According to the brand, its repositioning marks a commitment to a more human-centred, empathetic approach to banking — backed by an intuitive and seamless customer experience. 

The bank says that it has set a clear trajectory to ensure that Absa's entire suite of services and offerings lives up to this crucial pivot towards a more human-centred, empathetic banking service ethos across the continent. 

Absa adds that the refreshed brand strapline is part of the business' ambitions to align its offerings and brand experience with its internal corporate purpose, which was launched in 2023: 'Empowering Africa's tomorrow together, one story at a time'. 

"As a full-service bank, we cater to customers from all walks of life — from clients who only interact with us digitally to those who prefer the reassurance of talking to one of our colleagues in-branch, we are a bank for all seasons," says Arrie Rautenbach, group CEO of Absa.

"'Your Story Matters' is more than a strapline; it is a declaration of our intent that our customers are much more than mere account numbers, they matter to us, and so do the stories behind the individuals. Gaining this context will allow Absa to serve them in a more meaningful manner," adds Rautenbach. 

The reimagining of the brand follows a detailed review of customer insights, feedback and research, says the bank.

Sydney Nhlanhla Mbhele, Absa's group chief marketing and corporate affairs officer, says, "A very consistent message comes across in research into perceptions of banks and banking."

"Customers feel that the relationship is one-sided and that banks don't understand either their life situations or their individual needs. This often leaves them feeling helpless as well as disconnected from opportunities to improve their individual or business prospects," says Mbhele.

Absa says that coexisting with an extensive physical network was central to this approach, as was infusing a bit more humanity into the Absa ecosystem that already sees the very best digital offerings that banking has to offer. 

Absa adds that being a global bank with a presence in 10 Pan-African countries and five representative offices in strategic markets including London, New York and Beijing, it understands that customer needs vary widely.

What consumers can now expect 

"Essentially, we're making a step-change throughout the organisation — one that will involve enhancing the value of our products, improving our levels of customer service and vastly improving our capacity to deliver banking solutions that will be timely and relevant to our customers throughout their lives," Mbhele says. 

According to the bank, this process is already underway.

"The R1-billion pricing relief we provided in South Africa over the last few years — free Absa Rewards, our market-leading renewable energy deals across Africa and the plethora of employer and digital awards that Absa has received — is just the beginning," says the bank. 

Absa says that in South Africa, for instance, it is the first and still the only bank to allow customers the ability to download a pre-populated Unemployment Insurance Fund (UIF) claim form and process this from one of more than 5 000 ATMs nationwide.

"This is making a tangible difference to some of the most vulnerable in society, seeking unemployment benefits. We are also tackling financial inclusion head-on with the introduction of ChatWallet, a new wallet that enables banking services for all WhatsApp users," adds Absa. 

Born from the success of Absa's ChatBanking, launched in South Africa on Facebook and WhatsApp in 2018, users can securely manage money without the need for an existing bank account, bridging the gap to financial inclusion, according to the bank. 

Across the African continent, Absa Mobi Tap was recently launched in key markets, enabling small businesses to accept card-based payments on their NFC-enabled Android smartphones — creating a new, convenient and seamless solution for our customers to grow their sales opportunities, Absa says. 

The bank adds that leveraging an innovative partnership with the Mastercard Foundation in Ghana, the bank rolled out a game-changing SME offering at an unprecedented interest rate of ten percent, 60% lower than the market average, completely transforming how women and youth access financing. 

In four African markets, Absa launched Women in Business offerings to directly address the needs of female entrepreneurs, supported by mentorship programmes that have contributed to the performance and sustainability of women-led businesses. 

According to the brand, Absa's financial literacy projects and Ready to Work programmes continue to ensure that customers and youth are supported with knowledge in order to be informed, savvy economic actors.

Absa also listed the first ever Sustainable Bond on the Botswana Stock Exchange in January 2024, which will ultimately help create opportunities for companies to drive meaningful social impact through financial inclusion and job creation targeting women and youth.

"This repositioning is not just a marketing exercise — it is a company-wide business transformation and reaffirmation of a more human-centred approach to banking coupled with a seamless experience across our touchpoints," says Mbhele. 

"The entire company has bought into this renewed vision, and we have worked tirelessly to take our colleagues — particularly our frontline — on this journey. While this is the beginning of the journey, customers can expect improved levels of service experience, underpinned by empathy," Mbhele adds. 

"The overwhelming challenge for financial institutions is to effectively navigate the immense complexity and market contradictions that are pervasive wherever we operate. Some of these paradoxes include the fact that our collective informal economies are as diverse as our formal economies, while there are numerous geographic hurdles," says Rautenbach.

"These challenges have ultimately forced Absa to innovate rapidly. This was the genesis of 'Your Story Matters' and a more human-centred approach — and these will be our guiding principles going forward as the new brand positioning takes root," adds Rautenbach. 

This repositioning of the Absa brand comes five years after it became a standalone African bank and marks a significant point in its growth and development, according to the bank. 

"Ultimately, 'Your Story Matters' positions us as a bank that values individual customers and wants to be part of their personal and financial narratives," says Mbhele.

"It suggests a customer-centric approach in which the bank listens to and cares about the unique journey of each person they serve. It defines Absa as a bank of the future — one that is more than just a financial services institution but also a partner on each customer's life journey," Mbhele concludes.

For more information, visit www.absa.co.za. You can also follow Absa on Facebook, LinkedIn or on X.

*Image courtesy of contributor