Interactions between businesses and their commercial clients have undergone a significant transformation since the turn of the decade. Clients have come to realise that while convenience can be replicated, a profound understanding of their unique business’ needs is irreplaceable.
This recognition is reshaping expectations and redefining the benchmarks for service excellence. According to studies by Gartner, 86% of B2B customers expect service providers to be well-informed about their personal information during an interaction.
Companies now seek partners who do more than offer cookie-cutter solutions; they demand allies who delve deeply into the specifics of their industries and businesses, offering customised strategies that reflect a genuine comprehension of their operational realities and future aspirations. As a result, the dynamic of client-service provider relationships is evolving from transactional interactions to strategic partnerships that are critical to achieving long-term and sustainable business objectives.
This is particularly pronounced in the financial services industry, where banks and their corporate clients are navigating an increasingly complex economic and regulatory landscape.
Clients now expect their banks to be proactive, utilising insights from data analytics and market trends to provide anticipatory solutions that can lead to competitive advantages. For corporate and investment banks, this means that the old paradigm of banking as merely a provider of financial products is giving way to roles that resemble those of strategic advisors and trusted partners.
Recognising this trend, Absa Corporate and Investment Banking (CIB) has shifted its focus with a new brand ethos, "Invested in Your Story".
For nearly two decades, Absa CIB has been a key partner to clients, providing them with innovative financial tools and solutions to expand their operations whilst capitalising on market opportunities.
And while we have always been a valued partner to our clients, we are shifting our efforts to provide a much more trusted partnership tailored to each client's unique story. Historically, there has been a perception that banks lack empathy, focusing more on risk profiles than on the potential of their clients. This has contributed to the perception that financial institutions deliver one-size-fits-all solutions that fail to meet the nuanced needs of diverse businesses.
Every milestone achieved by our clients is a story worth telling. Whether it’s the expansion of a business into new markets, the launch of an innovative product that sets the industry benchmark, or a strategic acquisition that reshapes the competitive landscape, each of these stories are pivotal, and at Absa CIB, we’re invested in our clients and their business's journeys.
“Being ‘Invested in your story’ is a promise we are making to our clients. It embodies the philosophy of a deep, human-centred approach to our work and signifies a commitment to prioritising client perspectives, co-creating solutions that align with their ambitions, and providing unwavering support through every challenge and triumph,” said Clement Motale, Head: Marketing & Corporate Affairs, Absa Corporate and Investment Banking.
This proposition aligns with the internal corporate purpose for Absa Group, which is “Empowering Africa’s tomorrow together, one story at a time”, launched in 2023. The subsequent brand repositioning of “Your Story Matters” was introduced internally and externally. in February 2024, in support of bringing our corporate purpose to life, across all markets in which the bank operates.
The decision to implement the redefined CIB repositioning is a critical part of our story and strategy - to develop a future-fit, purpose-led, and human-centric brand capable of enabling our clients to thrive – and represents the next step in our journey.
Absa CIB in 2018 was primarily a South African business that required a shift to become a more diversified Pan-African business with a stronger client franchise. The success of this transformation is evident in the build-out of the Transactional Banking franchise over the past five years, while client acquisition continues to be strong, with over 490 new clients added in 2023.
“When discussing Absa CIB’s proposition, it was essential to implement a significant shift to differentiate ourselves from competitors. Over time, our clients will experience a more human-centred approach, driven by empathy, in how we design, serve, behave and communicate consistently, across all our markets on the African continent and in our international corridors,” said James Agin, Head: Corporate and Investment Banking, Kenya.
“Unlike traditional banking models that may focus largely on transactions, we will prioritise understanding our clients’ perspectives, ambitions and challenges. This will allow us to co-create solutions that are tailored to their specific needs. This commitment means supporting them through the highs and lows, building deep and trusted partnerships. We are on the journey with them, every step of the way,” said Agin.
Absa CIB’s updated brand identity is the result of more than a year of extensive research and reflection, aimed at reassessing the bank's proposition and positioning within a competitive landscape reshaped by the post-Covid era. This comprehensive review included analysing client experiences with the bank and the broader sector across the countries where it operates, among other critical factors.
“We are dedicated to maintaining an ongoing dialogue and feedback loop with our clients. By consistently evaluating their needs and challenges, we are able to adapt and refine our services, ensuring that we continue to be a trusted and supportive partner in their journey,” said Motale.
Such commitments to understanding each client’s unique business narrative have the potential to redefine success in banking. This strategic partnership model, built on human-centric solutions and empathy, and exemplified by forward-thinking banks like Absa CIB, is poised to foster growth within individual enterprises and drive broader economic advancement. DM