This is according to Yasaman Hadjibashi, chief data officer for Barclays Africa Group, who says the alert service offers personalised options to make it easier for customers to manage their finances.
Using big data and open source technologies, Absa's predictive alert service notifies customers of potential shortfalls in their bank accounts and enables them to effectively manage their monthly payment obligations.
"The alert works by applying historical transactional behaviour to cheque accounts and assists customers who might not be able to make certain regular monthly payments, thereby helping them to avoid unexpected overdraft charges," she says.
"The solution prompts customers, based on their individual circumstances, to transfer or deposit funds into their account or connect instantly to a dedicated Absa colleague who will help them find the right solution," Hadjibashi adds.Of the 50 000 customers who have been part of Absa's pilot to date, 60% proactively took action following the alerts to manage their payments better, and 84% confirmed they found the alerts useful and preferred the service to continue.
Hadjibashi says typical industry alerts normally focus on notifying customers when they reach or are close to pre-set minimum limits.
"By predicting and better understanding our customers' behaviour, we are able to proactively engage with them before their funds are depleted – and without the customer first having to set a minimum limit. We are then able to provide them with tailored opportunities to manage their account," she says.
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