A BusinessTech poll shows that 44% of South Africans would switch to Capitec if they were to change from their current bank account.
The poll was conducted over a two week period from 31 July to 11 August, and drew over 10,000 responses from BusinessTech readers, who represent male and female business and technology professionals in South Africa.
Capitec was by far the most popular choice for readers when asked “if you were to switch banks, which one which SA bank would you switch to?”.
The second most popular choice was FNB, with 23% of the vote.
Other SA banks – Standard Bank, Nedbank and Absa – could not muster higher than 6% of the vote, with Absa tracking the lowest with only 4%.
About 17% of respondents said that they would never switch from their current bank at all.
Most popular banks in South Africa
The poll data reflects the recent trends seen in South Africa’s retail banking sector, where Capitec has continued to show massive growth in the uptake of customers, most recently adding 400,000 customers since February 2017 to become the second biggest bank in the country by this metric.
Capitec attributes its growth to its simple, straight-forward banking model, where it offers one account, with simple, affordable transaction fees.
Its success has forced South Africa’s other banks to compete more effectively in the same market segment, and has led to Absa and FNB in particular to launch entry-level accounts that target Capitec’s market directly.
Where Capitec still lags is in ‘full service’ banking options, where the group does not yet offer home loans, vehicle financing and the like. The bank has this year made a bigger move to draw in more middle-market customers through its first credit offering.