South African Barclays-owned bank Absa has announced its plans to go fully digital, updating and developing new technologies to change the way South Africans bank.
The company said it has been committed to investing in the expansion of its IT infrastructure, having “launched its app last year available to both individual and business customers, and being the first bank in the country to trial near field communication payments that let users put cash on their phone to spend in-store”.
Arrie Rautenbach, head of Retail Banking at Absa, said the bank is in the final stages of refining its operating model and radically digitising its customer experience.
“Over the last few months we have optimised our branch processes to move towards a paperless environment that will save our customers and our colleagues time and make their lives easier,” he said.
“Consumers increasingly demand an end-to-end experience and greater consistency when accessing their bank accounts remotely via their mobile, an ATM, their PC or even their iPad.”
He said new generation customers want to manage their banking portfolio themselves by making use of PCs and iPads.
The first step in the bank’s transformation is a pilot of an instant account opening process, allowing the company’s branch consultants to open new accounts on tablet devices in a few minutes.
However, the company said it would not be forgetting those who prefer traditional forms of banking.
“On the journey to radical digitisation it is important to remember our customers who prefer traditional banking channels and provide them with 24/7 convenience, too,” said Rautenbach.
“80 per cent of customers in a branch are non-Absa customers looking to make deposits into Absa account or pay bills. The new cash-accepting ATM devices make this task easier for Absa and non-Absa customers alike and allow branch staff to focus on providing financial solutions to customers in-branch.”
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