Standard Bank is seeing a surge in customers opting for digital transacting
The world is witnessing a seismic shift in banking behaviour, with digital platforms at the forefront. Standard Bank is seeing a surge in customers opting for digital banking, with its Banking App experiencing the greatest growth. The volume of transactions on the Standard Bank Banking App increased by more than 35% between 2022 and 2023. Overall, digital transaction volumes increased by 23% in the same period.
In 2022, the number of digitally active clients grew by 12.4% compared to the previous year. The trend continued in 2023, with digitally active clients growing by 8%. The group processed over 2.8 billion digital transactions for retail clients and distributed over R41 billion on behalf of South African clients via our digital wallet platform. According to the World Economic Forum, digital adoption has surged, transforming the financial landscape with Africa leading the way in many respects. Mobile and digital banking have bridged gaps, providing financial inclusion to millions who were previously unbanked.
Belinda Rathogwa, Standard Bank’s Head of Digital and E-Commerce, emphasises that customers demand greater convenience and accessibility. “Standard Bank’s digital platforms deliver precisely that.”
Standard Bank’s digital platforms offer a wide range of services, including:
- Fund Transfers: Seamlessly transfer money between accounts.
- Payments: Payments can be made conveniently and instantly from your phone.
- Balance Inquiries: Check your account balances.
- Card Management: Manage your debit and credit cards.
- Secure Authentication: Enhanced security features protect your transactions.
However, it’s the additional tools and services that make digital banking so attractive. Standard Bank offers money management tools that assist consumers in making better financial decisions. These include tools that highlight past and potential future money movements, a budget manager and a personalised credit score. Customers can instantly open various savings and investment accounts or apply for personal loans.
“Modern financial digital applications offer consumers far more engagement with their finances, effectively making money personal. It creates a world of options that are instantly available on a secure always on, always present platform. The shift in customer behaviour has extended beyond digital banking platforms as customers increasing make use of digital platforms in other aspects of their lives.” Says Rathogwa.”
For example, more customers are opting to purchase goods online. The value of online card purchases made by Standard Bank clients increased by 4% from 2022 to 2023, despite challenging economic conditions.
“Standard Bank is committed to providing solutions that meet clients’ needs. As client needs and behaviour shifts towards greater use of digital platforms, Standard Bank remains focused on making more services available through digital platforms, making banking more convenient and accessible to clients.” Concludes Rathogwa