South Africa’s youngest retail bank, Capitec Bank, has been recognised as the third strongest banking brand in the world for the second time by the annual Brand Finance which reports on the 500 strongest and most valuable banking brands. The bank retained its BSI score of 89.2 out of 100 and attained a AAA rating taking into consideration that two-thirds of banks globally are undergoing a decline in brand value due to the impact of the Covid-19 pandemic.
Through Capitec’s branding exercises in the past ten years which included the new corporate identity, TV advertising campaigns and the launch of the banking app, there has been an increase in brand awareness that has generated positive results in return for the bank and its stakeholders. The bank put its energy and efforts to move from being seen as a micro lender to that of a bank for the extensive population.
The bank as a brand prides itself on serving its clients with the most simplistic way of banking, saving the consumer both time and money. In the last year, the bank further increased its service offering and has since attracted an extensive range of consumers across various income groups. The multipronged method Capitec Bank uses marketing to teach, sell, and counsel its clients shows that it’s focused not only on pushing and selling products but being a game changer in the future of financial institutions in the country and assisting South Africans with making good financial decisions.
Capitec Bank now boasts more than 15 million banking consumers and 8.7 million digital banking consumers, an indication that the bank’s offering is relevant and useful for all South Africans regardless of location, status or occupation. To grow its reach and access beyond the borders of the country, Capitec Bank has recently launched its share investing on stock markets in South Africa and the United States of America through the EasyEquities widget on its app. The Bank has now positioned itself as a disruptor in the financial institution industry which may open opportunities and access into new markets.