Standard Bank has revealed that during 2015 825 million financial transactions worth R430 billion were processed through its banking app resulting in a sharp decline in ATM and branch transactions.
Standard Bank has revealed that during 2015 825 million financial transactions worth R430 billion were processed through its banking app. As a consequence of this, branch transactional volumes have declined and ATM and branch transactions now make up less than 5% of total banking transactions. This means 95% of Standard Bank’s transactions are already electronic.
“The vast bulk of Standard Bank’s Personal & Business Banking strategy to 2020 is about how we can use digital capabilities to deliver an even better customer experience,” says Peter Schlebusch, Standard Bank’s chief executive for personal and business banking. “This entails putting customers in control, providing more convenience, and extracting key customer insights from our rich data so that the bank becomes more proactive, relevant and easy to use.”
Schlebusch says Standard Bank has invested heavily in IT infrastructure to ensure that the bank has a single view of the customer, and the customer has a single instant view of their complete banking services regardless of geography, product or customer segment. The app includes the ability to open accounts online, move money across borders quickly and easily, trade shares internationally on 29 stock exchanges and even lodge homeowner insurance claims off a single mobile device.
The move to mobile has been enthusiastically received by customers:
· Most customers now bank outside of traditional banking hours. A high peak hour is between 8:00am and 09:00am
· The total number of unique Standard Bank universal banking IDs created to date is more than 600 000
· Over R5.7 billion in value has been traded on Standard Bank’s Online Share Trading App to date
· Over 22 000 merchants and more than 200 000 customers have signed up for SnapScan
· InstantMoney has processed more than R7.5 billion in money transfers and remittances
The bank is upgrading its entire core banking systems in an effort to meet the continually changing behaviour of customers. The fully functional new core banking platform in South Africa is processing substantial volumes, with approximately 570 million transactions processed in 2015, 27% more than in 2014. Across the rest of Africa the bank already has 73% of Personal & Business Banking customers on its new core banking system.
Standard Bank says it will continue to leverage off increased smartphone penetration. In Africa, the Internet is being predominantly accessed by the smart mobile device, for example, in South Africa, 60% of all Internet page views are on a smartphone.
Standard Bank also says it continues to enhance its integrated universal banking app, which allows personal, business and high net worth customers to view and transact with a single digital ID across multiple geographies, including South Africa, Ghana, Namibia, Botswana, Uganda and Standard Bank Offshore, with additional launches in the countries in which Standard Bank operates expected in the coming months.
“We are committed to Africa and proudly call the continent our home. Africa loves mobile. This is why we are so excited about how technology and data is allowing us to get even closer to our customers. We are steadfast on a strategy of tapping into the increasing use of technology, like smartphones, tablets and wearables, across the continent to become a truly integrated internet-based financial services business,” says Schlebusch.
As innovative solutions for an increasingly mobile, tech savvy and cost conscious client base continue to be harnessed, the bank’s vision is clear: To become a digital leader in Africa.
“Our aim is to be always on and always connected, while providing biometric authentication and extensive use of data analytics to personalise the customer experience to a far larger degree,” says Schlebusch.
To succeed in this, Standard Bank has placed the customer at the heart of the bank’s digital strategy, with a remarkable list of first to market innovations to date. These include:
· The single digital ID across multiple countries
· Biometric identification for mobile banking
· An app enabling clients to trade across 29 different stock exchanges off their mobile device
· 24/7 Banking instant messaging service for Private & Prestige customers via WeChat – with further developments imminent
· A card console to remotely turn cards on and off, and control the countries and the time when the card may be used
· Snapscan, which enables mobile phone payments using QR codes or iBeacons regardless of where customers bank
An additional first in the pipeline is the first-of-its kind Kidz Banking App, which is a game-like, vividly animated banking app designed primarily for children aged 6-11 years. Just in time for Savings Month 2016, the app was developed with youth education and the improvement of the culture of saving in mind. It will be linked to a parent’s Standard Bank smartphone app, and features colourful characters – themed on South Africa’s Big 5 – that assist parents in guiding children on money management concepts such as earning, saving and responsible spending.
