The shift in banking towards digital transactions is opening up new opportunities to expand banking services to meet multiple customer needs, including banking, payments, investment, and insurance. Lenders are expanding their portfolios, securing deals, and offering discounts on cross-platform purchases as they seek to lock in clients within their mobile ecosystems.

For example, the Absa One Account offers a range of savings, investment, and insurance solutions, and provides opportunities for rewards when additional products are taken up. To enhance cross-selling deals, the lender offers monthly cashback when you shop with your Absa Debit Card, interest-free credit cards, and deals for personal, home loans, and asset finance.

With the Absa One Account, you can enjoy the ease and convenience of handling all your banking from one account, with zero maintenance fees and no minimum balance requirement. Traditionally, banks have pursued diversification through physical expansion, ventures into Bancassurance, and targeting non-funded incomes from trading currencies, fees, and commissions.

However, as Kenya shifts onto digital platforms, new areas of diversification are opening up for lenders, especially in selling multiple products to a single customer, maximizing value while the client is within the bank’s ecosystem. For instance, a customer seeking an asset finance loan can be offered insurance, accessories, and encouraged to invest their extra income in a savings product or take up a credit card for emergencies.

No maintenance charges

Absa One Account is designed to attract clients to a pay-as-you-go account with no fees or maintenance charges. Once a customer comes on board, they can obtain a debit and cheque book, access unsecured loans of up to Kes4 million, and have a channel for secure local and international payments.

Lenders are promoting cross-selling by offering attractive deals to encourage customers to use more services when operating their digital accounts.

Operating the Absa One Account allows you to access unsecured personal loans with repayment periods of up to 7 years. Additionally, you can obtain an Absa Credit Card with up to 50 days of interest-free credit, the ability to transfer funds from the card to MPESA, and up to 3 percent cashback on your purchase transactions. The Absa account also provides vehicle asset finance solutions and home loans with specialist support for buying or constructing your home.

If you save with this product, you can earn interest rates of up to 9 percent per annum or choose to invest as little as Kes1000 in the Absa Unit Trust Funds.

The account also provides access to a wide range of Bancassurance options, including life insurance, education policies, motor vehicle insurance with premium financing solutions, as well as domestic, medical, and travel insurance. The future of banking will be significantly influenced by innovations in transaction technologies and how banks can maximize value for each customer through a unified platform.

Read also: Absa commits Sh2 million to Kenya’s green initiative

How to open an Absa One Account

Enjoy a new instant online self-service account opening platform, which allows you to open an Absa One Account in minutes and transact anywhere, anytime.

1. Go to the Absa website here
2. Select your account of choice, click apply online and follow the prompts

N.B: Have your Kenyan national ID and a photo or PDF of your signature on a white background ready, and make sure that your front camera is enabled.

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