Absa sees digital transaction volumes continue to grow
Africa
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03 Apr 2024
Absa Bank, a pan-African financial services provider, is experiencing progress in meeting its digital ambitions, with digital transaction volumes increasing.
The bank, yesterday, published its results for the financial year ending December 2023, and recorded a 17% increase in digital clients throughout the group.
In its home market, South Africa, Absa recorded a 22% hike in digital sales of overall retail sales, compared to a 15% growth in 2022.
The bank said: “We are accelerating our digital adoption and transaction volumes on our digital platforms as we seek to make banking seamless for our clients. Embedding digital-first ways of working and innovating will deliver better client value propositions more rapidly and at lower cost.”
Yesterday, the bank said it will continue to look for ways to expedite its digital transformation using modern technology, and it recognises the opportunities that digital will unlock to drive efficiency and improve customer experience.
The bank commented: “We extract value from data using data insights and artificial intelligence to drive growth, improve efficiencies, deepen client understanding, increase client-centricity and develop relevant client value propositions.”
It also noted that to achieve this, it would need to rely on the right digital talent. “We are hiring, training, and retaining outstanding talent, building skills for Absa and supporting skills development across the continent,” said a statement from the bank.
Absa has a significant continental reach, with banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda, and Zambia, as well as representative offices in Namibia and Nigeria.
In addition, Absa said, new business models and partnerships with startups and large industry players to better serve its customers and employees may also become possible.