Absa, the financial services company, says its application has racked up R1 billion in transactions and 100,000 downloads since launching only 50 days ago.
The bank’s app was the last to market out of SA’s big four banks, though, according to Absa, it is the first native financial services app for smartphones and tablets in South Africa that is available for both retail and business customers alike.
“This is a proud achievement as the download number shows how much demand our App has generated. The value of the transactions on our App is an indication that our customers have embraced it as a solution to perform their banking on-the-go,” said Arrie Rautenbach, Absa head of retail banking.
The bank, which boasts 12.2 million clients, also announced that simultaneous updates of its app on Apple App Stores provided a number of modifications that give a richer experience to iPhone 5 users, while the App for Blackberry Z10 users had been released.
“We’re making banking simpler and more convenient. As promised, today we gave BlackBerry Z10 users access to our App, while the wait is almost over for all other Blackberry users,” said Rautenbach.
He added: “We plan to regularly expand the functionality of our App and deliver cutting-edge technology which enables our customers to have greater control and access to their finances.”
“The payments landscape continues to transform the banking industry, I am convinced we are only at the beginning and the future will be extraordinary,” Rautenbach said.
FNB was the first bank to launch a mobile banking app in July 2011.
Standard Bank was second to launch its app in June 2012, netting 160,000 downloads in its first 4 months; while Nedbank followed with the launch of its App Suite a month later in July 2012, hitting 115,000 downloads in its first six months.