Absa dials up the digital as banking's year of disruption dawns
Absa says its recently improved app will make banking more 'seamless' and 'truly paperless'
Absa has introduced several digital products to keep up with changing consumer trends, but competition is set to become a lot fiercer as new entrants in the banking sector make their debut. From the company's ChatBanking product to its Apple Watch offering - and a recently improved banking app that offers home loans, forex and vehicle finance - a better digital banking offering is part of Absa's strategy to grow its market share in retail and business banking since its separation from Barclays. Last year, Absa extended ChatBanking to WhatsApp (from an initial Twitter and Facebook Messenger platform) to allow its customers to make payments to existing beneficiaries, check balances and buy prepaid airtime and electricity. But Jan Meintjies, a portfolio manager at Denker Capital, said "the adoption of ChatBanking has not made a meaningful impact. They've experimented with a lot of things including ChatBanking and the Apple Watch app but they have not seen mainstream adoption. Banks lik...
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