Absa Bank has renewed its commitment to the needs of modern-day customers, while reaffirming its focus on the affluent segment with an expanded offering.
The re-organised affluent offering is a key component of Absa Bank’s refreshed consumer banking business, which has transitioned from product-driven to a customer segments-led division driven by customer insights.
The inclusive approach ensures that every customer, regardless of financial status, finds value in Absa’s offerings. As part of this, consumer banking is now classified into three segments. These are the NextGen consumer, mass and middle market consumer, and the affluent consumer.
In response to evolving needs, Absa’s affluent banking has reorganized itself as a clear enabler, supporting customers to achieve personal, professional, and business goals. 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, Absa recently appointed a Director of Affluent Banking, reinforcing its dedication to providing services that meet the needs of customers throughout their financial journey.
Under the renewed approach, Prestige clients will be provided with 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. Each tier benefits from a dedicated team of specialists, offering personalized advice on wealth creation, investment growth, protection, and preservation, aligned with individual goals.
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, 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 also access wealth management solutions such as structured notes and generational wealth transfer solutions.
Speaking about the enhanced services, Absa Consumer Banking Director, Moses Muthui, said, “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. With our strong history and loyal customer base, we are focusing on building even stronger relationships through personalized service and leadership in this space.”
On her part, Seema Desouza, the Director of Affluent Banking at Absa Bank Kenya said, “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.”