Where are SA’s banking apps?

The anticipated release of Absa’s banking app was delayed to fix problems with its back end system.

The bank, last year stated that it would have its app ready for launch within the final quarter of 2011. So far the only bank to have entered the app market is FNB, with over 100 000 users. Nedbank and Standard Bank have not made the intentions clear on what they plan to do yet.

Adrian Vermooten, deputy managing executive for Absa Digital Channels, said the delayed release of its app was mainly because it needed to build “back end systems and middle wear systems” within its digital environment.

The large consumer bank will tap into the smartphone and tablet market by developing and releasing an application that is compatible on all operating systems. But this time, Vermooten did not commit to an expected launch date saying that is “just a matter of time before it gets into our customers’ hands.”

Whilst the development of a banking app, sits high on Absa’s list of priorities, it has already made several changes to the user interface of over 4 000 of its ATMs across the country and is trialling a contact less payment method using mobile devices – through near field communication.

At the same time, Moneyweb understands that the bank is working on upgrading its internet banking service but Vermooten refrained from releasing further details.

Absa hopes its “aggressive” approach to developing more technologically advanced platforms will bring in more customers. It currently has more than 3m mobile banking customers and approximately 1.2m clients using its online banking facility.

Source: Moneyweb