Community

Share knowledge. Find answers. Ask questions.

Community blog

Read our latest news and views and get to know us better

Standard Bank’s Shyft app ready to take international award
Senior Member
Read more blogs in

Standard Bank’s Shyft app ready to take internatio...

Shyft - Global Wallet2.jpgAfter running with the Fintech bulls and admirably holding its own at the 2016 Efma–Accenture Distribution & Marketing Innovation Awards held in Barcelona last night, Standard Bank’s new Shyft app was awarded a bronze international award in the Most Disruptive Innovation category.

 

The reasons for the accolade are obvious; Shyft takes away the need for customers to complete tiresome paperwork or stand in queues when they want to make foreign exchange transactions: Through this ‘foreign exchange mobile wallet’, customers can buy a number of different currencies at a live rate, store the funds in eWallets, and then make purchases using either the physical or virtual cards capability, or make international transfers using the cross border-payments capability.

 

But Shyft is not just a product that has been digitised; the innovation also provides an element of control to the individual. Arno von Helden, Shyft Product Manager and Head of Trade and Forex for Personal, Business and Commercial Banking at Standard Bank (watch the video), believes that the app’s success lies in putting the customer’s needs at the centre of its development, forcing the creators to bring the best of what is available in the world today - from a technological point of view - directly to customers.

 

However, Most Disruptive Innovation was not the only category for which Standard Bank was in the running: S#IFT, an employee-lead generation solution was nominated in the Efma Salesforce Change Management category; Artificial Intelligence for Cash-In-Transit Route Optimisation was recommended for the Big Data, Analytics & AI category; and the Standard Bank-powered WeChat Wallet was nominated in the Payments & Wallets category.                                                                                      

 

Selected from 460 case studies submitted by over 200 financial institutions in 61 countries, the Efma committee placed Standard Bank’s solutions in the final selection, because they met with the three required criteria: The originality of the innovation, the impact it is having on the industry, and how adaptable it is for use in other markets and countries.

 

Speaking of Shyft’s success, Mr von Helden asserts that winning a bronze Efma Award is a true validation of the effort that Standard Bank has put into changing the foreign exchange experience that customers have, until now, endured on a day-to-day basis - especially after having competed against some of the best and most innovative apps from throughout the globe.

 

For more details about this innovative app, click here

 

 

Read more blogs in
1 Comment
Rob Manzoni
N/A

Good day,

 

I would like to buy- and hold currency in pounds sterling (GBP); and perhaps US$ This is not necessariy for transactions - I merely want to keep some funds in a foreign currency; and perhaps benefit as the rate changes.

 

I could simply buy pounds or dollars through a broker; and if Standard Bank does not offer such an account (in a currency other than rands), I will do so, but I'd rather transact through my bank, than look elsewhere.

 

I see that it's possible to do this using SHYFT, but I'm not happy with the idea of telephone banking, given the recent huge losses which some account holders have suffered through PIN-swop fraud, without any way to get their funds returned to them.

 

I also need to know that such an investment is safe and not so expensive that an investor loses any possible benefits, to "management fees" and commissions.

 

Please let me know whether it's possible to hold foreign cash in an account with you; and whether this gains any normal interest or suffers from bank fees or other charges.

 

Thank you

 

Rob Manzoni

082 788 4398