5 November 2020, Singapore — Standard Bank and its technology partner Infosys Finacle received the awards for Best Branch Digitisation Implementation and Best Lending Implementation in Africa at the Middle East and Africa Regional Awards Virtual Ceremony 2020 presented by The Asian Banker.
Standard Bank enhanced banking experience through implementation of innovative platform
Standard Bank implemented a Mobile Teller solution, a solution designed for tellers, relationship managers and agents to enable a seamless banking experience for customers. This project led to a 37% branch capacity improvement and branch network cost reduction of 14%. The bank’s digitised lending exceeded bank expectations and performance by 400%. Loan application took less than a minute from previous 45 minutes to an hour servicing through manual processing. This had a significant reduction in staff time required in branches and significant customer satisfaction.
Standard Bank leveraged Infosys Finacle’s technology to improve the current lending solution
Standard Bank used methodologies like agile to ensure fast time to market delivery, cost savings, and early realisation of non-interest revenue (NIR) and net interest income (NII). Innovative deployment of strategies in the form of Finacle Core and Channel development enabled digitised lending across multiple channels. This also improved customer service by reducing processing time.
Standard Bank was able to significantly reduce operational costs and processing time
The bank witnessed current loan processing time decreased from an hour to less than a minute. The improvement in customer service created a 119% growth in daily loans disbursed, more than double compared to 2018. Digitising the application has also allowed the bank to save overhead and resource costs mainly in paper and manpower.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145