Capitec Bank says its next phase of development will target smartphone users, but stands by its “bottom-up” approach to providing mobile banking functionality to its clients.<\/p>\n
In recent months, all major South African banks have made head-way in playing catch-up to FNB in the mobile banking sector, with the release – or planned release – of a mobile banking app.<\/p>\n
Silently missing from the equation, Capitec told BusinessTech in March that the “jury is still out” on whether the bank would venture into similar territory.<\/p>\n
It would seem the jury has come in with a verdict:<\/p>\n
“Our next phase of development will be to target the market with smartphones and their additional functionality,” Capitec told BusinessTech. “This could be done by either an app, or a very functional and user-friendly mobile site – or both. We will use the option that is the easiest for the normal man or woman on the street.”<\/p>\n
<\/strong>Capitec noted that it has seen a massive take-up of mobile banking which, it quipped, happened “without making any marketing noise about it”.<\/p>\n “We do not foresee this will change,” Capitec said.<\/p>\n The bottom-up approach<\/strong><\/p>\n The financial institution pointed out that its approach to mobile banking has always differed from the other major South African banks.<\/p>\n “Where the traditional banks went from the top down by providing an app to their clients with smartphones, we approached it from the other side, and first launched a USSD platform that will work on any cellphone in the market.”<\/p>\n Capitec reported that its USSD-based mobile services had been well-received due to the system\u2019s simplicity and any-phone accessibility.<\/p>\n “Capitec Bank sees mobile banking as an access mechanism – nothing more nothing less. So it\u2019s not packaged as an \u201cextra\u201d product\/service like some banks do and charge extra for,” Capitec said.<\/p>\n “Mobile banking and Internet banking are both included in our single R4,50 monthly fee.”<\/p>\n Related articles<\/strong><\/p>\n Capitec banking app: \u201cthe jury is still out\u201d<\/strong><\/a><\/p>\n Mobile banking changing shape in SA<\/strong><\/a><\/p>\n We will \u201cleapfrog the competition\u201d through apps highway: Nedbank<\/strong><\/a><\/p>\n