African digital payment transaction with mobile POS technology.
By Belinda Rathogwa, Head of Digital at Standard Bank South Africa
Technology has transformed our daily lives. Specifically, digital technologies have revolutionised how people do their day-to-day banking. The shift to Digital Banking is especially relevant in South Africa, where limited access to financial services can impede access to economic opportunities.
The limited access to financial services is more pronounced in rural and outlying areas where banks’ physical points of presence may be dispersed. Research shows that over 22 million people in South Africa own a Smartphone. The growth in smartphone penetration provides an opportunity to increase the number of people with access to financial services through digital banking.
In addition, research shows that over 51,5% of internet users between 16 and 64 years use digital financial services monthly. Therefore, digital banking offers great potential for revolutionising access to financial services and improving lives. Whether making payments, transferring money, or simply checking a bank balance, digital technologies have transformed the client experience, making banking convenient and more accessible. Digital banking has made it easier for clients to engage with their banks, reducing the need to commute to physical branches and saving clients time and money.
In line with Standard Bank’s purpose and commitment to play a leading role in driving growth on the African continent, Standard Bank’s digital banking offering extends well beyond basic banking and supports individuals striving to live a better life. The Standard Bank Banking App is tailored to meet the needs of both new and existing clients. Through the Banking App, new clients can open a bank account and access a full suite of banking services, including savings and investments, personal lending and insurance. Existing clients can access personalised financial insights through financial management tools such as credit score, money movements or budget manager, which enable clients to make informed financial decisions to reach their goals.
The bank’s purpose to drive growth manifests in its commitment to safeguard customer data through continuous investment in digital security features such as biometric login or the DigiME capability that uses biometric authentication to verify clients’ identities before granting them access to digital banking services. Using the latest technology, Standard Bank’s advanced fraud detection capabilities give clients confidence in their Banking App, knowing they have secure access to their bank anytime.
Digital banking services pave the way for Standard Bank to become an invaluable partner for its clients. By enabling clients to securely access banking services and personalised financial insights through Digital Banking, Standard Bank can fulfil its’ purpose to drive sustainable, inclusive growth in Africa.