ABSA Bank thinks outside the box

The most widely recognized definition of a bank is an institution that acts as safeguard for money that should’ve been hidden under your bed, seeks for a million ways to deduct amounts so small that it’s hardly noticeable, yet leaving you well short on cash at the end of each month.
For more evidence on this, I recommend renting the documentary Zeitgeist and indulging yourself in the alleged fraudulent behaviour of the Reserve Bank of America. You’re welcome to form your own opinion around this.
When ABSA Bank changed their slogan to Today Tomorrow Together I was rather upset, because besides my credit-crunching girlfriend, it seemed I had another life-long partner sucking me dry for every loose penny I own. However, sometimes banks manage to produce some new, albeit still money grabbing, initiative that actually adds value to the consumer’s banking experience.
ABSA Bank calls it CashSend and it’s the first bank in Africa to facilitate funds transfer mechanics without actually having to be a bank account holder.
“CashSend will allow Absa customers to electronically transfer funds using an Absa ATM, self-service kiosk, mobile banking or internet banking, to a recipient who is then able to withdraw the funds without needing a card or bank account.” – MyBroadband.co.za
The cash sender will need to input a six digit code, the recipient’s mobile phone number and the amount they wish to transfer. The recipient can then easily withdraw the money by using the withdrawal number, access code and the specified amount. Simple, efficient and progressive. Mind you, that’s not bad for a new slogan, is it? Something like that would make me breathe easier.
With marketers, especially these new, improved and self-obsessed types of marketers building massive personal empires on the internet today, we find tons of examples of new age mobile marketing campaigns that is as outrageous as the money they charge for them. I’ll take this as the ideal opportunity to commend the team behind this initiative: a simple, effective value adding service that I’m sure will be well received throughout the country.
I spotted only one downside though which will hopefully be rectified soon. It seems the CashSend initiative is not built into ABSA Bank’s internet banking service. A quick scan through my own account and I couldn’t find it. This of course doesn’t imply that it’s not there, only that it might be slightly troublesome locating the service.
If ABSA continues on this path in using technology to streamline my banking, I would be more than happy to let them extort some (please note: SOME) money for value added service delivery.

http://bluespotmedia.ning.com/