The Barclays-owned bank planned to launch a raft of innovations over the next seven months, including a new generation of ATMs with wider customer applications that would be replicated across its mobile and online banking channels, said the banking group's managing executive for digital channels, Christo Vrey, yesterday, 11 June 2012.
The big four banks have embraced digital banking as an alternative to branch banking as they respond to government pressure to reduce transaction costs and expand operations to reach the underbanked and unbanked.
Absa and First National Bank (FNB) lead the big four in innovating with technology, although the latter claims market leadership in innovation, and has introduced a plethora of innovations including downloadable banking apps.
"This is the most significant investment and overhaul we have undertaken in recent years and will be rolled out over the next three years," said Vrey.
He said Absa's project was not about "dazzling" customers with innovations but more about launching services that were relevant to its more than 11-million retail customers in SA.
Vrey said the bank's digital strategy had evolved from the basic ATM functions of cash withdrawals and checking account balances to a multipronged delivery channel embracing mobile and internet banking. The strategy was to provide banking convenience, as well as attract new customers across all channels, he said.
Absa also wants to reduce foot traffic at its branches by encouraging customers to use digital channels - which are relatively cheaper and in some cases free.
Absa had more than 3,6-million mobile banking and 1,2-million online customers, was sending by email up to a million bank statements while more than 7-million customers had signed up to be notified of any activity on their bank accounts, Vrey said.
Absa would replace up to 4500 ATMs over the next three years with devices that had updated functions such as allowing customers to deposit cash and pay municipal and utility statements by scanning their bar codes against the specially designed ATM panel, he said.
Source: Business Day
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