Amid reports that SA's bank charges are among the highest in the world, big four bank Absa says new technology platforms will help make banking cheaper.
According to Arrie Rautenbach, head of Absa retail markets, the use of technology is set to considerably influence costs to favour the consumer. “The use of technology will reduce administrative processes, which will have a market impact on costs and paperwork.”
This follows the unveiling of Absa's “test laboratory” branch, in Clearwater Mall, this week. The branch, says Absa, will act as a platform to develop and trial new IT banking products and processes, prior to rolling them out across its national branch network of over 740 outlets.
The technology test branch, in operation since 1 June, showcases a range of technologies - including life-size interactive touch-screens, a digital 24-hour self-service zone, table touch-screens and telepresence. Absa says it aims to use the model to create an interactive environment for customers, while promoting and testing new ways of banking.
“This 'test lab branch' concept will focus on prototyping technology, streamlined processes and strategically placed interactive digital media, while at the same time affording Absa the opportunity to test concepts within a live environment.”
Rautenbach says the bank's hi-tech concept is not only about “dazzling” customers, but rather making banking more accessible and affordable to the masses. The biggest local bank by customer numbers, Absa has over 12 million retail customers in SA alone.
Absa says it has used “state-of-the-art” hardware and software technology at the Clearwater Mall branch. The digital wall in the “customer interaction zone” contains 33- and 55-inch Samsung professional display monitors, with 24 display screens making up each “forest display”. A Coolux media system centrally manages all digital devices in the branch, and Samsung Microsoft touch surfaces are embedded in the desktops.
While Absa did not disclose any numbers with regards to the financial investment the overhaul entails, Rautenbach says the bank is “continually investing” in infrastructure.
Absa's chief executive of retail and business banking, Bobby Malabie, emphasised that the new technology was not a threat to the bank's human workforce. “Machines are not going to replace people.”
Rautenbach says the intention is not to replace the human interaction with Absa staff and customers, but to use technology to increase the amount of time that is spent with customers.
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