Cape Town – South African banks should move to zero-rate banking via mobile applications, Fin24 users have urged.
Fin24 recently reported that Absa had concluded deals with mobile operators to help customers conduct banking even when they have no mobile data.
Fin24 users applauded the move, saying that mobile banking should free to subscribers.
“It should be free,” said Fin24 user Chris.
“I support it, brilliant thinking by Absa. I also love the fingerprint access control on iPhones to the application. It’s the small things we the consumers appreciate,” said Fin24 user Thato.
Despite a slow start in digital banking, Absa has been racing to catch up to rivals.
The bank launched a biometrics enabled ATM and an Apple Watch application as part of a renewed drive to edge out rivals in digital banking.
As more financial services go online, massive amounts of data will result in banks being able to have a holistic view of their customers, said Gemalto.
“By accessing the data captured by different smart devices, banks can provide customers with a holistic view of their personal finances, updated in real time, and anticipate their needs so to offer products and solutions enabling customers to make the right financial decisions,” said Christelle Toureille, vice president of Marketing for Middle East and Africa at Gemalto.
But South Africans are acutely of the cost of data to run online services.
“There are times when you want to do a transaction only to be hindered by the lack of data,” said Fin24 user Joseph.
“I think all the banks online services should be free for numerous reasons: 1. You are desperately in need for airtime (that you should buy using data bundles to access the service) but you can't buy it without bundles. 2. You might need to do an urgent transaction and you do not have bundles,” said Fin24 user Sibusiso.
“I was about to leave Absa for few poor service reasons but I can see they are on their way to fix it... keep it up Absa,” Sibusiso added.