Standard Chartered invests in digital banking technology

By Staff reporter | 07 Aug 2019 at 20:26hrs
GLOBAL financial institution, Standard Chartered Bank has invested over $400 million in digital banking technology across its operations worldwide since 2017.

As part of its efforts to enhance digital banking initiative, Standard Chartered Bank Zimbabwe has launched a digital-led facility to bring convenience to clients by enabling them to access banking services through Internet and mobile platforms.

Pursuant to the digital initiative, the bank last week availed the country's fully social banking solution called the Standard Chartered (SC) Keyboard and EcoCash registration on the Standard Chartered Mobile Application to its customers in Bulawayo.

In an interview after the launch, Standard Chartered Bank Zimbabwe head of retail banking Mrs Valeta Mthimkhulu said they have rolled out the mobile application migrating over 70 services onto the app.

"We have invested $400 million in digital banking technology since 2017 and today we have launched yet another digital banking initiative, the SC Keyboard and EcoCash registration on the SC Mobile Application," she said.

The SC keyboard is a capability that enables the bank's clients to send cash, pay bills and view their balances directly from any application with a chat capability on their smart phones.

So far, the SC Mobile app has been rolled out in eight African countries namely, Cote d'Ivoire, Kenya, Ghana, Zimbabwe, Zambia, Uganda Botswana, and Tanzania.

"What's exciting about the app is that we have migrated over 70 services that previously could be done in our branch onto the app.  

"And when we talk of those 70 services that we have migrated, those are the bulk that would affect the clients because if you think about what clients think when they come to the bank, those are the things," she said.

"When we talk about services, we are talking about those to do with card management side. And now when a client wants to order a replacement card, block the card or create a new page they can do that on the app, they don't need to come to the banking hall."  

There are also a lot of features to do with account management. The account management side, for example, if the client needs to update his or her address, can do so without going to the banking hall as was previously the case.

"What the client now needs to do is to take a picture of their utility bill, upload it and send to us then we process it. We don't need the client to come to the bank to bring us the utility bill, same thing for example if a client has married and wants to change a name or they have got a new idea for whatever reason," she said.

Mrs Mthimkhulu said their clients can also use the mobile application to apply for a loan or open a savings account. Through the SC Mobile app, Standard Chartered Bank clients could also get information pertaining to proof of their bank balances, which document would be stamped and authenticated.

"Normally with most apps clients receive messages but with this app, the client can write to us for whatever else they may request, which give them support 24/7. And if a client wants to register on EcoCash, they can do that registration on the app instead of filling the physical form," she said.

Standard Chartered Bank is the oldest financial institution in Zimbabwe with over 125 years of existence. Underpinned by its strong presence, the bank has taken a conscious decision to continue to maintain its long standing commitment to doing business in Zimbabwe.



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