Standard Bank Group have become the first commercial bank in South Africa, and across Africa, to give a businessloan up to R6m in just 3 minutes. This new capability currently allows for an application to be received, processed; approved and paid out all in the time it takes to listen to the average song.
This is a massive leap forward for the bank; not only is this good news for enterprise development but it is another proof point that Standard Bank is aggressively transforming its overall Business Banking proposition.
This new capability could not have come at a better time for business banking customers. According to Funeka Montjane (CEO; Personal and Business Banking SA), the bank sees large volumes of business loan applications throughout the year and this enables customers to have their working capital needs met quick and efficiently.
According to Stats SA, the entire formal business sector generated R2,39 trillion in turnover in Q1: 2019. Out of this amount, large businesses contributed 62%, followed by small (29%) and medium sized businesses (10%). From your biggest retailers, to your salons and cleaning services, Standard Bank understands it is critical to make access to capital as quick and efficient as possible to help grow businesses.
“Standard Bank has always and continues to create new innovations for businesses. Africa is our home; we drive her growth and the main way to do that is by growing businesses so that employment and economic activity can grow. But to grow the businesses, we need to help them with their biggest pain point which is to give them working capital when they need it”, concludes Montjane.
Having quick access to additional cashflow can assist the business and its operations, businesses can a avoid cashflow crisis; they can now take advantage of unforeseen opportunities. In all cases the critical benefits remain speed and process simplicity.