Absa Launches Innovative Banking Solution for Qualified Individuals

Absa’s Potentiate places qualified individuals at the forefront of banking convenience with an affordable, first-of-its-kind lifestyle and financial solution.

November 20, 2012

Absa’s Potentiate places qualified individuals at the forefront of banking convenience with an affordable, first-of-its-kind lifestyle and financial solution that boasts several innovative features and benefits tailored for this market.

South Africa’s largest retail banking group by customer numbers, Absa, today launched a first-of-its-kind financial solution for qualified individuals – ‘Potentiate’.

The solution, which targets up-and-coming, tech savvy, business and professional people, is a lifestyle proposition that combines streamlined transactional banking, one of the world’s most technologically advanced cards, exciting lifestyle and loyalty benefits including exclusive access to fashion shows, concerts, sports events, previews of the latest gadgets, electronic devices, discounted rates at various hotels and Absa Online accessed through a new Apple iPad with a data bundle.

The card itself, a MasterCard® Titanium™ card, has a button and digital LCD display that provides a one-time PIN for added security when shopping online at participating 3D Secure merchants. It is also Absa’s first bank card to include MasterCard’s PayPass™ Tap and Go™ technology that allows these customers to tap their cards to pay for low value purchases in selected retailers. The single card allows clients to transact on any of their underlying credit, cheque and savings accounts.

“No other Titanium™ card in the world has all these capabilities in one card. The sleek and stylish Titanium design has been developed to appeal to the emerging-affluent professional. It is strong, distinctive, and technologically savvy with an eye on the future,” says Arrie Rautenbach, Absa Head of Retail Markets.

Potentiate customers can also include an Apple iPad with a free data bundle in the deal for one competitive monthly instalment, or at 15% off for cash – and what’s more Absa will deliver the device free of charge to the customer’s door-step. This is the first of Absa’s device or tablet offerings, which will later be extended to all customers.

The bank says Potentiate is the latest in a series of new financial solutions Absa has developed following the recent Transact and Value Bundles launched earlier in 2012.

“It will level the playing field in the young-professional market giving clients all their basic banking in one monthly fee. This includes unlimited free electronic transactions, included access to Absa Online, unlimited free NotifyMe alerts, and unlimited debit card point-of-sale purchases and withdrawals – making it one of South Africa’s most comprehensive and attractive offerings for qualified individuals embarking on their road to success,” says Rautenbach.

“With Potentiate, Absa is positioning itself as a long-term partner with the young professional client. Our research indicates three factors these clients take seriously: individuality, a desire to live life’s adventure to the full and embracing technology. With potentiate, we provide an offering that gives these customers hassle-free, convenient and secure banking, digital connectivity, and access to professional financial advice from early on in their careers – and great lifestyle benefits all in one package,” he continues.

As their lives progress, Absa has positioned Potentiate to take the professional’s needs and money matters seriously. The offering places emphasis on financial fitness and coaching and therefore offers financial planning and advisory services via dedicated Absa advisors. The bank also offers these clients a dedicated Potentiate service with convenient email and telephonic support.

“As young professionals develop and their needs evolve, the offering and banking relationship is complemented with preferred rates on vehicle finance, home loans, investments, and other products.”

Adds Rautenbach: “We have spent a lot of time understanding the graduate segment and bringing financial products suited to their needs. Today academically-qualified individuals embarking on their road to success, need a bank account with a simplified pricing structure that has attractive offerings and delivers through technology.”

Furthermore Rautenbach said Potentiate offered unlimited functionality in certain areas at no extra charge.

“Any free unused transactions will be rolled over for use in the next month and unlike other competing offers in the market, where customers pay a premium for out-of-bundle transactions, Potentiate has no hidden charges. If a customer exceeds the allocated number of transactions on the Potentiate account, no penalties will apply and they will only be charged the normal pay-as-you-transact fee for that particular transaction.

“As an affordable banking option tailor-made for individuals aged 18 years and older; holding a qualification and earning a minimum gross monthly income of R 3000, we are confident that Potentiate – meaning to intensify or to increase potency, will help high achieving individuals to navigate their potential and seize opportunities. Potentiate from Absa is another landmark product helping us to realise our broader Absa vision of “making customers’ lives much easier,” concludes Rautenbach.