Standard Bank empowers customers with single biometric and cross border banking accessibility

Standard Bank, Africa’s largest bank by assets, has seen its mobile traffic growing 100 per cent a year as customers embrace more convenient and efficient solutions for their banking needs.

A customer holds a Standard Bank card

A customer holds a Standard Bank card

A statement from headquarters in Johannesburg, South Africa issued on July 10, said during year 2015, over 825 million financial transactions worth R430 billion were processed through the banking app.

“As a consequence of this, branch transactional volumes have declined and ATM and branch transactions now make up less than 5 percent of total banking transactions,” the statement said,” quoting Peter Schlebusch, Standard Bank’s Chief Executive for Personal and Business Banking.

“Ninety five percent of Standard Bank’s transactions are already electronic, making it a genuinely digital bank. The vast bulk of Standard Bank’s Personal & Business Banking strategy to 2020 is about how we can use digital capabilities to deliver an even better customer experience.

“This entails putting customers in control, providing more convenience, and extracting key customer insights from our rich data so that the bank becomes more proactive, relevant and easy to use.”

Online and app banking is reported to have truly transformed the way customers engage with their bank, enabling them to bank on their terms whenever they want.

Schlebusch says Standard Bank has invested in IT infrastructure to ensure that the bank has a single view of the customer, and the customer has a single instant view of their complete banking services regardless of geography, product or customer segment.

The app includes the ability to open accounts online, move money across borders quickly and easily, trade shares internationally on 29 stock exchanges and even lodge homeowner insurance claims off a single mobile device.

Most customers now bank outside of traditional banking hours. A high peak hour is between 8:00am and 09:00am

The bank is upgrading its entire core banking systems in an effort to meet the continually changing behaviour of customers. The fully functional new core banking platform in South Africa is processing substantial volumes, with approximately 570 million transactions processed in 2015, 27 percent more than in 2014.

Across the rest of Africa the bank already has 73 percent of personal & business banking customers on its new core banking system.

Standard Bank says it will continue to leverage off increased smartphone penetration. In Africa, the internet is being predominantly accessed by the smart mobile device.

“We are committed to Africa and proudly call the continent our home. Africa loves mobile,” Schlebusch said. “This is why we are so excited about how technology and data is allowing us to get even closer to our customers.

“We are steadfast on a strategy of tapping into the increasing use of technology, like smartphones, tablets and wearables, across the continent to become a truly integrated internet-based financial services business.

‘’Our aim is to be always on and always connected, while providing biometric authentication and extensive use of data analytics to personalise the customer experience to a far larger degree,” he said.

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