ABSA, one of South Africa's largest financial services groups, has won a 2013 Model Bank award. The bank received this award for their innovation and leadership in introducing Value Bundles, a new individualized pricing offer that enables benefits and discounts based on the customer’s total relationship with the bank. ABSA’s Value Bundleswere introduced utilizing TBMS-F (Transaction Business Management System for Financial Services), theenterprise customer experience and revenue management software from SunTec Business Solutions.
With Value Bundles from ABSA, customers will have the freedom to select options that are matched to their own specific banking needs. Customers with Value Bundles will experience a deeper sense of engagement. Significant returns on the product launch and marketing campaign have already proven that this approach provides a clear differentiated way of attracting new customers and increasing net new assets from existing customers while deepening loyalty and enhancing adoption of additional products.
Celent, an international consultancy for financial institutions, issues its Model Bank Awards annually, recognizing the effective use of technology by financial institutions around the world. The Model Bank Award was presented to ABSA during Celent's 2013 Innovation & Insight Day in Boston on Feb 27, 2013.
“We are impressed by the degree of innovation that ABSA has leveraged to launch this holistic customer experience. The Value Bundles by ABSA enhances customer centricity through contextual product packaging and innovation. ABSA has taken a leadership role in the South African banking industry by designing an entirely new dimension of customer experience while ensuring extraordinary business results” said Stephen Greer, Analyst with Celent’s Banking Group.
“With Value Bundles from ABSA, retail banking elements such as current account, loans, and investment products are matched with relevant rewards and discounts. Our goal was to create personalized, contextual product packages relevant for each customer. Customers are clearly indicating that they appreciate what we have done by consolidating their assets with us further allowing us to serve them more comprehensively. The power of the solution is that we now have an agile platform that allows us to customise offers to customers on an ongoing basis” said Arrie Rautenbach, head of Retail Markets at, ABSA.
ABSA’s Value Bundle is powered by TBMS-F from SunTec. As part of the integrated customer-centric pricing strategies, SunTec’s products enable banks and financial institutions to package products, create personalized offerings and define and implement pricing rules in real-time. “We would like to congratulate ABSA for winning this prestigious award, as they launch their compelling and innovative value bundles. Along with ABSA, SunTec’s solution enables banks to deliver personalized and contextual pricing options, based on the life time value of customer. It also enables banks to simulate and assess profitabilityscenarios prior to rolling out new offers” said K. Nanda Kumar, President and CEO, SunTec Business Solutions.