Heavy investment in enhanced generative AI and tech will be used improve the digital experience on the continent.
Sustainable technology remains top of mind for financial services provider Absa. This is according to Johnson Idesoh, group chief information and technology officer at Absa Group.
“We are strengthening our digital offerings across all segments and using advanced analytics to enhance our clients’ digital experience. This means that pursuing constant innovation and adopting sustainable technology practices through collaborative partnerships remain key focus areas for us,” he noted on a recent LinkedIn post.
Johnson was commenting on Absa's recently concluded multi-million dollar contract extension with global technology consulting and digital solutions company LTIMindtree.
Through the partnership, the Absa Group, which has a footprint across 12 African countries, China, the United Kingdom, and the United States, will focus on enhanced generative AI and the broader application of advanced technologies both internally and externally.
“Absa is still investing heavily into technology, the spend is up by 8 – 10 percent a year. Why? The African continent is still a young continent, the average age on the continent is 19, and our customers are young and digitally native. Therefore, the investment in digital, data and technology is something we’ll continue to drive,” Johnson noted in an interview related to the announcement.
“We use the investment in technology to drive top line growth and ensure that we can incrementally control our cost of service – to bring in more customers and drive financial inclusion on the continent,” he added.
Johnson noted that Absa Group really seeks to bring in partners that understand the bank and its markets, and that helps introduce technologies that can help Absa outperform.
“Through this renewal, we will continue to deliver best-in-class core banking solutions, encompassing digital, branch, and payment technologies for Absa's customers,” LTIMindtree’s president and executive board member Sudhir Chaturvedi said.
