Absa Bank Kenya has launched a new innovation that allows its customers to access their bank accounts and transact via WhatsApp.
The move is the first of its kind in the Kenyan market and customers will make digital transactions in the market such as account-to-Mpesa/Airtel Money transfers, inter-account transfers, bill payments, balance enquiry, among others, on WhatsApp.
“This is a really exciting moment for us at Absa not just because this solution is first-in-market, but more so because it will significantly transform the way our customers interact with us. Essentially, we are transforming banking from being a series of complex transactions into a simple conversation on WhatsApp. We have shaped a rich history as a bank of many firsts and today we are excited to continue on this streak of innovation,” said Absa Bank Kenya Managing Director Jeremy Awori.
The lender has committed to invest at least Ksh.1.6 billion this year towards digitalization, automation and innovation.
According to the Global Web Index’s 2020 Social Media User Trends Report, Kenya has the highest percentage of monthly WhatsApp users compared to the rest of the world, with about 97 percent of all internet users in the country active on WhatsApp.
The introduction of WhatsApp banking by Absa ushers the sector into the new age of banking which integrates transactional, conversational and personalized banking services in a seamless, fast and reliable way.
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This proposition transitions chat bots from being just a Frequently Asked Questions (FAQ) service to a holistic banking interface that is intuitive.
The digital platform will gauge and anticipate customers’ needs and requests based on its Artificial Intelligence, machine learning and analytics capabilities and consequently offer multiple solutions through core systems and delivery platforms within the bank.
“With this solution, each of our customers gets access to a 24/7 digital personal banker who can help them perform transactions upon receiving simple instructions on chat. So, the same way one would call their Relationship Manager or go to the branch to initiate a transaction, now you will just need to issue instructions by chatting on WhatsApp,” added Awori.
The bank has given this functionality a human personality as a dedicated, always-on banking assistant, named Abby.
The initiative sits on a sophisticated technology with many layers of authentication, making it as safe and secure as any other banking channel.
“We have installed a multi-layered approach from a security perspective. Firstly, all traffic between the phone, WhatsApp and the back end are fully encrypted. The second layer of security is around registration. When we register a customer, we look at the cell phone number, we analyse whether it has been SIM-swapped or not and make sure that the registered cell phone number is tied to the customer’s profile at Absa.”
