In the first half of 2022, Absa Group increased the number of digitally active customers compared to the same period last year.
The banking group published its results for the period ending June 30 this week, showing that its total number of digitally active customers rose to 2.8 million in the first half of this year.
By comparison, Absa had 2.6 million digital customers in the same period last year.
The bank defines a digitally active customer as a customer who has been using Absa online (Internet banking), USSD or the Absa banking app for 90 days.
“From a South African retail perspective, the business continues to digitize with a focus on delivering a consistent customer experience and continuous improvement of the digital journey across products and channels, particularly in the Absa banking application,” the bank said.
“Customer adoption of digital channels accelerated with the onset of the COVID-19 pandemic in 2020 and continued throughout 2022, with the number of active retail and business banking digital customers increasing by 10% to 2.2 million in South Africa. ”
The pandemic has disrupted the traditional way of banking, leading to accelerated adoption of digital transactions through apps, QR payments and tap-to-play digital payment options.
According to Absa, the number of new customers on its banking app has increased by 21%, with more than 1.4 million now able to be digitally authenticated using AbsaID, Absa’s facial biometric capability.
“In South Africa, digital penetration in our value segments is approaching 75% and continues to show positive momentum. In addition, more than 70% of customers who are just starting to work with the bank are registered on at least one of our digital channels.”
The Big Four bank adds that growth has been underpinned by the launch of initiatives such as Absa Advantage, a digital program designed specifically to support digital adoption.
“We believe that recent enhancements to the Absa banking app, including end-to-end personal loan fulfillment, enhanced navigation features for ‘Abby’ (Absa’s chatbot) and the Security Hub, which allows customers to check the security of their digital banking, will further support our digital aspirations.” .
