In a concerted move to provide more value and further expand its customer base, African Bank is progressing with its plans to launch a transactional banking product later this year.
George Roussos, African Bank’ Group Executive for Transactional Banking and Digital, says the concept of family or community banking is what will differentiate this product and African Bank. “Our transactional banking offering, My World, was based on feedback from a group of South Africans across varying demographics and age groups. What stood out was a demand to create a product that met the needs of a family or a community, that was easy to manage as well as being affordable.”
He says My World, which is currently piloting with African Bank employees, offers all the banking features customers seek with the inclusion of their selected communities.
My World is delivered through a powerful digital platform which is key for African Bank to meet a changing banking landscape. “Technology and mobility is changing how we communicate, travel, work, learn and play. It presents an opportunity for people to minimise the time spent on mundane things and to re-organise their lives around what truly matters. It also provides new entrants with the opportunity to deliver new innovative products at a more affordable price than what the traditional banks offer today.”
Digitising the bank will allow African Bank to create new experiences, services and products for customers and to give them more value than they expect. “The ability to do all banking online, telephonically or on their chosen device will save them time and give them convenience, so that they can get on with the things they enjoy,” he says.
Roussos says that the way this product is priced and structured, it will definitely appeal to South Africans.
To be able to provide customers with a seamless digital customer experience, Roussos says the bank is investing heavily in IT systems and talent. Customers will be able to manage their My World account through the African Bank website and the app24/7. The fees on My World will also be extremely competitive. “As with our market-leading savings and investment rates, African Bank will continue a trend where additional value is offered to our customers,” concludes Roussos.