Absa fights back with pricing overhaul as battle for market share hots up
Retail and business bank division announces price cuts as nimbler newcomer digital banks make inroads and customers battle Covid-induced financial distress
In another sign of the shifting of sands in the increasingly competitive banking industry, retail giant Absa has drastically cut prices of transactional products, which could cost it half-a-billion rand a year.
“This is part of the journey we are on from the strategic reset we implemented in 2018 when we declared our intention to recoup market share. An annual price review is but one of a number of things we need to do as part of our broader strategic aims,” says Cowyk Fox, managing executive everyday banking at Absa Retail and Business Bank (RBB)...