The Road To R85 Billion In Monthly Digital Transactions At Standard Bank

For 2018, the bank said it has seen a monthly average of 40 000 new digital registrations.

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Standard Bank
Standard Bank (Photo Credit: Techunzipped)

Standard Bank customers have embraced the bank’s digital journey and focus on offering enhanced digital capability and platforms.

The customers of South Africa’s largest bank assets have recorded more than 130 million digital transactions between January and September 2018 on the bank’s electronic platforms.  

The transactions represent an average monthly rand value of R85 billion being processed through the bank’s digital channels which includes online Bankingmobile app & USSD transacting platforms, the bank disclosed on Thursday.

“This represents a 7.9% year-on-year increase in the rand value being processed on these channels,” said Standard Bank.

The growth in transaction volumes and rand value processed can be attributed to:

  • simplified access to our platforms,
  • increased efficiency and usability through system optimisation,
  • an enhanced security protocol,
  • digital activity incentives and continuous enhancement of our Digital Channel feature set through customer-driven design practice
  • Convenience and 24/7 access

Standard Bank’s digital wallet, Instant Money, is now responsible for processing about seven million of the transactions, amounting to R5.5 billion annually, disclosed the bank.

Instant Money allows clients to send cash quickly and safely to anyone in SA with a cellphone number, for PIN-controlled cardless collection at our ATMs or participating retail partners.

“We have invested significant effort in technology over the last few years upgrading the entire core banking system. This has allowed for improved real-time processing of transactions as well as faster service levels,” says head: digital banking, eCommerce and moonshots at Standard Bank, Theo Skosana.

For 2018, the bank said it has seen a monthly average of 40 000 new digital registrations.

This equates to over 1250 new daily registrations on the Internet Banking and Mobile app. This adoption rate is an encouraging sign of the transition from traditional to Digital transactional banking, said the lender.

“In a country where the vast majority of people have banked in-branch for decades we are empowering people with digital banking,” says Skosana.

“While the cost of digital access is still high, smartphones and their proliferation in the market has made access easier with customers demanding more from their devices.  We have had to react with an improved offering like banking without data and banking on the go.”

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