Capitec Bank taps nCino for business banking loan management upgrade
US cloud banking provider nCino has been tapped by South Africa’s Capitec Bank to build out its business banking loan management system.
Capitec is South Africa’s largest and fastest growing digital bank, with more than 10 million customers.
The partnership will see nCino develop the bank’s business loan platform as it looks to utilise digital and automated technology to help grow its business customer base, which currently stands at more than 70,000 clients.
Capitec’s business banking arm has grown out of its acquisition of Mercantile Bank in 2019, a business bank for small and medium-sized enterprises (SMEs).
nCino head of product, EMEA, Thomas Byrne says the firm’s scalable platform will enable the bank to “improve client and employee experiences by streamlining, digitising and automating complex processes for a faster, more efficient and transparent experience for business owners”.
In February, Capitec appointed Andrew Baker as its new chief technology officer (CTO). Baker spent a decade with Barclays Africa Group as chief information officer (CIO) and CTO, and then nearly four years at the banking group’s successor, Absa Group, as CTO.