More than 10 million customers now bank with Standard Bank in South Africa. Since the start of the year 1 million new customers have joined Standard Bank. Customers are signing on to Standard Bank services taking advantage of access to digital services and offerings. Standard Bank has ensured that is has rapidly transformed its digital offerings and platforms. Unique customers logging onto the app has increased by 35% in the last year. Engagement with the platform has also increased, with time spent on the app increasing by 70%.
Kabelo Makeke, Standard Bank Head of Consumer and High Net Worth Clients in South Africa says: “We have worked hard to transform our business and to ensure that our customers are at the center of everything that we do. We strive to understand our clients as deeply and empathetically as we can. We use our extensive employee skills and digital capabilities to help meet their needs and to enable them to achieve their goals. Branches have been streamlined and de-cashed, and we have worked hard to bring our services to our clients where they live and work. Relevant offerings, excellence in service and digital capabilities will continue to drive customer loyalty and customer migration to Standard Bank.”
Standard Bank has the largest network of Instant Money partners in the country. Customers can send and receive funds through a network of more than 50 000 partners, making use of the bank’s ATM network and retail partners like Shoprite, Checkers, Pick ‘n Pay and Pep stores. In 2021 just under 7 million Instant Money recipients have made use of the service. In line with the drive to transform customer experience and value, Standard Bank also scrapped fees associated with customer transactions done at another bank ATMs. Standard Bank customers pay no extra fees when withdrawing funds at non-Standard Bank ATMs.
Standard Bank was the first bank to launch the virtual card offering to clients in South Africa. Use of virtual cards has seen a dramatic spike. In 2020, the issuing of virtual cards grew by over 300 percent indicating an increased demand for this virtual payment method. Through its Standard Bank’s Shyft platform, customers are able to create virtual cards in Dollar, Pound, Euro and Australian Dollar denominations. Digital demand of customers can clearly be seen in the growth of digital transactions with more Standard Bank customers doing their banking online. Digital transactions have increased by 22% in the year, while transactions on the App have increased by 38%, highlighting the immediacy and needfor efficiency that customers demand in these digital times. Standard Bank has continued to expand its partnership network, having recently announced a venture with Pick n Pay to establish in-store Standard Bank Branches. The in-store branches allow customers the convenience of doing their banking where they shop. The in-store branches will work together with digital banking offerings to provide customers with choices on how they want tomanage their financial transactions. Currently, in-store branches have been rolled out in more than 30 Pick ‘n Pay stores. Standard Bank recently launched EasyScan at Pick ‘n Pay allowing fast, easy payments for groceries. This first of its kind payment method, is a new service that enables customers to pay for their shopping using the Standard Bank Mobile Banking app. Standard Bank customers registered on the Banking App are now able to scan the QR code at a Pick n Pay till point and pay via the Banking App,allowing customers to keep track of purchases through the App.
Millions of South African’s have chosen Standard Bank to make their How About Now moments a reality. The bank will continue to strive for excellence and provide customers with enhanced digital and banking services with humility and humanity to partner with them to achieve and realise their dreams.