“Absa is implementing artificial intelligence (AI) to help customers change banks in South Africa.
According to Absa’s CIO Jacques Barkhuizen, this is a “world first” and any customer from any bank in South Africa can go to the app and get this feature.
He says the process takes under seven minutes, and it will automatically change all of the customer’s beneficiaries from the external bank to Absa.
The process is fully automated, “with key elements on the back driven by AI”.
It is understood that this service is only available for retail customers.
Absa was previously Barclays Africa. Its chat banking service also recently introduced Whatsapp messaging.”