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Awards 4 December 2020

Standard Bank wins fintech award for ushering in ‘new wave of financial wellness’ with My360 app

Standard Bank has received the Most Innovative International Fintech award at the sixth annual Benzinga Global Fintech Awards, held virtually on November 10 to honour achievements in the fintech industry.

Hosted by Benzinga, a leading news and data platform, and powered by financial data and insights platform Envestnet | Yodlee, the first-ever virtual award ceremony was well-attended by leaders in the industry from across the globe.

As part of the event, a select few Benzinga Fintech Listmakers were presented awards in 35 different categories for their work creating positive and diverse change in financial services. Listmakers underwent two difficult rounds of judging that ranked each company or executive on their impact in the areas of payments, banking, investing, technology, financial literacy and more.

Standard Bank was recognised by Benzinga for its My360 app in the Most Innovative International Fintech category, which is awarded to a financial institution that has recently implemented technology allowing users to improve their financial wellness.

The My360 app provides a global, consolidated view of someone’s entire financial life across more than 20 000 global financial institutions from one touch point. Customers can track and access their assets and liabilities, regardless of institution or geography where their accounts reside. Customers can also directly save and invest using the app’s robo advisor capability.

Envestnet | Yodlee said they had awarded Standard Bank the achievement of fintech innovation for its My360 app as it is a truly integrated solution that takes in other sources of data (such as inflation or insurance policy data) to create a new wave of financial wellness, which is an urgent necessity in the current pandemic environment.

Standard Bank Wealth has made immense strides to harness technology to drive more integrated solutions. This includes the development of the My360 app and WhatsApp-based chatbots.

Standard Bank’s WhatsApp-based chatbots allow customers to utilise a familiar interface to conduct simple transactions, ask questions without having to go through a call centre, and purchase and manage their products, such as funeral cover.

Further to that, Standard Bank recently extended its partnership with global CRM provider Salesforce to find the right prospective customers and to personalise the client experience, based on rich, data-driven insights.

These developments all form part of Standard Bank’s drive to becoming a future ready organisation.

Deepesh Thomas, head of Wealth Digital, believes this recognition demonstrates the business’s commitment to placing digitisation and client centricity right at the centre of its strategy.

“We continue to enhance the value of our offerings by leveraging technology to provide a better understanding and risk assessment of each client. This is bringing efficiencies to our organisation and allows for staff to focus on more meaningful areas of the business. The end consumer will ultimately feel the impact as we are better equipped to deliver exceptional, universal financial services solutions delivered in a digital and human way.”

All Benzinga Listmakers and Fintech Award Winners will be honored throughout the next year, and for many more to come, as Benzinga continues to highlight the fintech industry’s most innovative minds. In a statement on the development, Benzinga founder and CEO said: “The Benzinga Global Fintech Awards enable disruptive fintech companies to be recognized for the change they are making in the financial space,” Raznick said.

Thomas says that it is both an honour and a privilege to receive this exclusive award. “We are highly encouraged by the recognition, which we believe will aid adoption of the Standard Bank My360 app and ultimately improve financial education and wellness of our clients.”