Standard Bank enhances digital platforms to meet growing client needs

Standard Bank reaffirms its commitment to providing cutting-edge digital solutions for clients across its various 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 Head of Personal and Private Banking is South Africa says: “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 personal customers. In South Africa, we witnessed a 13% increase in app users in the last year with over 100 million logins per month. 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 transaction volumes, marking a remarkable 33% increase from the previous year. While ATM transactions also saw a marginal rise of nearly 2%, the preference for digital transacting is evident through a decline in branch transactions of 28%.

Despite this trend, Standard Bank expanded its physical banking footprint in South Africa. The number of branches increased from 619 to 652 in 2023, with further expansion planned for 2024. This balanced approach caters to the diverse preferences of the customer base, ensuring that Standard Bank remains a reliable and convenient banking partner in an increasingly digital world.

Digitally active clients in South Africa increased by almost 8 reaching 4.1 million out of an active base of 11.4 million in South Africa.

The stability, security, and speed of Standard Bank's digital systems are central to delivering against its group purpose and strategy. The bank continuously improves the reliability of critical systems, reducing outages across the continent. In 2022, Standard Bank faced 6 priority or disruptive technical issues, which significantly decreased to just 1 in 2023.

“Business Banking Enhancements to digital onboarding and lending processes, including the incorporation of alternative data sources and scoring options, led to faster turnaround times. In South Africa, the bank launched the first fully digital, self-service account origination process, enabling sole proprietors and single directors/members to open accounts online within 20 minutes,” Says Makeke.

Business and Commercial clients increasingly adopted Standard Bank's digital payment solutions for convenience, security, and affordability. For instance, the Unayo digital payment platform facilitated disbursements of over R1 billion in grants and salaries across four countries, benefiting government agencies, international donors, and private companies.