As the much-anticipated rainy season approaches, there is no worse stressor than that of not having the right cover for your home. Understanding the terms and conditions that come with your cover will ensure that you are not left standing in rain, saving you thousands of Rands in excess.
According to Stephen Raseobi, Head of SIL Claims at Standard Bank Group, homeowners can spare themselves the burden of battling it out with the insurance companies and mitigate claim rejections due to weather damage on their homes by familiarising themselves with claims processes.
Homeowners should regularly check their homes for any possible gradual operating causes such as puddling of water on flat roofs, which could give rise to a claim but has been happening over an extended period; this could affect the claim negatively for the insured.
“For every improvement done to your property to increase the value of risk, it is mandatory that the insurer is notified. This could prevent any possible angst related to complaints on the part of the client and this would help them to effect necessary maintenance before the stormy or rainy seasons come”, says Raseobi.
Standard Bank’s HOC product is an all-inclusive policy which covers a range of perils including storm – this comes in a package – one cannot elect to omit part of cover such as storm because the area is not prone to weather elements.
About Standard Bank Insurance
Standard Bank Insurance Brokers (Pty) Ltd (“SBIB”) is an authorised financial services provider FSP 224. SBIB is a Group company of The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06), an authorised financial services and registered credit provider (NCRCP15).
Frank Financial Services is a juristic representative of the Standard Bank of SA, an authorised FSP. Products are underwritten by Liberty Group Limited.
Disclaimer: The views and opinions (information) expressed in this article are for information purposes only and do not necessarily reflect the official policy or position of The Standard Bank of South Africa Limited and/or any of its subsidiaries and holding companies and their subsidiaries and holding companies (Standard Bank Group). The Information provided in this article does not constitute advice and is not to be relied upon as independent professional advice of any kind. The Standard Bank Group makes no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the Information provided in this article or that it is free from errors or omissions. The Standard Bank Group and its employees, agents and representatives accept no liability for any loss, damage or claim arising from the use of any Information presented in this article.
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I'm a fan of your commitment to innovation. It's really helping us entrepreneurs. I'm looking for a partner bank to hold my members' contributions for my InsureTech solution. Is there any help I can get from you
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‘Black Friday’ and ‘Cyber Monday’ are the American shopping phenomena which have taken South Africa by storm. These massive shopping days saw South Africans spend over R2.8 million in 2018 alone, according to Bank Serve. Although Black Friday is the most popular of two days, Cyber Monday presents an opportunity for small businesses who can’t necessarily compete with the big retailers for foot traffic.
One of the biggest reasons small enterprises fail to make a mark on ‘Black Friday’ and ‘Cyber Monday’ is their lack of digital offerings for customers. Online payments represent less than 10% of all card purchase transactions on these days.
This growth in the use of digital channels is not unique to South Africa as consumers look for opportunities to access the deals at a convenient time and location to avoid aggressive behaviour synonymous with ‘Black Friday’ and ‘Cyber Monday’.
According to Nelisa Zulu, Standard Bank, Head Merchant Solutions South Africa, in order to capatalise on the growth of popularity of these annual shopping events and the growth of digital adoption, small enterprises must consider the following tips:
Stand out and become more visible
One of the comforts consumers enjoy about ‘Black Friday’ and ‘Cyber Monday’ is the convenience of shopping from home at the click of a button. Most consumers attach Black Friday to in-store sales only, but retailers offer onmi-channel promotions. Consumers who are looking for convenience or do not have the opportunity to escape work on a Friday would take advantage of online sales. This There are many available providers who can build websites for businesses. Standard Bank’s SimplyBlu is an example of such. This new all-in-one e-commerce solution that enables you to start and manage online business from a single, secure platform, thus tapping into the growing online shopping market.
Embracing the power of mobile
A lot of consumers have embraced the idea of transacting on their mobile phones, what is also significant is the year on year growth of 55%, which demonstrates the digital payment adoption by South African consumers. It is important for small enterprises to be more relevant and play in a space where the clients spend most of their time.
Giving customers incentives
‘Cyber Monday’ also offers an opportunity for a business to launch its online shopping platform. It is the perfect time to drive traffic to your platform by offering significant discounts when customers shop online as opposed to physically coming to the store. Stats SA retail figures for December 2018 showed an annual decline of 1.4% instead of the expected 2.1% growth on visits to brick and mortar retail stores. This is proof that the lure of physical stores is slowly getting lost on consumers. Evidently, consumers are both cash and time-strapped and giving them a choice on where and how to engage in mutually beneficial to both retailers and consumers.
Extend the offer
Traditionally, ‘Cyber Monday’ deals cut off at midnight. The great thing about technology is that you have the power to rewrite the rules. By extending your deals beyond the 00:00 cut-off, you get an edge of competitors by offering your customers more value for longer. Just like how we have seen an extension of the promotional period for ‘Black Friday’, it may be worthwhile to consider the extension of the shopping period for ‘Cyber Monday’.
