Investec shows off its One Place in one space
If you ask any South African to name the country’s most digitally enabled bank, Investec is unlikely to be the first name that comes to mind.
Most people would probably say FNB, which has consistently been ahead of peers when it comes to digital innovation. Or has at least created that perception, thanks to clever and aggressive marketing.
And yet, as Investec pointed out at a rather peculiar media briefing this week, it is a highly digital bank.
In fact, it was probably SA’s first truly branchless bank.
Instead of branches, Investec has an army of highly trained bankers who dutifully look after its well-heeled customers.
It also has a sophisticated digital platform, known as One Place, which was the subject of the briefing at the bank’s Sandton headquarters.
Although One Place was launched as far back as 2014, Investec decided it ought to remind journalists why it was built and just how compelling a proposition it is.
Effectively it enables Investec customers to manage all their bank accounts, investments, insurance and assets in, well, one place.
These include accounts or investments with entities other than Investec, effectively giving clients a complete view of their balance sheet.
One Place is undoubtedly nifty, particularly for Investec’s clients who have investments all over the world.
It gives them access to a banker and investment manager. Still, only about 30% of customers are actively using its full capabilities by, for example, adding other accounts to the platform. Perhaps that explains the need for the briefing.
It’s never a good sign when a public company refuses to speak to the media — and sometimes analysts too.
Naturally, companies are more eager to tell their stories when times are good, and it’s understandable that they want to disappear into the shadows when things take a turn for the worse.
A case in point is Taste Holdings, which has decided it will say no more than it absolutely has to in its annual results for the year ended-February.
The company, reeling from another loss, insufficient cash to properly roll out its American brands and senior management changes, owns the Starbucks and Domino’s Pizza brands in SA. If the group has a clear plan in place, surely it will want to spread the news to appease investor fears?
When approached for an interview, the company’s public relations team said: “Tyrone Moodley [the CEO] is not doing any interviews.” With no explanation. On that point, Taste should also consider updating the “why invest?” section of its website. The group still says: “Earnings are underpinned by strong cash flows generated by global and leading local brands that together address 85% of South African consumers in segments with long-term growth tailwinds. It has a 17-year record of solid growth, consistent capital allocations and exemplary good governance.”
Sure, it has been a rough ride for Taste in recent times, but by sticking its head in the sand and refusing to speak openly, it only makes things seem even more dire.