Standard Bank branch transactions dropped by 13% in the first half of 2024, reaching around 2.5 million transactions as more clients moved to digital channels.
During the same period, online transactions surged by 30% to 1.5 billion, with clients performing an average of 10,400 digital transactions per month, compared to just 0.017 transactions in branches.
ATM transactions also saw an 8% increase, reaching 104 million.
“Our customers’ preferences are changing rapidly, and we are committed to meeting their needs in the most efficient and effective ways possible,” said Kabelo Makeke, Head of Personal & Private Banking at Standard Bank South Africa.
Over the past five years, the bank has strategically adapted to the evolving digital landscape while minimizing the impact on staff and customers.
Standard Bank has reduced its branch square meters by 4% in the last year, equivalent to about eight Ellis Park Rugby stadiums, without decreasing the number of service points, which now stands at 654 in South Africa.
“Our goal is to provide our customers with the best possible banking experience, whether they choose to engage with us digitally or in person. By adapting our branch network and enhancing our digital capabilities, we are ensuring that we remain responsive to our customers’ needs and preferences,” Makeke added.
Standard Bank today introduced Reach, a digital platform set to transform syndicated loan management.
The banking group said Reach offers unmatched simplicity, transparency, and convenience for managing syndicated loans.
Developed by Standard Bank Investment Banking, Reach automates numerous tasks, enhances communication, and provides step-by-step guidance throughout the syndicated loan process. This cloud-based platform delivers a comprehensive 360-degree view of loan information, including portfolio summaries, loan types, commitments, drawdown history, facility details, interest rates, and more.
“With Reach, we are setting a new standard in the syndicated loan market,” said Kelly-Ann Myles, Head of Agency at Standard Bank. “Our platform’s ability to centralise and digitise loan data enhances efficiency, reduces error rates, and provides our clients with immediate access to vital loan information.”
Reach addresses the inefficiencies traditionally associated with manual loan administration processes. It replaces previous manual systems, which relied heavily on email coordination, with a fully digitised and automated system. This shift not only mitigates the risk of human error but also caters to the rapidly evolving needs of clients for digital solutions and comprehensive data insights.
The platform’s features include clear audit histories with date and time stamps for all correspondence and loan events, direct online chat with call history audit logs, real-time KYC verification, and automated reminders for outstanding tasks. Additionally, users have access to commercial details of syndicated loans, information on counterparties and financial covenants, monthly statements, and an online document management solution for legal agreements.
“Reach is more than just a digital platform; it’s a game-changer for the syndicated loan market,” added Kevin Ssemwogerere, Head of Investment Banking Ventures at Standard Bank.
“Clients no longer need to wait for manual processes to obtain their loan information. Everything they need is available at their fingertips, saving time and enhancing operational efficiency. Both lenders and borrowers can easily access and manage their loan documents, all stored in an organised, date-ordered manner.”
