Old Mutual launched its Mobile Virtual Network Operator (MVNO), OM Connect, in October last year. In its recent financial results, the company revealed, “We launched our mobile virtual network operator, OM Connect, in the fourth quarter and have since acquired approximately 18,400 customers.”
The insurance giant views OM Connect as a critical component of its strategy to expand its integrated financial services offering to existing customers and attract new ones. “We see this offering as a key driver of growing our integrated financial services offering to existing customers and a new customer acquisition enabler,” Old Mutual stated.
Leveraging its deep understanding of the Mass Market, Old Mutual has designed OM Connect to address the core needs of its customers. The service offers:
- SIM cards available for as little as R5 at any Old Mutual branch.
- Data and airtime purchases through multiple channels, including branches, partners, and digital platforms.
- Customizable data bundles tailored to individual needs, catering to both data-intensive users and those requiring basic talk and messaging services.
Old Mutual Connect ensures a wide range of plans to suit diverse customer requirements, delivering unparalleled value and flexibility.
OM Bank will target customers earning between R5,000 and R80,000 per month, says CEO Ian Williamson, who described launching the bank as a “no-brainer” given Old Mutual’s extensive banking activities.
“Our unsecured lending book is sitting at R16 billion. We have about 400,000 active transactional account users in our transactional banking solution, which we do under Bidvest,” Old Mutual CEO, Ian Williamson told Business Times.
Old Mutual also offers a home loan product with SA Home Loans. “We have a lot of the components of banking… We have not brought those things together in one cohesive entity,” he added.
The bank would be highly digital, Williamson said, but also complemented by Old Mutual’s extensive physical infrastructure.
“It’s a digital-first offering, I’d not say it’s a digital exclusive offering but the primary mode of interaction with a customer will be a cleverly and intelligently designed app. Customers will have access to our existing branch footprint for any issues that might arise. We’ll seek to complement the core bank’s capabilities with the rest of the customer touch points in the Old Mutual Group.”
