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Capitec Bank sold 1m funeral policies – from inside a branch - in 13 months

Branches remain critical and the launch Capitec Business Banking is imminent, says CEO Gerrie Fourie.

capitec bank b.jpg

(Also, read: "Capitec Bank gains 1.2m clients in 6 months. 'We're hiring, not retrenching!'")

I made a bet with Ian Kirk [Sanlam CEO]; I said we’ll sell a million funeral policies in a year. It took 13 months. So, I was out!

Gerrie Fourie, CEO - Capitec Bank

Regulatory approval [of the takeover of Mercantile Bank] is imminent… We’ll rebrand it to Capitec Business Banking…

Gerrie Fourie, CEO - Capitec Bank

Capitec Bank has 12.6 million active clients, 1.2 million more than six months ago.

The bank made a profit of R2.9 billion (up 20%) in the half-year to 31 August 2019.

Capitec Bank will open 17 new branches over the next six months.

Capitec Bank

The Money Show’s Bruce Whitfield interviewed Gerrie Fourie, CEO at Capitec Bank.

Listen to the interview in the audio below (and scroll down for more quotes from it.)

The branch function has changed completely… now, you do your transactions on a digital platform. We use the branch to sell products such as funeral policies… for us, a branch is still critical…

Gerrie Fourie, CEO - Capitec Bank

We’ve got 6 million clients who only use branches… Of the 6.8 million who are digital, 4 million were in a branch in the past two months.

Gerrie Fourie, CEO - Capitec Bank

Our transaction volumes have grown by 32% in the past six months…

Gerrie Fourie, CEO - Capitec Bank

There are people who want to interact [in a branch] …

Gerrie Fourie, CEO - Capitec Bank

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This article first appeared on 702 : Capitec Bank sold 1m funeral policies – from inside a branch - in 13 months