BUSINESS NEWS

Absa embrace smarter digital behaviour

“As South Africans acclimatised to the pandemic and the heightened health requirements, Absa saw a record number of customers adopting and embracing digital transactions. From the merchants that Absa banks or processes, we noted a year-on-year 200% increase in card-not-present transactions between January and August 2020, and also witnessed a 200% increase in contactless payments for 2020.

With customers becoming more accustomed to convenient self-service features on the banking app, driving and stimulating smarter digital banking behaviour is now a non-negotiable for us – that where the newly-launched Absa Advantage comes in,” says Christine Wu, Managing Executive: Customer Value Management, Absa Retail and Business Bank.

With Absa Advantage, Absa customers now have an innovative new way to consistently engage with their bank through the fostering of positive banking behaviour while getting rewarded for it. With no fees and no sign up required, the new Absa Advantage programme is available to all customers via the Absa banking app.

“Aimed at helping customers navigate the digital marketplace, and educating consumers about how to protect their financial interests online, Absa Advantage will reward users for banking sensibly.

Every three weeks a new challenge will be introduced via the banking app. After opting to participate and on successful completion of each challenge, for example, successfully updating contact details, using new banking features or shopping at Absa’s designated reward partners, customers will receive a gift voucher on Absa,” adds Wu.

Consumers’ banking and spending habits have had to rapidly evolve to navigate the landscape of a disrupted economy, which has necessitated the migration to digital consumption. Since April 2020, the amount of Absa retail customers transacting with their cards-not-present (online shopping) has risen by 50%, and customers have immersed themselves in the convenient self-service features on the banking app.

In 2020 alone, we have seen the stop & replace card feature usage increase by 68%, retrieve card pin rise by 25% and pause card increase by 29% all on the Absa banking app.

“Beyond the commercial benefit, it is our responsibility to protect consumers and educate them on how best to make sense of a world where digital usage is gaining momentum. We believe that this incentive-based digital adoption programme will be a game-changer in shifting perceptions around online security and getting customers to adopt positive digital behaviours.

Absa Advantage is another great way of showing that We Do More, so our Customers Can,” concludes Wu.

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