The roll-out period for this product is expected to be in the region of five years. Absa Direct is the vanguard of all things digital at the Absa Group. From debit cards to smart cards, Internet banking to telephone banking, the division is exploring the myriad of possibilities of the digital age. The introduction of new technology is a migratory path, says Solomon. Its one of the few areas where bankers don't necessarily listen to their clients.
People are naturally suspicious of new developments of which they have no experience.
The now ubiquitous ATM took a long time to become accepted. Clients didn't immediately take to it, but we persisted and they gradually saw the benefits and changed their way of banking. The existing ATM network was transferred to the electronic division as a logical fit only later. The Internet platform is the smaller offering, catering for the high income market segment which is linked to the Internet. Telephone banking caters to a broader range of income bands.