Absa rolls out new banking offering for affluent clients
Absa Bank Kenya is revamping its consumer banking focusing on NextGen, mass, and affluent market segments, shifting from product-based to customer-led services. Supported by technology, the Next Generation (NextGen) consumer offers players in the banking industry an array of opportunities to tailor the delivery of services and drive change in the business.
Studies show that NextGen consumers are characterized by high smartphone penetration and internet access, and interact with brands through social media, apps and emerging digital channels.
According to Absa Consumer Banking Director Moses Muthui, the lender recognizes that today’s banking industry is shaped by evolving consumer behaviour and evolving market trends
“As the wealthy look for better returns, we are seeing new opportunities open across markets. We have seen a gap in how entry and mid-affluent consumers are served,” explained Mr Muthui.
He added, “With our strong history and loyal customer base, we are focusing on building even stronger relationships through personalized service and leadership in this space.”
Read also: Banking in the eyes of the Next Generation Consumer
Supporting customers
In the new plan, Absa’s affluent banking is evolving into an enabler, supporting customers to achieve personal, professional, and business goals, the bank noted in a statement.
The expanded banking suite is based on a three-tiered structure designed to serve clients ranging from entry-level professionals and entrepreneurs with Prestige, to the mid-tier affluent with Premier, and the top-tier clients with Premier Wealth.
As part of this commitment, the Nairobi Securities Exchange-listed bank recently appointed a Director of Affluent Banking, reinforcing its strategy in providing services that meet the needs of customers throughout their financial journey.
Under the renewed approach, Prestige clients will benefit from financial guidance and opportunities tailored to their aspirations, helping them progress towards Premier segment. Likewise, Premier clients are supported in their unique journeys towards Premier Wealth segment.
According to the Pan-African lender, each tier benefits from a dedicated team of specialists, offering personalized advice on wealth creation, investment growth, protection, and preservation, aligned with individual goals.
“Our affluent banking serves a broad spectrum of clients, driven by their unique insights to meet distinct financial goals and preferences. This laser focus reinforces our commitment to addressing the diverse needs of every segment we serve,” said Seema Desouza, the Director of Affluent Banking at Absa Bank Kenya.
Retrenchment cover
Among other benefits, Prestige customers will now have access to a retrenchment cover as well as a Platinum Card providing benefits such as paid lounge access, up to 50-day interest free period, buy-now-pay-later, extended warranty and purchase protection.
For Premier customers, they will access benefits such as a Signature Card with lifestyle benefits that include lounge access, meeting rooms at Premier Centres and access to exclusive experiential events, thought leadership and networking opportunities.
In addition to the recently launched Infinite Card, Premier Wealth customers will access wealth management solutions such as structured notes as well as estate planning and generational wealth transfer solutions.
According to the 2024 Africa Wealth Report, Africa’s affluent market is expanding rapidly, with Kenya ranking as the continent’s fourth wealthiest country.
