Leader in retail banking space
Q&A with Absa’s Retail & Business Banking CEO Arrie Rautenbach
How will the group’s rebranding affect Absa’s approach to the retail and business market?
The introduction of New Absa in SA is just one of the things that will mark a new beginning for our business. The most important changes we are making concern the customer experience. We have now put a new operating model and management in place and it has been repurposed around providing the best products and solutions for the customer.
We are also pursuing new digital innovations that will both transform the customer experience and live up to the digital nature of our new brand. This new brand is an opportunity to stand out in the crowd at a time when competition in the banking sector is increasing.
Retail banking is in Absa’s DNA and one of the advantages of being a standalone is that we are now free to reconnect with that DNA in a way that not only meets the current needs of customers but accurately anticipates them so that we can provide intuitive products.
Which submarkets within Retail & Business Banking (RBB) hold particular promise?
We have made no secret of the fact that we want to regain our leadership position in SA retail. This is at a time when competition is tougher, with more players and technological platforms on offer.
Understanding segments and what growth opportunities they offer is important but everyone plays in much the same space. The differentiators are the customer experience, the relevance of specific products on offer and whether the complete offering caters for all the life needs of a customer.
This is why we have chosen agile structures that enable us to act with speed. We are also investing in data analytics, in design, new technology platforms and new skills to power our retail ambitions in SA and beyond.
We are also planning to build a leading payments hub that is simple, intuitive, affordable, and which works on a single platform across the continent. Payments is a highly profitable area.
We will also launch a transaction banking platform that will account for two-thirds of our wholesale revenue in three years. It will be fee-based and will have