Standard Bank is committed to providing cutting-edge digital solutions across its banking segments. As the demand for digital transactions continues to surge, Standard Bank remains dedicated to enhancing its digital platforms, ensuring convenience, security, and reliability.
Kabelo Makeke, Standard Bank’s Head of Personal and Private Banking in South Africa, highlights ongoing enhancements to digital platforms, particularly the Mobile Banking App.  “We continue to enhance the capability and functionality of the digital platforms, especially the Mobile Banking App which is the primary digital channel of our customers. In South Africa, we witnessed a 13% increase in app users in the last year with over 100 million monthly logins. Additionally, more than four million clients utilized the in-app message center to resolve problems or enquire about additional services.  Notably, the SBG Mobile App received high ratings, 4.7 on Apple Store and 4.5 on Android.”
In 2023, Standard Bank processed over 2.5 billion digital transactions, a 33% increase from the previous year. While ATM transactions saw a marginal rise, branch transactions declined by 28%, reflecting a shift towards digital transactions. Despite this trend, Standard Bank expanded its physical banking footprint in South Africa, increasing branches from 619 to 652, with further expansion planned for 2024. This balanced approach caters to diverse customer preferences, ensuring reliability and convenience.
Digitally active clients in South Africa reached 4.1 million out of an active base of 11.4 million, showcasing increasing digital adoption. Standard Bank prioritizes stability, security, and speed in its digital systems, significantly reducing technical issues from 6 in 2022 to just 1 in 2023.
Business Banking enhancements include digital onboarding and lending processes, leading to faster turnaround times. The bank launched a fully digital account origination process, enabling online account opening within 20 minutes for sole proprietors and single directors/members in South Africa.
Business and Commercial clients increasingly adopted Standard Bank’s digital payment solutions for convenience, security, and affordability. For example, the Unayo digital payment platform facilitated over R1 billion in grants and salary disbursements across four countries, benefiting various organizations.The post Next-Gen Banking: Standard Bank’s New Digital Commitment first appeared on IT News Africa | Business Technology, Telecoms and Startup News.