The customer experience in the future will be worlds apart from what it was just a few years ago. Where customers pressed ten buttons before to conduct a simple banking transaction, the intelligence of the future will better understand and anticipate their behaviour in advance and only one click will be needed to set in motion multiple responses and outcomes. These future digital capabilities will not only be more convenient and engaging for customers, but can also be expected to reduce costs.
“The cost of banking has halved in real terms in the last decade and a lot of it is because of the powerful and comprehensive digital platforms we have provided,” says Schlebusch. “This trend will continue as more consumers utilise digital channels in the future.”
AppDate: DStv taps Xbox, Hisense
DStv Now for Xbox and Hisense
Usage of DStv Now, the online DStv service available free to DStv customers, is increasing rapidly with more than two million plays of live and Catch Up content per week. In addition to using DStv Now to watch TV on tablets and smartphones, an increasing number of DStv customers are also opting to use it as their primary method of getting DStv on additional TVs in the house. This is set to increase with the release of two new big-screen TV apps, one for Xbox gaming consoles (Xbox One, Xbox One S, Xbox One X) and another for Hisense smart TVs (2018 and newer models).
Expect to pay: A free download.
Platform: Any of the Xbox One range of gaming consoles and 2018 or later Hisense smart TVs.
Stockists: Visit the store linked to your Xbox console or HiSense smart TV.
Santam Safety Ideas
Start-up businesses that have a FinTech or InsurTech business venture brewing are called to enter the third annual Santam Safety Ideas competition. Safety solutions or InsurTech ventures that are ready for piloting could win up to R150 000 worth of incubation support and R200 000 in seed funding.
The Safety Ideas competition was launched two years ago in partnership with LaunchLab, Stellenbosch University’s startup incubator that facilitates valuable connections for corporates and startups sourced from the startup ecosystem and partner universities in South Africa. The previous winners are Herman Bester and Anton Swanevelder, co-founders of MyLifeLine – a wearable panic device that won the competition last year; and Ntsako Mgiba and Ntandoyenkosi Shezi, co-founders of Jonga – a cost-effective security system for low income families, which won the competition in 2017.
Entries close on 28 February 2019. For more information on how to enter, visit: www.santam.co.za/safetyideas/
Click here to read about the FNB Snapchat lens, Spotify Free with data saver, and 00:37.
Fortnite fixes hackers’ hole
Epic Games has repaired a vulnerability that exposed Fortnite, the world’s most popular game of the moment, to hackers. The hole, which was left in Epic’s web infrastructure, allowed hackers to target players with email that appeared to come from Epic Games, but would have led them to a phishing site, where their log-in details would have been stolen.
Researchers at cyber security solutions provider Check Point Software alerted Epic to vulnerabilities that could have affected any player of the hugely popular online battle game.
Fortnite has nearly 80 million players worldwide. The game is popular on all gaming platforms, including Android, iOS, PC via Microsoft Windows and consoles such as Xbox One and PlayStation 4. In addition to casual players, Fortnite is used by professional gamers who stream their sessions online, and is popular with e-sports enthusiasts.
If exploited, the vulnerability would have given an attacker full access to a user’s account and their personal information as well as enabling them to purchase virtual in-game currency using the victim’s payment card details. The vulnerability would also have allowed for a massive invasion of privacy, as an attacker could listen to in-game chatter as well as surrounding sounds and conversations within the victim’s home or other location of play.
While Fortnite players had previously been targeted by scams that deceived them into logging into fake websites that promised to generate Fortnite’s ‘V-Buck’ in-game currency, these new vulnerabilities could have been exploited without the player handing over any login details.
Click here to read how the Fortnite hack would have worked.