When was the last time you conducted a bank transaction at one of your bank’s branches? By Standard Bank’s count, the amount of people who do so (or use an ATM) has dropped to less than a mere 5%.
There are several reasons for this, but the bank claims that the figure indicates that more people are conducting transactions through its app.
Standard Bank says that it has seen mobile traffic growing 100% a year and that 825 million financial transactions worth R430 billion were processed through the banking app last year alone.
This means that 95 per cent of Standard Bank’s transactions are being made electronically.
“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,” explained Peter Schlebusch, Standard Bank’s Chief Executive for Personal & 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.”
Standard Bank has also revealed some interesting stats about how people bank online:
- 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
To meet the increased demand for online banking, the bank said that it would also be upgrading its entire core banking systems in South Africa, and across the rest of Africa the bank already has 73% of Personal & Business Banking customers on its new core banking system.
“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,” concluded Schlebusch.