Africa is our home, we drive her growth. People the world over are choosing digital as a more efficient, convenient solution for their banking needs, enabling them to bank on their terms. As a direct result, we’ve seen our mobile traffic grow by 100% a year, in-branch transactions decline and ATM usage now makes up less than 5% of total banking transactions. Digital is clearly the present and future.
Though 95% of our transactions are already electronic, making us a truly digital bank, we still aim to deliver an even better customer experience. Our smartphone app, for example, is designed to give you a single, instant view of your complete banking services, regardless of where you are or the products you’ve chosen. It includes the ability to open accounts online, move money across borders, trade shares internationally and even lodge homeowner insurance claims. With the benefits in mind, it’s no mystery that the move to mobile has been so enthusiastically received:
• Most customers now bank outside of traditional banking hours
• To date, the total number of unique Standard Bank universal banking IDs created is more than 600 000
• So far, over R5.7 billion has been traded on Standard Bank’s Online Share Trading App
• Over 22 000 merchants and more than 200 000 customers have signed up for SnapScan
• InstantMoney has processed more than R7.5 billion in transfers and remittances.
Currently, Africa’s smartphone penetration stands at 60%. As we strive to become a digital leader, we must leverage this fact as our apps evolve: Our aim is to be always on and always connected through current, accessible technology like smartphones and tablets, further personalising customer experience on the continent. To this end, we have placed you at the heart of our digital strategy, resulting in numerous first-to-market innovations:
• The single digital ID across multiple countries
• Biometric identification for mobile banking
• An app enabling clients to trade across 29 different stock exchanges off their mobile device
• 24/7 Banking instant messaging service for Private & Prestige customers
• A card console to remotely turn cards on and off, and control when and where they may be used
• Snapscan, which enables mobile phone payments using QR codes or iBeacons, regardless of where customers bank.
According to Peter Schlebusch, Chief Executive for Personal & Business Banking, the customer experience of the future will be worlds apart from what it was a few years ago; digital platforms will better understand and anticipate customer behaviour, and only one click will achieve multiple outcomes. These future capabilities will not only be more convenient and engaging, but will also cost less – a trend that will continue as more consumers embrace digital channels. And Standard Bank aims to be at the forefront of this trend.