Electronic Banking Services in ABSA Bank

Abstract

As electronic technology is continually changing, banks must adapt to meet the needs of their clients. The topic under discussion in the banking industry is electronic banking, which holds many advantages, both for the banks and their clients. The question is that of how banks are to approach the effects of technology and adapt their products to suit the clients' needs. Since most banks in South Africa offer similar products, the client is faced with a choice between banks on the basis of customer service. Clients look for speed and efficiency. This can be provided by efficient, well-trained personnel. The purpose of this study is to determine how electronic banking services can contribute to a bank being a full service provider, thereby enhancing customer service. ABSA Bank was selected as the subject of this study to determine the current status of electronic banking by obtaining feedback from branch managers on electronic banking services. The feedback from these respondents indicated, in their experience, the strengths, weaknesses, opportunities and threats presented by electronic banking services. The literature study includes a discussion of the electronic banking products ABSA Bank has to offer. The method used in obtaining the feedback from the respondents, was that of a survey. Questionnaires were sent out to all the main ABSA branch managers. Follow-up phone calls were made to ensure significant feedback. The research findings indicate that training is imperative in providing information on electronic banking services to personnel, since they have to be equipped to meet the demands of the clients. Furthermore, it was found that the bank's clients still prefer personal branch service at this stage.