17 July 2018
Visit www.avoka.com

Absa alert warns customers of future spending shortfalls

10 February 2016  |  11480 views  |  0 Absa

South Africa's Absa Bank is piloting a new predictive spending alert that warns customers if they are about to go into the red and offers customised options to help them better manage their finances.

Piloted with 50,000 customers in South Africa, the smart personal alert service mines customer transaction histories and notifies users if it spots the recurrence of overspending trends. The system then prompts customers to transfer or deposit funds into their account or connect instantly to a dedicated Absa staff member to talk about their financial needs.

Yasaman Hadjibashi, chief data officer for Barclays Africa, says that typical industry alerts normally focus on notifying customers when they reach or are close to pre-set minimum limits. These alerts often arrive too late for a customer to action appropriately, and typically without the right personal options.

She says: “By predicting and better understanding our customers’ behaviour, we are able to proactively engage with them before their funds are depleted - and without the customer first having to set a minimum limit. We are then able to provide them with tailored opportunities to manage their account.”

Of the 50 000 customers who have been part of Absa’s pilot to date, 60% proactively took actions following the alerts to manage their payments better, says Hadjibashi, and 84% confirmed that they found the alerts useful and preferred the service to continue.

Anna Nascimento, head of commercial engagement, personal bank at Absa, states: “Data science brings us closer to understanding our customers’ everyday banking needs and helps us protect them against unnecessary additional charges, through the use of predictive low balance alerts. Analytics is helping us build a deeper understanding of customer behaviour and ensuring that our engagement with them becomes more personal and relevant.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Absa launches Payment Pebble mPOS device

Absa launches Payment Pebble mPOS device

08 April 2014  |  6207 views  |  1 comments | 4 tweets | 1 linkedin
MasterCard and Absa launch dual debit-credit card with built-in display

MasterCard and Absa launch dual debit-credit card with built-in display

28 November 2012  |  12337 views  |  1 comments | 5 tweets | 7 linkedin
Absa to trial NFC mobile payments

Absa to trial NFC mobile payments

06 December 2011  |  7165 views  |  1 comments

Related company news


Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://secure.vasco.comVisit info.nice.com

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
10401 views comments | 19 tweets | 30 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
9371 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
8735 views comments | 6 tweets | 14 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
7742 views comments | 1 tweets | 5 linkedin

Featured job

Basic c Euro 120K, Variable Euro 120K - full ben...
Paris prefered London possible

Find your next job