Standard Bank boosts its digital investment to stay ahead of the pack

Standard Bank Group, one of Africa’s largest financial services organisations, continues to lead the way in digital transformation, ensuring it remains competitive and future-ready.

As the financial landscape evolves, Standard Bank is committed to supporting the changing needs of its clients through strategic investments in IT infrastructure, digital security, and innovative solutions.

Jörg Fischer, group CIO at Standard Bank, emphasises the importance of these investments in driving the bank’s digital transformation strategy. “Our clients’ needs are constantly evolving, and we must stay ahead of the curve by investing in technology that enhances their experience and ensures their security. We are committed to making significant investments in our IT infrastructure to support these changing needs and to remain competitive in the market.”

Standard Bank has made substantial investments in its IT infrastructure, focusing on software, cloud and technology-related costs. In the first half of 2024, the bank reported a 6% increase in these costs.

Fischer says: “Our investment in cloud technology is a strategic move to improve operational efficiency and flexibility. By migrating more applications to the cloud, we can better serve our clients and ensure that our systems are resilient and secure, and remain adaptive to new technologies and innovation like AI.”

Enhancing digital capabilities

Standard Bank’s focus on enhancing its digital capabilities is evident in its efforts to align with client needs and optimise the cost to serve. The bank has seen a huge increase in digitally active retail clients in SA, growing by 7% as more clients transitioned to convenient digital channels. Digital transactional volumes increased by 23%, with a decline in branch transactional volumes of 12% as clients continued to prefer online solutions.

“Our clients are increasingly choosing digital channels for their banking needs,” says Fischer. “We are committed to enhancing our digital capabilities to provide them with a seamless and secure banking experience. This includes ongoing efforts to migrate clients to digital platforms and increase the digitisation of branch services.”

Supporting client engagement and retention

Standard Bank’s focus on client engagement, acquisition, and retention strategies has led to a 4% growth in the active client base to more than 19 million. This growth is supported by higher transactional activity across the portfolio. The bank continues to enhance its digital capabilities to align with client needs and optimise the cost to serve.

Fischer notes, “Our client engagement strategies are designed to build long-term relationships and ensure that we meet their evolving needs. By leveraging technology, we can provide personalised and efficient services that enhance the overall client experience.”

Investments in digital security are a critical component of Standard Bank’s IT strategy. The bank has made significant investments in software supporting the security and stability of client platforms. This includes measures to protect against cyberthreats and ensure uninterrupted service.

“Security is a top priority for us,” says Fischer. “We are committed to investing in the latest technologies to protect our clients’ data and ensure the stability of our systems. This is essential for maintaining trust and confidence in our digital services.”

This article was paid for by Standard Bank.