Absa secures two more digital banking awards

Africa’s leading pan-African banking group has again been recognised for its digital banking offering, securing wins in two categories at the Global Finance Digital Innovator Awards.

Now in their ninth year, the awards recognise entities that regularly develop new paths and design new tools in finance. The 2021 awards added a dimension by seeking out financial services businesses that identified digital solutions in response to the Covid-19.

Absa was awarded Outstanding Financial Innovator in the banking category in Africa while the Absa Access product was the winner for the Outstanding Innovation in the cash management category. 

“2020 was a transformative year for the financial services sector, and organisations that failed to deliver digital solutions were quickly on the back foot,” says Thabo Makoko, MD of transactional banking, African regional operations at Absa. “These awards are a testament to our investment in technology and digital skills.”

“Finance innovations proved critical to speeding needed support to different stakeholders during Covid-19,” says Joseph Giarraputo, publisher and editorial director of Global Finance magazine. “Fintech developments continue to ease corporate and retail customers’ decision-making about their money as well as their ability to execute the necessary transactions.” 

Digital investment at Absa Corporate and Investment Bank (CIB) has focused on creating a platform that offers a complete transactional banking proposition for customers, and solving key components of the cash conversion cycle. The goal is to simplify payment solutions for clients and include domestic, cross-border and micropayments to mobile wallets, as well as facilitate trade transactions on the platform, including fulfilling their foreign exchange requirements. 

Covid-19 put business banking clients under significant operating pressure and there was a commitment to offer liquidity solutions, allowing customers to better manage their cash flow. With the electronic bill presentment and payment solution, customers can simplify the collections and reconciliation processes through an integrated technology solution. 

 “The principles that govern our platform build are; intuitive design, simple integration, superior customer experience, and building for the future,” says James Scott, head of Absa digital and platform services.

Absa was recognised in a number of recent awards over the past year including: 

• Euromoney Excellence in Leadership in Africa award 2020
• EMEA Finance winner of EMEA Finance’s Best Cash Management Services and Best Payment Services in Africa Awards 2020
• Global Finance winner of Global Finance World’s Best Digital Bank Awards for Best Trade Finance Services and Best Online Portal in Africa 2020. 

Absa has seamlessly integrated technology and finance solutions for its customers, which has allowed the group to develop agile responses to the Covid-19. A total of 84 trade and working capital transactions worth R46bn were approved since the start of the lockdown, with R33.7bn in trade financing approved to support businesses classified as essential services.

Makoko says, “Absa CIB has positioned itself as the leading pan-African banking group and is committed to investing in innovative technology to deliver world-class solutions.” 

This article was paid for by Absa CIB.