Absa Bank Kenya has refined its consumer banking business to better cater to the evolving needs of its customers, particularly the affluent segment.
This reorganization aligns with the bank’s broader strategy to transition from a product-centric approach to a customer-centric one.
The bank has divided its consumer banking business into three segments: The NextGen consumer, the Mass & Middle market consumer, and the Affluent Consumer. This segmentation allows Absa to tailor its offerings to the specific needs and preferences of each group.
“As the wealthy look for better returns, we are seeing new opportunities open across markets. We have seen a gap in how entry and mid-affluent consumers are served,” Absa Consumer Banking Director, Moses Muthui said.
“With our strong history and loyal customer base, we are focusing on building even stronger relationships through personalized service and leadership in this space.”
Enhanced Services for Affluent Customers
Absa’s affluent banking division has been restructured to provide a more comprehensive and personalized range of services. The division is now organized into three tiers: Prestige, Premier, and Premier Wealth, each offering tailored solutions to clients at different stages of their financial journey.
“Our affluent banking serves a broad spectrum of clients, driven by their unique insights to meet distinct financial goals and preferences. This laser focus reinforces our commitment to addressing the diverse needs of every segment we serve,” Seema Desouza, the Director of Affluent Banking at Absa Bank Kenya, says.
Key Benefits for Affluent Customers
- Prestige Clients: Access to financial guidance, a retrenchment cover, and a Platinum Card with exclusive benefits.
- Premier Clients: Access to a Signature Card with lifestyle benefits, including lounge access, meeting rooms, and exclusive events.
- Premier Wealth Clients: Access to wealth management solutions, including structured notes, estate planning, and generational wealth transfer solutions.
Exclusive Metallic Visa Infinite Card
In addition to the recently launched Infinite Card, in partnership with Visa, the first of its kind in Kenya with a metallic design. This premium card offers a range of benefits and privileges designed to enhance the cardholder experience.
Key Benefits of the Absa Visa Infinite Card
- Unlimited Lounge Access: Complimentary access to over 1,200 airport lounges and 900 hotels worldwide.
- 24/7 Concierge Services: Personalized assistance for travel arrangements, reservations, and more.
- Enhanced Travel Insurance: Tripled coverage of up to $2.5 million for peace of mind while travelling.
- Increased Buyer Protection: Coverage of up to $20,000 for added security on purchases.
- Generous Rewards: Earn 1.5% rewards on both local and international purchases.
Expanding the Affluent Market
Absa Bank Kenya’s partnership with Visa aligns with its goal of providing exceptional services to its affluent clientele. The bank’s comprehensive wealth solutions, retail banking products, and dedicated relationship managers ensure that customers receive personalized support and meet their financial needs effectively.
The 2024 Africa Wealth Report highlights the rapid growth of Africa’s affluent market, with Kenya being the fourth wealthiest country on the continent.