Take advantage of specials for their own business
While focusing on making sales, small businesses should also be aware of sales taking place that they themselves can take advantage of. Things like office supplies, furniture and other assets like laptops are often on special during ‘Cyber Monday’. So, while directing sales, business owners can also do their own shopping from the comfort of their own space.
Small enterprises in South Africa need to understand that ‘Cyber Monday’ is not just made for big players such as Takealot or Amazon. Technology and low-cost solutions such as SimplyBlu have levelled the playing field drastically and with the right ideas, a small business can now also begin to flex their digital muscle and enjoy a part of the shopping revenues.
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Black Friday is but a few days away and consumers are preparing to hit the online shopping strip. As with any increased spending period, consumers are urged to remain vigilant and alert when transacting at a point of sale or online. Just because you are in a festive and carefree mood, does not mean that criminals and fraudsters have taken the day off as well
With technology being at the forefront of everything we do lately, thousands of consumers opt for online shopping to avoid long queues at malls. Online shopping is one of the fastest-growing retail platforms in South Africa. It makes sense, therefore, to update and familiarise oneself with the necessary safety features and measures while shopping. After all, you will not enter your card pin with someone peering over your shoulder while paying in a shopping queue, why expose yourself similarly online.
We urge consumers to remain vigilant of scammers who are looking to steal your money and personal details in the real world and the virtual world.
According to a report by SABRIC, fraud incidents across online and mobile banking apps increased by 75.3% in 2018 alone. Therefore, as you begin hunting through Black Friday as well as Cyber Monday deals this year, keep the following six tips in mind to make sure you don’t fall victim to any cyber trolls:
Avoid shopping on public Wi-Fi networks
Cybercriminals know how to thwart unsecured Wi-Fi to gain access to the information you send over it. So, it’s better you eat into some of your data to make sure your financial information is protected.
Use complex passwords for online retailers
Having strong, secure passwords is essential to keeping your online identity and accounts safe from hackers. Always include a mix of letters, numbers and special characters to makes sure it’s not easy to crack into your online platforms.
Never click on a suspicious link
Scammers might target you with emails that contain promotional links, appearing to be from a legitimate retailer. This is an attempt to get your attention and trick you into clicking on a link which carries malicious malware and stealing your personal information. Avoid clicking any unsecured links.
Be on the lookout
If you forget your bank card somewhere while shopping, rather cancel it immediately rather than go back to look for it. You might find it, but that leaves you with the risk of someone having taken your card details and using them for online fraud.
Ditch unsecured online stores:
There are thousands of online stores, and with this form of shopping becoming so popular, it is easy to fall into the trap of purchasing through an unsecure site. Always look for a padlock on the site’s URL website itself to make sure it is safe.
Black Friday is known to be one of the busiest shopping weekends of the year, and it goes without saying that, just like the festive season, this is a busy time for criminals. Be sure to take extra precautions to protect yourself, your purchases, and your personal information. If something seems suspicious, it probably is, so stay away from it.
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While agriculture across the African continent may not produce the types of yields seen in developed markets, the picture is starting to change somewhat with the arrival of digital applications.
As it stands, traditional small-scale farmers in Africa use techniques that produce the lowest yield per hectare globally. This is despite the continent having 60% of the world’s uncultivated arable land.
With the introduction of data and digital technologies to farming practices across Africa, there is an enormous potential to boost output and contribute to meeting the 70% increase in global demand by 2050.
The big opportunity for African agriculture lies in agritech and its ability to deliver information to farmers through data. These innovations empower farmers with the tools to make decisions that improve crop yield while enriching the entire agricultural supply chain.
We believe that modern farming practices are what’s needed to help Africa’s farmers make informed decisions around their crops and future strategies for growing. This has led to the bank’s investment in innovative solutions that leverage technology to provide tools and data to farmers.
Stanbic Bank Zambia , for example, is helping local farmers to track the health of their crops and farm more efficiently with digital satellite application Contour. Available on mobile and desktop, the app uses satellite imaging and analysis to give farmers satellite data, crop growth models, soil analysis mapping, weather data and more.
The app acknowledges that affordability can be a stumbling block for farmers looking to digitize and is available at about US5.50 per hectare.
This agritech innovation also improves the relationship between the farmer and funding partner, as it enables the bank to correctly assess risk – through the monitoring of crop performance – and accurately allocate capital and cover.
With the potential of agriculture to lift people of the African continent out of poverty and into the financial system, we have further committed $3 million towards a smart agriculture initiative aimed at empowering women farmers in Malawi, South Africa, Uganda and Nigeria.
