After 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