South Africa’s ABSA Bank leads mobile banking innovation
A case-study on the Best Retail Bank in South Africa and the Best Mobile Phone Banking Initiative in the international category at The Asian Banker Excellence in Retail Financial Services Awards 2011. March 16, 2011 | ResearchAbsa Bank maintained its position as market leader in residential mortgages and deposits, building on an impressive coverage over a wide network of customer segments. The bank demonstrated solid financial performance amid tough economic conditions and was even able to grow its retail banking customer base by more than 10 million customers as at June 2010. It offers mobile, internet and service solutions including being the first bank to enable customers to send money to a recipient without a bank account through Cash Send. The bank also ensures customer awareness through awareness campaigns such as “Kweeka”, encouraging customers to use channels such as ATMs, cash deposit machines, internet and mobile banking and debit and credit cards and offering customers convenience, choice, accessibility and security via a wide range of payments and cash transfer solutions. The bank also has a reputation for its prudent management of sales quality and profitability in secured lending products. It was the first bank in South Africa to introduce the “loan to value” lending criteria—managing the cost of acquisition through origination channels and managing pricing on a risk-return basis. Absa Bank is first to market new easy-to-use mobile banking platforms and introducing innovative features to further improve the customer banking experience. With a vision towards aligning new technology solutions to growing customer demand for more sophisticated services, the bank took the bold initiative of innovating services which now go beyond traditional banking to provide customers with channel alternatives. For example, as part of its mobile banking services, the bank now offers new value-added features including transaction and balance notifications via SMS, fax, and email, real-time inter-bank payments, and payment of traffic fines. Also, the bank has generated earnings from insurance products in mobile banking in 2010 a... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Mobile Banking, Retail BankingMobile banking,retail, Mobile Banking,Retail Banking, Keywords:ABSA Bank, South Africa, Banks We Like ABSA Bank, South Africa, Banks We Like
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