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Media release

Media release

Absa to Enhance Digitally Powered Financial Solutions in Africa

18 July 2024

Absa Group is extending pivotal partnerships in the digital space to offer clients continued seamless and innovative banking experiences. This strategic move ensures clients will benefit from enhanced features such as advanced machine learning algorithms and improved data analytics – technologies that are crucial to delivering faster, more accurate customer service and tailored financial solutions – thereby elevating the standard of digital banking across Africa.

“We are strengthening our digital offerings across all segments and using advanced analytics to enhance our clients’ digital experience. This means that pursuing constant innovation and adopting sustainable technology practices through collaborative partnerships remain key focus areas for us,” said Johnson Idesoh, Group Chief Information and Technology Officer at Absa Group.

As part of this commitment, Absa Group has extended its contract with LTIMindtree – a multinational information technology services and consulting company.

The partnership will encompass a comprehensive suite of services including application maintenance and support, ensuring the seamless and efficient operation of critical applications across Absa's network while eliminating risks typically associated with vendor transitions. It will also advance the use of cutting-edge technologies such as Artificial Intelligence, machine learning, and data analytics to improve service delivery and customer engagement. Additionally, by prioritising cost efficiency through optimised operational processes and strategic resource allocation, we can achieve substantial savings. This approach will enable us to deliver enhanced features to our customers more rapidly and at a competitive price point.

The five-year extension arrives amid the Group’s ongoing efforts to continuously upgrade core banking systems, enhance digital channels and platforms, and implement innovative fintech solutions to continuously improve customer experience, streamline processes, and enhance operational efficiency.

Since establishing the partnership, LTIMindtree has already helped Absa achieve a 40% improvement on performance in its programme management, analysis, and data migration in key services, while maintaining 100% platform availability in recent years.

This is just one of several initiatives announced by Absa Group aimed at improving services within the bank and driving economic development across Africa. The bank has made significant progress over the last few years in transforming its technology landscape, achieving market-leading operational stability, and delivering a new technology stack across core business functions like CIB, Absa Vehicle and Asset Finance, and Home Loans – among others.

“Our partnerships, from within Africa and beyond, are about bringing new technologies and practices that benefit not only our customers but drive investment into African economies. Our collaboration with LTIMindtree is about driving innovation and excellence, building resilient and future-proof technological infrastructures which are essential for navigating the modern financial landscape,” said Idesoh.

18 July 2024

Absa Group is extending pivotal partnerships in the digital space to offer clients continued seamless and innovative banking experiences. This strategic move ensures clients will benefit from enhanced features such as advanced machine learning algorithms and improved data analytics – technologies that are crucial to delivering faster, more accurate customer service and tailored financial solutions – thereby elevating the standard of digital banking across Africa.

“We are strengthening our digital offerings across all segments and using advanced analytics to enhance our clients’ digital experience. This means that pursuing constant innovation and adopting sustainable technology practices through collaborative partnerships remain key focus areas for us,” said Johnson Idesoh, Group Chief Information and Technology Officer at Absa Group.

As part of this commitment, Absa Group has extended its contract with LTIMindtree – a multinational information technology services and consulting company.

The partnership will encompass a comprehensive suite of services including application maintenance and support, ensuring the seamless and efficient operation of critical applications across Absa's network while eliminating risks typically associated with vendor transitions. It will also advance the use of cutting-edge technologies such as Artificial Intelligence, machine learning, and data analytics to improve service delivery and customer engagement. Additionally, by prioritising cost efficiency through optimised operational processes and strategic resource allocation, we can achieve substantial savings. This approach will enable us to deliver enhanced features to our customers more rapidly and at a competitive price point.

The five-year extension arrives amid the Group’s ongoing efforts to continuously upgrade core banking systems, enhance digital channels and platforms, and implement innovative fintech solutions to continuously improve customer experience, streamline processes, and enhance operational efficiency.

Since establishing the partnership, LTIMindtree has already helped Absa achieve a 40% improvement on performance in its programme management, analysis, and data migration in key services, while maintaining 100% platform availability in recent years.

This is just one of several initiatives announced by Absa Group aimed at improving services within the bank and driving economic development across Africa. The bank has made significant progress over the last few years in transforming its technology landscape, achieving market-leading operational stability, and delivering a new technology stack across core business functions like CIB, Absa Vehicle and Asset Finance, and Home Loans – among others.

“Our partnerships, from within Africa and beyond, are about bringing new technologies and practices that benefit not only our customers but drive investment into African economies. Our collaboration with LTIMindtree is about driving innovation and excellence, building resilient and future-proof technological infrastructures which are essential for navigating the modern financial landscape,” said Idesoh.