Through the programme, over 15 000 farmer-beneficiaries will be exposed to groundnuts farming technologies. These are commercial entities that have received the opportunity to scale up and plug into the supply chains of larger corporates.
Research shows that women account for nearly half of the world’s smallholder farmers and produce 70% of Africa’s food. This highlights the importance of supporting women farmers to enable their growth and that of the continent.
As the uptake of agritech solutions continues, we continue to innovate to provide digitally enabled solutions to farmers that improve yield and contribute to the growth and development of Africa’s economies.
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An increase in export and import activity across Africa regions will go a long way towards igniting economic growth on the continent. The reality, however, is that the continent’s share of global trade stands at only 3% despite accounting for 11% of the world’s population.
For this to be corrected, we need to remove the common constraints to trade that prevent small- to medium-sized business in Africa from taking advantage of growth-enhancing opportunities on the continent and beyond.
Standard Bank has developed digital solutions that are easy to access, simplify the trade process and reduce high costs associated with trade for SMEs across Africa regions.
For example, an entrepreneur who wants to expand operations into other markets may not possess the knowledge to find trusted suppliers or buyers. This is where Standard Bank’s Trade Club becomes particularly useful.
Available to business clients of Standard Bank at no cost, this innovative digital networking platform connects buyers and sellers from 50 countries around the world. Trade Club gives SMEs and corporate clients a wealth of relevant international trade expertise, tools and services, as well as the opportunity to connect with trusted partners in new markets.
Once a business becomes an exporter or importer of a certain product or service, they need to prepare for transacting using international currencies. This can be difficult in Africa where many countries have strict foreign exchange controls or in China where there is limited acceptance of Visa and Mastercard cards.
In a bid to solve this challenge, Standard Bank launched the Shyft forex app, which allows anyone with a Standard Bank account to buy foreign currency and store forex of up to R1 million in forex per year.
The app takes the pain out of foreign currency exchange, which typically requires having to physically visit a bank branch, by allowing customers to make transfers on the app at any time of the day, seven days a week, from anywhere in the world at a competitive rate.
From a country-specific perspective, in Uganda, we launched a platform in partnership with Traydstream, which has digitized the manual process of vetting letters of trade checks.
Traydstream’s one-stop-shop for processing enables business clients in Uganda to speed up processing time, mitigate risk with thorough trade checks as well as improve the transparency of transactions through an aggregated compliance module.
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VISA Spend & Win:
Which Cards qualify:
Only Standard Bank Visa Cheque Cards. This can be either the Gold Visa Cheque Card or Platinum Visa Cheque Card.
Which Customers qualify:
Personal Customers only.
How to get involved:
Transact for R1000 or more, using your Standard Bank Visa Cheque Card, over the campaign period to get an entry into the draw.
19 th Nov – 12 th Dec.
None. This campaign is not restricted to shopping at select merchants.
How many times may you enter:
Every transaction for R1000 or more will enter you into the draw. Every additional R1000 spent on your card will count as an additional entry into the draw.
How many times may you win a prize?
A Customer can only win either a Cash Prize or an International Holiday Package once.
For more information click here :
Terms and Conditions:
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We apologise for the late reply. Are you still experiencing this issue? Can you please clear your browser history, restart your device and try using the app again, should the problem still occur, let us know, so we can escalated your query to our App team.
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Hello JAY-JUNIOR ,
Please advise which investment account you are referring to? Different accounts offer different periods where you can access your funds. Please see link for more information: https://www.standardbank.co.za/southafrica/personal/products-and-services/bank-with-us/savings-and-investment/our-accounts
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Hi i have pure save account right then I opened an access account got it linked on one card and I was told I'll now be able to make online payments but that was not to be my card gets declined each an everytime I try to checkout. Why is this?? Is it blocked by the fraud department?? Asseblief hulp
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What other lounge can we access other than Bidvest? That lounge is forever closed due to upgrades every few month. Its been closed again for a while now..... what is our 2nd options? We pay very high banking fees as we should get lounge access as this is a selling point that you pitch
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Stop saying send details if you guys cant even do the work properly. You are costing us money. This is bulle**bleep**. That is our hard working money that you people are keeping from us. I have children to support so who do i keep responsable for your stupid actions? Its already been 7days and still no one can do there job properly ref 7026849335 I WANT MY ACCOUNT UNBLOCKED BY THE END OF TODAY CAN YOU READ WHAT IS TODAYS DATE? 11-11-2019 THATS THE 11TH OF NOVEMBER 2019. DO YOU GUYS UNDERSTAND WHAT I AM SAYING OR DO I NEED TO DRAW A PICTURE FOR YOU?
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According to CANSA, one in 28 South African women will develop breast cancer in their lifetime.
