Tshipi Alexander is a seasoned banker and currently the Executive for Card and Rewards at Absa Everyday Banking. His experience in the financial services industry spans more than 16 years, with 13 years of experience in the consumer and corporate segments of banking. His expertise includes Private Banking, Structured Lending, Merchant Card Acquiring, and Card Issuing.

He leads Absa’s card and merchant acquiring business in South Africa, focusing on client acquisition, retention, and P&L. He serves major corporations, retailers, government departments, and state-owned entities while overseeing global card programs with Visa and American Express. He holds a BCom in Economics and Business Management from Unisa and a qualification from GIBS.

GQ: What inspired you to pursue a career in banking, and how did you get started in the industry?

Tshipi Alexander: After graduating, I started working in a different industry—pension funds and insurance—still within financial services but outside direct banking. However, I always had an interest in banking. So, I reached out to the head of HR at Investec Bank, requesting an informational interview. Long story short, I was presented with two opportunities from different areas of the bank.

With a background in economics, one offer aligned with that field. But on the private banking side, a gentleman asked me to compare salaries—E for economist and B for banker. Seeing the difference, and being young and ambitious, I chose banking.

That’s how I got into private banking. It was a path I actively pursued, creating an opportunity for myself and taking full ownership of the outcome.

GQ: With over 16 years in financial services, what have been some of the most significant changes you've witnessed in the banking sector?

Tshipi Alexander: When I started, people filled out application forms, and data capturers would input the information. Back then, the process was slow, but now, heightened customer expectations—fuelled by digital adoption—have reshaped the financial services industry.

For example, what used to take days to approve, like a home loan or credit card, can now be done in minutes. Technology, driven by FinTechs, has transformed this process, making banking more immediate and accessible.

As digital adoption continues, banking is no longer a place you go—it's something you do, right from your phone. With AI and biometrics improving accuracy and reducing fraud, this transformation will only accelerate.

GQ: You’ve worked in both consumer and corporate banking—how do the challenges and opportunities differ between these segments?

Tshipi Alexander: It’s really about building strong relationships with key stakeholders and assembling a team of experts to support the client in achieving their business goals. On the retail side, it’s different, managing a large customer portfolio that requires understanding their needs and preferences.

This involves significant analysis and leveraging data to recognize that customers, though grouped together, are quite diverse. At Absa, we focus on hyper-personalization, aiming to treat each customer as a unique segment—this is a key driver for us.

GQ: What key skills have helped you succeed in various roles, from private banking to structured lending and merchant acquiring?

Tshipi Alexander: Analytical and problem-solving skills are crucial for extracting insights from data, especially in areas like consumer behaviour and portfolios. Execution management is vital too, as great ideas often come from global or local trends, but turning them into reality requires coordinating diverse teams with different skill sets.

Product development, driven by market insights, is essential for creating solutions that offer a competitive edge. Finally, effectively bringing products to market is a key skill in ensuring success.

GQ: Can you share a defining moment or project in your career that had a major impact on your professional growth?

Tshipi Alexander: In one's career, celebrating successes is important, but experiencing failure and learning from it is just as vital. You’re not a seasoned banker until you’ve seen both sides. Years ago, a fraud incident impacted our business, affecting customers and the bank’s P&L.

But it also built my resilience, teaching me how to handle failure, extract lessons, and grow stronger. These scars, though reminders of battle, show that you try, you succeed, and where you fail, you fail fast, fix, and learn—an often overlooked part of careers.

Another defining moment was the impact of COVID-19. The pandemic devastated consumers, especially in travel and tourism, with many losing jobs or facing salary cuts. In response, we launched one of the most comprehensive support programs, offering financial relief to help customers get back on their feet.

Through this, I realized that some people managed the crisis better due to emergency savings or good debt habits. This led me to focus on building products that help people manage their finances from an early age, especially in credit. Our Credit Coach product aims to guide one million South Africans to financial health, helping them improve their credit scores and manage debt responsibly. It’s an exciting journey, and we’re working to empower customers to achieve their financial dreams without putting them under strain.

GQ: Could you please clarify that acronym?

Tshipi Alexander: The Minimum Viable Product (MVP) approach means launching with just the essentials. For example, you release a car that drives but lacks features like air conditioning or electric windows.

