Capitec proves the value of street-level banking savvy

Business

Capitec proves the value of street-level banking savvy

As the large banking groups close some of their branches, Capitec plans to do the opposite

Londiwe Buthelezi

As the big banks close some of their branches, Capitec (https://www.sharenet.co.za/v3/quickshare.php?scode=CPI) plans to do the opposite: it wants to open more branches and hire 600 new employees in the next six months alone.

The large banking groups have become union Sasbo’s enemy number one, and a strike was narrowly averted thanks to a Labour Court ruling that such a demonstration would be unprotected.

Standard Bank (https://www.sharenet.co.za/v3/quickshare.php?scode=SBK) says digital banking-induced retrenchments are unavoidable because many branch employees' jobs have become obsolete. But Capitec has somehow managed to grow both digital and branch activity, showing everyone that employing digital systems to improve efficiency does not have to be a zero-sum game...

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