Potentiate taps tech lifestyle

Absa has launched an account targeted at tech-savvy qualified individuals, offering a bank card that incorporates tap-and-go, and an LCD screen.

According to Simon Just, head of retail and consumer banking at Absa, the Potentiate current account aims to create a more streamlined banking experience for tech-savvy business professionals.

"We wanted to put together a proposition that catered to the financial and lifestyle needs of this market segment. Potentiate is targeted at customers who embrace technology, are from a tech-savvy era, and who demand and need to stay connected."

Absa says the Potentiate card is a first to market. The Titanium chip card features tap-and-go functionality for purchases under R200, as well as a digital LCD display, which generates a unique PIN for additional security when making online purchases.

According to Just, this PIN, which is generated by pushing a button on the back of the card, replaces the PIN that a customer would usually receive on their mobile phone when making an online purchase and is no less secure than the mobile PIN.

At a cost of R139, Potentiate account-holders will receive free unlimited electronic transactions.

Absa has already rolled-out this tap-and-go low-value, prepaid card functionality to commuters of the MyCiti bus system in Cape Town, and has secured the tender for a similar payment ecosystem on Johannesburg's Rea Vaya bus network.

Absa has also included an iPad offering as part of the account, which can either be paid for via instalments over 24 months or bought at a 15% discount. As part of the Potentiate solution, Absa offers free financial guidance to these individuals who are entering the business marketplace, Just explains.

Potentiate account-holders will also have access to a dedicated call centre that will respond to their queries via telephone or e-mail. Potentiate account-holders will be entitled to Absa's Value Bundle benefits, which includes cash back rewards based on the use of the individual's Absa portfolio.

"The idea with this offering was to make banking hassle-free, with low touch on our branch channels and high touch on our electronic channels. We wanted to give customers the ability to engage with Absa in new ways," notes Just. He adds that the bank views Potentiate as a key mechanism to grow its new-to-bank customers.

For the bank's head of digital and payments, Adrian Vermootten, Potentiate is an add-on to the technological advances Absa has been involved in during 2012. "Matching what is happening from the customer account value propositions, we are trying to do the same thing in the digital space to give the customer a real wow experience."

This includes the bank's concept branch at Clearwater Mall on the West Rand. Described by Vermotten as a "test-bed branch", Absa is able to test ideas at the branch, which, if successful, can be rolled out to other branches.

According to Vermootten, Absa replaced all of the software in its 8 500 ATMs during 2012. The bank also replaced over 2 000 ATMs, which Vermooten says is equivalent to one new or upgraded ATM every business hour this year. In addition, Absa unveiled Absa Online this year, which provides a single transactional window.

"Absa is focusing a lot more on the customer and the customer's experience of our channels and less so on just functional dynamics."

Vermootten adds that an Absa app has gone live to a select number of internal staff members and should be introduced to customers in the first quarter of 2013.