Absa Internet tops 100K subscribers

Johannesburg, 06 Jun 2003

Absa says its Internet access service has reached the 100 000 subscriber mark, making it one of the top three Internet service providers in SA.

The service, first launched as a controversial free offering in January 2001, is reported to be gaining 100 new subscribers every day. Part of the service`s attraction is the cost of subscriptions - R39 a month for Absa customers and R65 for non-customers. The model was scaled down from a free service to a paid-for service after two years.

Dave Donkin, group executive of e-business and information management, says that while Internet access is not a core service of the bank, it helps to drive e-banking business. "The initiative has helped to launch the Absa brand into e-space and provides a springboard to enable better and more convenient customer service."

Since launching the service in January 2001, the group has more than doubled its Internet banking base, from 153 000 to 390 000, making it the largest Internet bank in the country with 38% of market share, it says. Value of transactions conducted over the Internet has also increased during this period, from R35 billion to R121 billion per month.

The Absa portal`s visibility has increased since providing Internet access, says the bank. According to a Webchek survey in 2002, absa.co.za is the highest ranked bank Web site in the country in terms of public awareness. The site is also recognised as a market leader in terms of functionality (BMI-T Online Banking Survey 2002).