[SPONSORED] Redefining traditional banking without losing the personal touch. AbsaSouthAfrica Moneyweb
A little more than a year ago, on 3 May 2022, all restrictions that were in place in South Africa to combat the Covid-19 pandemic were lifted. For more than two years the country had a national state of disaster in place, announced on 15 March 2020 by President Cyril Ramaphosa.
While that growth has abated and step jumps are a thing of the past, these consumers have continued using digital channels with declining trends in manual traditional channels. The bank has seen high levels of growth, about 20% year on year, in digital banking adoption since 2016. Then, when Covid hit, the result was an increase of more than 200% in the use of e-commerce and more than a doubling in the use of non-contact and NFC payments.
“I almost hate that word,” he says. “Our tradition at Absa is to change the way banking is done, and we at Absa have had a track record of bringing first to market banking solutions to our customers.” “At times people want to be able to have that human connection and feel that there is personalised individual attention being given to them.”A trend that is on the rise is the demand from banking clients to be able to converse with either a well-trained bot or preferably a human agent, on whatever channel they find themselves.
“We are now seeing the average number of times a customer accesses a digital channel at around 29,” says Sharma. “And while they are there, they are trying a whole new suite of transactions.”Living in a digital world comes with significant security concerns and cybercrime is a constant worry for both financial institutions and their customer bases.
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