Standard Bank’s digitally-active clients in South Africa now stand at the 4.1 million mark out of an active base of 11.4 million.
This comes as the big-four bank witnesses a continued surge in digital transactions.
In a statement, Standard Bank says business and commercial clients have increasingly adopted its digital payment solutions.
For example, the Unayo digital payment platform facilitated disbursements of over R1 billion in grants and salaries across four countries, says the bank.
Kabelo Makeke, head of personal and private banking at Standard Bank South Africa, says: “We continue to enhance the capability and functionality of the digital platforms, especially the mobile banking app which is the primary digital channel of our personal customers.
“In South Africa, we witnessed a 13% increase in app users in the last year, with over 100 million logins per month. Additionally, more than four million clients utilised the in-app message centre to resolve problems or enquire about additional services.”
Standard Bank says it processed over 2.5 billion digital transaction volumes in 2023, marking a 33% increase from the previous year. The preference for digital transacting is also evident through a decline in branch transactions of 28%, it notes.
Standard Bank says the number of branches increased from 619 to 652 in 2023, with further expansion planned for 2024.
“Business banking enhancements to digital onboarding and lending processes, including the incorporation of alternative data sources and scoring options, led to faster turnaround times.
“In South Africa, the bank launched the first fully-digital, self-service account origination process, enabling sole proprietors and single directors/members to open accounts online within 20 minutes,” concludes Makeke.
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