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.”
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.