Spring 2019 Issue
removes all the dependencies of a traditional mPOS system and provides merchants with card payment-acceptance, combined with the functionality of a traditional point-of-sale and the mobility of an mPOS device. SmartPay removes all the device limitations that can prevent businesses from accepting payments, and offers an all-in-one, on-the-move product. No more paper receipts, no more smartphones with applications, restricted network coverage or Bluetooth pairing – the new payment device comes standard with dual SIM cards to ensure optimal network coverage. INNOVATION IN DIGITAL MOBILE APPS Being aware of the evolving needs of its customer base is something of a mantra for the Absa Group. As a society develops, so does its banking and transactional behaviour. Absa recently announced its Banking App with artificial intelligence-driven benefits – another African “first”. Customers can switch their beneficiaries by simply taking a photo of the beneficiary details – the app automatically imports those details in real-time. “In our quest to drive greater customer convenience, we are harnessing the power of AI to make things a little easier for customers,” says Aupa Monyatsi, managing executive, virtual channels at Retail and Business Banking. “Essentially, by activating an icon on our app, users can also ask a bot to action a request.”
Absa’s app has benefited from a range of new features in recent months. Customers can now view their Unit Trust balances and invested funds using the Banking App, and access a range of bespoke product offerings, such as credit-limit increases, personal loans and overdrafts (scoring dependent). “We have partnered with fintechs and startups through our innovation hub, based in Cape Town,” says Monyatsi, “providing support, resources and the ability to develop best-inclass technology solutions in digital innovation to our customers. We have a Sandbox Hub of APIs (software interfaces), SDKs (tools to develop software applications) and code that fully comply with bank security and regulations suitable for corporate developers, fintech and start-ups to select and use in applications. “Leveraging AI will be central to Absa’s approach of creating best-in-class offerings which are underpinned by ground-breaking technology, and augmented by a ‘customer-obsessed’ approach. New conveniences will enable customers to pay their rent using CashSend. Buying prepaid electricity and airtime in virtual realms is a game-changer for Absa.” Over the past three years, Absa has partnered with local education authorities to launch a Girls In Technology programme – where it mentors, teaches coding and exposes young learners to its tech experts to encourage them to pursue CFI.co | Capital Finance International
technology related careers. “Since we launched the program in 2015, almost 200 young learners have been though the programme,” Monyatsi reports. “In addition, we have run a We Think code initiative that gives students exposure to software engineering through two years of workplace experience. Candidates are put through rigorous technical assessments to gain entry into the programme. With a forwardlooking take on learning, this programme uses a peer-to-peer approach and has eliminated the need for formal classes, teachers or formal tuition.” Absa’s Digital Academy aims to identify and attract technical talent and create opportunities for success. It offers a practical learning experience at the Digital Academy, followed by workplace experience (for top performers. The best overall performers are offered permanent employment opportunities. The Academy Programme promotes a real-world and industry standard environment and platform which enables young software developers to grow technically as well as tactically. The interns solve real problems with innovative solutions, from ideation to deployment. Since the launch, 166 Interns have been placed within Absa for workplace experience; 67 have been employed on a permanent basis, and 63 have been employed on a fixed-term contract. i 123