With each iteration, you add more—electric windows, air con, heated seats—and refine the product based on consumer feedback. This method lets you develop over time without waiting years for the perfect version, ensuring the product evolves to meet users’ needs more effectively.

GQ: As the Executive for Card and Rewards at Absa Everyday Banking, what does your day-to-day role entail?

Tshipi Alexander: My day-to-day role is centred on overseeing everyday banking and ensuring we're constantly improving the customer experience. Retail is all about the details, so I focus on everything from product development to identifying and addressing customer pain points.

We aim to reduce friction in our customers' lives while delighting them with exceptional experiences that set us apart from other financial institutions. A big part of my role involves leading and motivating a talented team, understanding both customer and colleague needs, and delivering results through collaboration.

GQ: How does Absa approach client acquisition and retention in the highly competitive card and merchant acquiring space?

Tshipi Alexander: Client acquisition in the card space is a highly competitive area, and our approach is tailored to South Africa’s diverse customer base. We reach customers through multiple channels, with over 500 branches nationwide, serving areas from rural communities to urban centrers. Digital access is key, as millions of our customers use mobile banking. We also utilize call centrers for customer retention.

As many customers are multi-banked, retaining them requires ongoing engagement, not just having them on our books. Retention is about delivering exceptional customer experiences and increasing usage, like with our free rewards program, Absa Advantage and Rewards. Our sponsorship of events, such as the Betway 2020 Cricket Tournament, further enhances customer engagement, offering valuable prizes and experiences.

We employ a multi-pronged strategy to ensure we connect with all our customers, regardless of background or preference.

GQ: What role does innovation play in shaping the future of banking products, particularly in payments and card issuing?

Tshipi Alexander: Innovation is key, driven by global trends shaping the future of payments. Take tokenized transactions—Samsung Pay, Google Pay, and Apple Pay are growing rapidly, with customers shifting from cash to cards and now to mobile payments.

At Absa, we streamline this transition. For instance, when on-boarding an Apple device, we automatically push Apple Pay, making mobile payments seamless. Many customers now prefer paying with their phones over physical cards. As innovation advances, plastic cards will fade, and mobile payments will dominate—a shift accelerated by COVID and rising customer expectations.

GQ: With the rise of fintech and alternative payment solutions, how does Absa stay ahead in the card and rewards sector?

Tshipi Alexander: We stay ahead by constantly tracking trends, collaborating with global partners like Visa, and investing in innovation. Our strategy looks three to five years ahead, ensuring we remain competitive.

For example, when Apple Pay launched in South Africa, we were among the first to adopt it. We also work closely with fintechs, who have proven to be valuable partners in banking and payment solutions.

GQ: Managing profit and loss (P&L) is a crucial part of your role—how do you balance financial performance with customer satisfaction?

Tshipi Alexander: It all starts with understanding our customers—their needs, environment, and expectations. Beyond delivering products that satisfy, staying ahead of trends is crucial. We must anticipate and introduce solutions customers may not even know they need, driving both satisfaction and financial performance.

In today’s highly competitive, digital-first landscape, customers are often multi-banked, making retention key. By tracking trends and evolving with customer needs, we unlock new revenue streams, particularly in payments and alternative payment solutions.

Risk management is just as critical. Protecting customers from fraud and reckless lending isn’t just about security—it’s integral to both satisfaction and the bank’s financial health.

GQ: What advice would you give to young professionals aspiring to build a successful career in banking and financial services?

Tshipi Alexander: My advice to young professionals in banking and financial services is to understand that success ultimately comes down to how well we serve customers. It’s a competitive industry, with many institutions vying for trust, so recognizing this core principle can open opportunities—whether by introducing new services or addressing underserved markets.

Secondly, understanding how a bank operates is crucial, especially for those looking to develop new products. Financial flow plays a key role, and mastering it can set you apart.

Lastly, mentorship is invaluable. Nothing replaces years of experience—both the wins and the lessons learned. Seeking guidance from seasoned professionals can fast-track your career and help you navigate its ups and downs. Many mentors are willing to share their insights, yet this resource is often underutilized. I encourage young professionals to actively seek mentorship and coaching to build a successful career in the industry.

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