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Absa looks to extend banking hours

14 Apr 2010

As part of a test for a new community banking approach, Absa has extended banking hours for the Olievenhoutbosch branch from seven to twelve, enabling increased access to financial services by the community.

Opening from 7am to 7pm, the community now has access to all bank services, including cash withdrawals and cash deposits. These are the longest full service branch opening hours yet in South Africa.

"Absa has identified Olievenhoutbosch to test a new banking approach that reflects banking trends and consumer behaviour patterns within that area and, importantly, the area has a high number of unbanked and entry level banking customers," said Daphne Motsepe, Absa's Chief Executive, Unsecured Lending.

Mobile workforce

Simultaneously a mobile Absa workforce is providing services at a local taxi rank, where customers can apply for accounts or take out insurance on the spot.

When demand exceeds Absa's normal capacity in the area, the bank also brings in a bank on wheels - a vehicle with a fully functional automatic teller machine (ATM), as well as deposit taking facilities and two banking application work stations.

"Absa acted on customer feedback which showed that extended banking hours would make it possible for people living in this community to conduct banking transactions that they would not otherwise be able to conduct.

"Customers who live in areas like Olievenhoutbosch leave home early for work and return late due to transport challenges, making banking impossible during the week," she added.

Other services

Over recent years, Absa has developed numerous services to assist entry level banking customers.

These include an award-winning CashSend service, which enables Absa customers to transfer money from their own credit cards, savings and cheque accounts via an ATM, Internet and cellphone banking to anyone around the country even if a recipient does not have a bank account.

Similarly, a concessionary loan finance agreement has already helped hundreds of customers whose household income would not qualify them for a normal bond to buy their own homes.

Absa has also introduced Micro Enterprise finance that gives formerly unemployed but economically active customers the opportunity to start up their own business such as spaza shops, hawkers, among others.

"It is our priority to acknowledge and meet the needs of diverse market segments, as part of a wider strategy to upgrade the channels with which Absa serve different sections of the market," stated Motsepe.

"Absa will continue to use its financial services to contribute positively to the lives of South Africans, in particular those who are in poor communities," concluded Motsepe.

Source: I-Net Bridge

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