Old Mutual Bank to have a soft launch in mid-2025

Daniel Puchert

Daniel Puchert

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South Africa's new bank and its fight against Capitec

Old Mutual's OM Bank will launch later this year and target Capitec's largely uncontested target market. Old Mutual has already begun competing with Capitec in the mobile virtual network operator (MVNO) market.

OM Bank is set to launch publicly in the fourth quarter of 2025, following a soft launch with select customers in the second and third quarters of the year.
 
Capitec shoudnt be hard to beat now, they have become much more expensive and in line with other top tier banks. They certainly have alot of in-house fraud now, keep hearing people getting scamed by capitec staff.

OLD Mutual must just check what Capitec's bank charges and offer people 50% discount and put ATM's everywhere, offer good support and better banking app serices.
 
Quicks said:
Capitec shoudnt be hard to beat now, they have become much more expensive and in line with other top tier banks. They certainly have alot of in-house fraud now, keep hearing people getting scamed by capitec staff.

OLD Mutual must just check what Capitec's bank charges and offer people 50% discount and put ATM's everywhere, offer good support and better banking app serices.
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Up from R5 10 years ago to R7.50 now. That's basically nothing.
 
Smiggles said:
Up from R5 10 years ago to R7.50 now. That's basically nothing.
Click to expand...

Sure buddy keep telling yourself that. Like that the only fee that goes up. How retartded do you have to be to believe that.

How about doing some research? This is only showing yearly updates for two years so over 10 years the increases would be much more.

The target market for OLD Mutual and Capitec customers is mainly doing ATM withdrawels so their banking fees has gone up drastically.

Screenshot 2025-04-16 210556.pngScreenshot 2025-04-16 210611.png
 
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Quicks said:
Capitec shoudnt be hard to beat now, they have become much more expensive and in line with other top tier banks. They certainly have alot of in-house fraud now, keep hearing people getting scamed by capitec staff.

OLD Mutual must just check what Capitec's bank charges and offer people 50% discount and put ATM's everywhere, offer good support and better banking app serices.
Click to expand...
Capitec's success was achieved by a combination of four things:
  1. Longer banking hours
  2. Lowest fees in the market
  3. Largest ATM footprint in major cities
  4. Great interest rates for smaller saving accounts
They basically stopped all but the longer banking hours. Ive seen many Capitec ATM's and even branches close. Other banks are also offering great interest rates and marketing it much more. And now we have all digital banks with zero fees.

On the other hand Old Mutual has no competitive edge to offer. This seems more like a stunt by the current CEO as an opportunity to manipulate financial reporting in order to increase his/her performance based remuneration as was seen with Richard Brasher from Pick n Pay - he opened the PnP Expresses and pushed more franchises of different kinds to increase the headline earnings but hurt the bottom line in the long run.
 
dontcryforme said:
Capitec's success was achieved by a combination of four things:
  1. Longer banking hours
  2. Lowest fees in the market
  3. Largest ATM footprint in major cities
  4. Great interest rates for smaller saving accounts
They basically stopped all but the longer banking hours. Ive seen many Capitec ATM's and even branches close. Other banks are also offering great interest rates and marketing it much more. And now we have all digital banks with zero fees.

On the other hand Old Mutual has no competitive edge to offer. This seems more like a stunt by the current CEO as an opportunity to manipulate financial reporting in order to increase his/her performance based remuneration as was seen with Richard Brasher from Pick n Pay - he opened the PnP Expresses and pushed more franchises of different kinds to increase the headline earnings but hurt the bottom line in the long run.
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They have over 10 million clients, most of them poor.
If they can get them using their bank accounts as well, it keeps them on their ecosystem.

Some of those 10 million will become middle class and higher.
 
Pegging said:
They have over 10 million clients, most of them poor.
If they can get them using their bank accounts as well, it keeps them on their ecosystem.

Some of those 10 million will become middle class and higher.
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You have a good point and it can be successful but they have 10 million clients stuck in contracts with this in the back of their minds:

www.iol.co.za

Old Mutual dragged after family drops off dead body at its office in claim dispute

Old Mutual has come under fire after a fed-up family was forced to resort to drastic measures.
www.iol.co.za www.iol.co.za
 
Quicks said:
Sure buddy keep telling yourself that. Like that the only fee that goes up. How retartded do you have to be to believe that.

How about doing some research? This is only showing yearly updates for two years so over 10 years the increases would be much more.

The target market for OLD Mutual and Capitec customers is mainly doing ATM withdrawels so their banking fees has gone up drastically.

View attachment 1813490View attachment 1813491
Click to expand...
Same price as Tyme bank:
1744870695040.png
Bank Zero:
1744870716433.png
Cheaper than African Bank:
1744870814690.png
Cheaper than Old Mutual (Bidvest Bank):
1744870892053.png
Yeah I don't see them being cheaper than Capitec bank nevermind having the same customer service etc. etc. Even their MVNO is more expensive than Capitec Connect.
 
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