Standard Bank has opened its first Innovation and Design Centre in Johannesburg. The centre is configured for technology-driven testing including mobile applications and will be accessed by both customers and staff, across personal and business banking.
By putting innovation in the hands of its customers and staff, Standard Bank provides the opportunity for them to test and design financial solutions and capabilities uniquely suited to them.
Through the use of focus groups and interviews, Standard Bank will be able to integrate both its customer and staff into the creative design process. Successful innovations will not only be rewarded, but implemented by Standard Bank.
As South Africa’s largest retail bank by customer numbers, Standard Bank is putting its customer-centric strategy at the core of the new centre, where design teams will be able to conduct cross-platform concept testing in real-world scenarios. The high-tech facility is flexible for any user, but is also plugged into the bank’s banking platform – so compatibility, usability and customer acceptance can be tested and enhanced.
The facility is styled towards simplicity and ease of use, with customised technological features like software that enables the centre’s staff to mirror the contents on the mobile device being tested on a monitor in the viewing room, without physically interacting with the tester.
“At Standard Bank, we are serious about putting the customer at the heart of all our operations. For the first time, customers can have direct access to designing products and services; and building applications that are unique and tailored to their individual lifestyle.
“By introducing customer testing at the centre, we are making our customers an essential part of the design process,” says Funeka Montjane, chief executive of Personal and Business Banking at Standard Bank South Africa.
Recognising the need for banking to adapt to changes in technology and the growth of digitally-driven business models, Standard Bank’s new centre enables the bank to pioneer in a controlled environment, before releasing them into the market.
“From a business point of view, the cost saving is huge. By testing in such a real and dynamic environment you get an idea very early on in the process if something works or not. Besides the cost savings and tangible customer benefits, new products and services can now be introduced to the market in a matter of weeks as opposed to months,” adds Montjane.
It is part of the bank’s on-going initiative to make banking more accessible to South Africans by offering them convenience, simplicity and value for money.
“We are on a journey to change how we interact with our customers. Being at the forefront of innovation in the banking space ultimately allows Standard Bank to have a better relationship with our customers in ways that matter and make a difference,” she says.
Montjane adds that the Innovation and Design Centre will allow Standard Bank to continuously engage, listen and co-create solutions with its customers with the aim of bringing every day banking value to them.
Standard Bank has spent up to R10-billion to date implementing and upgrading new systems as it strives to integrate technological innovation with its business strategy.
“With the increase in the use of mobile devices like phones and tablets, the need for changing how we do banking and establishing technology-driven solutions has never been greater. Standard Bank studies found that up to 80% of transactions in branches can be done via mobile channels.
“The centre will be at the forefront of solutions testing to make the customer’s banking experience simpler and more seamless. The ultimate aim will be enabling 24 hour banking from any location.”
With 4000 AccessPoints, 8000 ATMs and Automated Note Acceptors, Standard Bank has one of the biggest networks in the country.
The bank’s focus on innovation in banking has led to recognition in the form of numerous prestigious awards, including:
* BAI-FINACLE Global Banking Innovation Award 2013;
* For AccessBanking – a product suite catering for the needs of lower-income South African customers who are traditionally under-banked. The AccessBanking model has been built on the SAP mobile origination technology platform.;
* SAP Pinnacle Gold award for Innovation and Large Implementation – Standard Bank received a gold award in the Innovation and Large Implementation Category earlier this year. This was for innovation on its SAP platform that has seen Standard Bank bring banking services closer to the country’s unbanked communities.;
* 2013 MTN Business App of the Year Award;
* For SnapScan – a payment app designed and piloted by Standard Bank’s innovation hub Beyond Payments, allows customers to use their phone to pay at any merchant displaying the SnapScan logo, without needing to load an electronic wallet. The MTN Business App awards are aimed at showcasing achievements in local app development, a growing and increasingly important industry in South Africa.
* The Star’s Reader’ Choice Awards 2013 – Standard Bank was named the bank of choice in the Star’s 2013 Readers’ Choice Awards. Indicating that Standard Bank is on the right path in terms of providing customers with solutions that meets their need;
* 2013 Sunday Times/TNS Top Brands survey – Standard Bank also ranked the number one brand in the consumer banking category of the 2013 Sunday Times/TNS Top Brands survey. The ranking is particularly significant because it represents the perception of consumers themselves.
