Today, we are seeing unprecedented levels of innovation across the banking industry as digital players enter the market. These new entrants, start-ups and fintechs offer customers convenient and intuitive applications, efficiency and a seamless service experience, forcing traditional players to keep up or run the risk of getting pushed aside.
While South Africa’s four big banks — Absa, FNB, Nedbank and Standard Bank — are responding to this increase in competition by embarking on large-scale digital transformation programmes, the pressure to change quickly enough in order to compete with new entrants is substantial.
In this Q&A, Christine Wu, managing executive for customer value management at Absa Retail and Business Bank, explains what Absa is doing to provide better customer experiences, make smarter decisions and how they are using technology to serve a real purpose for the business.
CIO Africa: What technology initiatives are currently making the most impact in the banking industry? …