ABSA REINVENTS ITSELF TO BE A MORE CUSTOMER-CENTRIC BANKING

Absa, a financial services provider, has rebranded itself to being more customer-centric, with the theme ‘Your Story Matters.’ According to Absa Group CEO Arrie Rautenbach, the brand’s promise to recognize customers as more than just account numbers.

Absa Group CEO, Arrie Rautenbach

“As a full-service bank, we cater to customers from all walks of life – from clients who only interact with us digitally, to those who prefer the reassurance of talking to one of our colleagues in-branch; we are a bank for all seasons”.

“Your Story Matters is more than a strapline; it is a declaration of our intent that our customers are much more than mere account numbers, they matter to us and so do the stories behind the individuals. Gaining this context will allow Absa to serve them in a more meaningful manner,” says Absa Group CEO Arrie Rautenbach.

On the other hand, Sydney Nhlanhla Mbhele, Absa’s group chief marketing and corporate affairs officer, highlights the one-sided nature of banking relationships and the need to understand customers’ life situations and needs better.

“A very consistent message comes across in research into perceptions of banks and banking. Customers feel that the relationship is one-sided and that banks don’t understand either their life situations or their individual needs. This often leaves them feeling helpless, as well as disconnected from opportunities to improve their individual or business prospects,” says Sydney Nhlanhla Mbhele.

Absa Group Chief Marketing and Corporate Affairs Officer, Sydney Nhlanhla Mbhele

The rebranding is based on customer feedback and research, aiming to infuse more humanity into Absa’s operations. Mbhele emphasizes enhancing product value, improving customer service, and delivering timely and relevant banking solutions. Initiatives such as pricing relief, free Absa Rewards, and renewable energy deals demonstrate Absa’s commitment to this approach.

In South Africa, Absa offers innovative services like downloading pre-populated unemployment claim forms from ATMs and ChatWallet for banking services via WhatsApp, promoting financial inclusion. Absa’s ChatBanking system and Absa Mobi Tap enable convenient banking solutions, while partnerships with organizations like the Mastercard Foundation facilitate lower interest rates for SMEs, particularly women and youth.

Moreover, Absa’s Women in Business offerings and mentorship programs support female entrepreneurs across Africa. Financial literacy projects and ‘Ready to Work’ programs contribute to customer and youth empowerment. The company’s Sustainable Bond listing on the Botswana Stock Exchange aims to create opportunities for social impact, focusing on women and youth.

Mbhele emphasizes that the repositioning is also about the company-wide transformation towards a human-centered approach. It involves improving the service experience with empathy and positioning Absa as a partner in customers’ personal and financial journeys. This rebranding marks a significant milestone in Absa’s growth since becoming an independent African bank about five years ago.

Arrie Rautenbach acknowledges the challenges in navigating complex markets and emphasizes the importance of innovation. He sees ‘Your Story Matters’ and a human-centered approach as guiding principles for Absa’s future. Overall, the repositioning aims to define Absa as more than just a financial institution but as a partner in customers’ life journeys.

How the banks took advantage of the 2017 budget speech

Yesterday was one of the most important days in the land. The Minister of Finance, Pravin Gordhan presented the budget for the 2017 fiscal year. The budget speech sets the tone for the year, as to how government will spend money and aim to address socio-economic challenges such as high-unemployment rate, education amongst others. Above all, how the changes will have an impact on an average consumer’s pocket.  Experts in the finance industry also made speculations prior to the speech as to what the minister will say about various economic factors. Some were on point and some completely missed it. There are already missed reactions on the actual budget speech as usual. Be it as it may, we can only remain positive as a nation and move forward.

In the midst of the budget speech, some brands particularly the banks saw an opportunity to increase brand awareness online. Here is how the four major banks in the country leveraged on the budget speech:

1. ABSA – The bank owned the #Budget2017 by promoting the hashtag on Twitter.  The hashtag trended number one on Twitter for the whole day. If you were to search #Budget2017 you will see an ABSA ad at the top.

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2. FNB – Instead of promoting a hashtag, FNB focused on pushing of FNB branded images around the budget speech from the beginning to the end of the Minister’s speech. The aim was to highlight the key points in the budget speech.

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2. Nedbank – They ran a Budget Speech competition in partnership with Old Mutual. The competition was aimed at economics students registered at recognised institution of higher learning in South Africa either studying full-time or part-time. The winners were announced yesterday.

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4. Standard Bank – The whole News 24 site was painted blue yesterday, all thanks to Standard Bank. On the popular news site, the bank put up digital banners highlighting the budget speech and also a call to action for the visitors to site learn about budgeting and the investment and savings packages that Standard Bank offers.

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It is important for brands to start targeting major events such as the Budget Speech to boost brand awareness particularly on social media as it is cost effective. The banks get a Pat for taking initiatives to leverage on the budget speech as it is aligned with their industry. Even though the banks got brand awareness, consumers also benefited from the initiatives as they get informed.

Remember to leave your comments below about your thoughts on how the banks acted on the budget speech. And if you like this article, please SHARE IT! Don’t forget to in-touch with @PatOnBrands on Twitter, Facebook, Instagram and SnapChat.