News >> In The Know

Ed Carrell, AbsaEd Carrell, Absa


Absa has announced its plans to become a fully digital financial services provider, focusing on technology-driven initiatives to meet its customers’ needs.

The bank says its focus on digital aims to “transform the way South Africans bank” and set it apart from what other traditional banks offer.

, ’s head of retail banking, says: “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 .”

Rautenbach says the bank is in the final stage of refining its operating model to enhance the focus on digital.

“Over the last few months, we have optimised our branch processes to move towards a paperless environment and save our customers and our colleagues time and make their lives easier,” he says.

Speaking at an event in Johannesburg today, Ed Carrell, ’s chief innovation and transformation officer, said the technological focus is less about following trends than it is an attempt to cater to modern customers.

“It’s not about showing what you can do, but it’s about what adds value to customers and businesses,” notes Carrell. He adds that any technological intervention should be done to “address a fundamental client need”.

According to retail bank’s head of digital and payments, , more than R500 million was invested in cash-accepting ATMs to facilitate speedy cash deposits.

The bank says it will keep investing in IT infrastructure and – following last year’s launch of its banking app – will place customer experience as a top priority.

The bank’s strategy forms what it terms “radical digitisation” and includes optimising branch processes to move towards paperless transactions, and an “instant account opening process” which allows branch consultants to use tablets in order to open new cheque accounts.

’s Internet banking will also take priority, says Vermooten. “We have around 1.3 million users on Internet banking and 300 000 users of our mobile app,” he says.