 4 banks and the policy is that we won't touch those customers with 20 foot barge pole. Lending money to low income people is risky and due to their low income, generate very little for the bank in terms of fees.

supersunbird

17-05-2011, 08:06 AM

Capitecs low cost attracts low income customers with a few higher income ones trying to lower their bank costs.

I work for one of the big 4 banks and the policy is that we won't touch those customers with 20 foot barge pole. Lending money to low income people is risky and due to their low income, generate very little for the bank in terms of fees.

Well, we who bank with Capitec don't want to touch the Big 4 (except MAYBE FNB) with a 30 foot barge pole. I have a homeloan, 2 vehicle loans and a nice income so if thats low income, then I don't want to know what middle income is, and I have assisted quite a few of my friends to move to Capitec (or sometimes FNB) after being ripped off by the other banks (especially ABSA).

Arko2

17-05-2011, 09:49 AM

I moved to Capitec , I'm happy I did. Since April so only 6 weeks with Capitec. I'm a Pensioner and Std Bank charged me R700 last
month on Fees. I've been with STd Bank for 40 Years. That is daylight robbery. The only problem with Capitec is Foreign money.
I'm getting also a Pension from OS so I need one of the big four.Next month I'll be closing all accounts with them. During the six
weeks I earned money at Capitec zero fees, what is R 4.50 for a monthly fee? I also got a Virgin Credit Card no fees. So are many
others moving to Capitec. Internet Banking at no costs with Capitec. Only a once off R 125 for their Token. Very good.

McSack

17-05-2011, 10:26 AM

Capitecs low cost attracts low income customers with a few higher income ones trying to lower their bank costs.

I work for one of the big 4 banks and the policy is that we won't touch those customers with 20 foot barge pole. Lending money to low income people is risky and due to their low income, generate very little for the bank in terms of fees.

That's rich coming from companies that recently went out of their way to launch products specifically targeting these very same low income people.
It's this exact arrogant attitude that is the cause of general customer unhappiness with the big 4 banks. I work with all of the big 4 and without exception they have all identified the growth of Capitec as one of their major challenges

MightyQuin

17-05-2011, 01:13 PM

http://www.fin24.com/Companies/Financial-Services/Capitec-starts-Sunday-banking-20110511

Like it when business break the traditional model of how things have always been done

Gooddie gumdrops...now we can have k@k banking 7 days a week.

Zenbaas

17-05-2011, 02:02 PM

Gooddie gumdrops...now we can have k@k banking 7 days a week.

Man but we have moaners in the thread.

BrandonH

17-05-2011, 04:47 PM

Well, we who bank with Capitec don't want to touch the Big 4 (except MAYBE FNB) with a 30 foot barge pole. I have a homeloan, 2 vehicle loans and a nice income so if thats low income, then I don't want to know what middle income is, and I have assisted quite a few of my friends to move to Capitec (or sometimes FNB) after being ripped off by the other banks (especially ABSA).

Actually I said most of their customers are low income but of course they will have some higher income ones too. My point is the lower the income the higher the risk when granting a loan. If the bank doesn't price for that risk through higher interest rates then it risks losing out.

In other African countries its not uncommon for a bank to charge 40% interest a year on a loan. The rationale being that even if a large portion of those people default on their loans, the bank still remains profitable. The strange thing is those products do very well out there.