With advances in oncology care and the ability to detect breast cancer at an early stage, more women are surviving the critical illness, but the reality is that treatment comes at an exorbitant cost.
Research from the Global Burden of Disease shows that South Africa bears a heavy cancer burden with 115 000 South Africans that were diagnosed with cancer in 2017 . While prostate cancer is the most common form of cancer seen in men, breast cancer is by far the most commonly diagnosed cancer in South African women across all races.
The reality is that women and men alike is never too young or too healthy to take out cover. If you are unprotected, and your health situation changes, it becomes difficult or impossible to get the cover needed.
Felix Kagura, Head of Long-term insurance propositions at Standard Bank Group says “these statistics emphasise the importance of having adequate cover in place. If you have existing protection, it is critical to check your claim criteria to ensure that you are covered for breast cancer treatment.”
If you are without cover, or find that you are not covered adequately, take time to investigate insurance products that are designed to provide critical illness or cancer cover. “Some of these solutions offer certain benefits that extend beyond cost savings. Further to that, there is specialist cover available for critical illnesses like breast cancer. When taking out cover, it is of the utmost importance to provide information required in the application that is honest and accurate. “If what is disclosed is subject to dispute, a person who claims for treatment may be denied due to this oversight,” explains Kagura.
Unfortunately, however, access to screening is not widely available to the larger population. In a 2018 paper, the SA Journal of Radiology highlights that there is a desperate shortage of radiology services in the public sector and, as a result, most women do not have access to mammography screening. It is anticipated that with the introduction of a National Health Insurance, that this situation will change.
In the meantime, Standard Bank strongly advises South African women and men to consider medical cover that allows them to visit a doctor for regular check-ups.
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Question: What is the difference between Previous and Stamped Statements?
Previous Statements: A formal reconciled statement with an opening and closing balance according to your statements cycle.
Stamped Statements: A statement with an official bank stamp. The transactions are listed from the date of request, and date back 3 or 6 months.
Question: What are the different statements typically used for?
1.Record keeping (available up to 2 years online)
-Auditing of financial statements
-Proof of transaction when there is a dispute (incl legal dispute)
Input into financial statements (contains all cleared outstanding card authorisations; and cheques)
To provide to a third party:
-As proof of income
-When applying for an account
Check if someone has paid you before releasing goods
Input into financial statements
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HI, I am looking at changing to the professional account. I went into a branch and was told I have to already be qualified to open the account, however on the website it states that if one is in final year you just need the most recent statement of results to apply. I am currently in 3rd year studying Computer science. Can i apply whilst in final year or do I need to apply once qualified? Thanks Vaughan
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I have previously had a hands-on experience in the banking industry as well as expatriatism in training. It means a lot therefore to ascend to such top position. Many congrants to Ms Khumalo. May you continue to ascend even to greater heights while transforming Humanities. Julius Twikirize, Uganda.
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Standard Bank International Personal Banking (IPB), a division of Standard Bank Offshore Group Limited (SBOG), triumphed in the 2019 International Investment Awards, walking away with the ‘Excellence in Private Banking’ award.
Considered an ‘industry institution’, the honours are highly regarded in the international investment and wealth adviser community, attracting more than 150 industry professionals from more than 60 companies.
This year’s ceremony, the 20 th anniversary event, saw a record number of entries, including six new categories as part of a relaunch to ensure the global event fully reflects the diversity and breadth of the industry it serves.
Organised by International Investment magazine, the awards recognise extraordinary talent and remarkable achievements from every corner of the globe.
Sanshia Tumblety, Head of Banking Propositions, collected the award on behalf of the team and praised the collective efforts of her colleagues.
Greg Barclay, Head of High Net Worth, Personal and Corporate Wealth said, ‘Naturally, I am proud and delighted that we have been recognised in this way and it is testament to the expertise and commitment of our staff. This has only been made possible through the continued collaboration and partnership across our business, enablement and support functions.
‘It is real acknowledgement of our focus on client centricity and further improving our proposition, ensuring a defined customer experience programme is in place to support the bank’s digitisation strategy and provide an omnichannel service to clients.’
Standard Bank Offshore Group Limited (SBOG) is 100% owned by Standard Bank Group Limited (SBG), the largest bank in Africa by assets.
Standard Bank was also shortlisted in two other categories at the prestigious annual awards. Melville Douglas, for ‘Best International Discretionary Fund Manager’ and senior manager Tim Townsend as ‘Emerging Talent of the Year’.
Standard Bank Offshore Group Limited
Standard Bank Offshore Group Limited is a leading provider of financial services to people and businesses. It supports Africa’s growth by connecting the continent with international markets. It offers solutions in Banking, Investing and Fiduciary and has offices in Isle of Man, Jersey, Mauritius and representative offices in London and South Africa.
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