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Standard bank showcases its digital transformation

by Lesotho Times
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Bereng Mpaki

STANDARD Lesotho Bank (SLB) has introduced five new digital innovations to increase client convenience and reduce costs on its customers.

The bank’s chief executive officer, Mpho Vumbukani, yesterday said embracing the new digital platforms would ensure that the bank remains in tune with changing customer needs in the digital era.

“For us, this journey is an important milestone and is a result of years of planning and strategic thinking in our desire to ensure that our bank remains relevant and poised to move forward with our customers, who are increasingly becoming sophisticated and technologically adept and ready to try new technologies in the market that suit their banking, communication and indeed their lifestyle in this era of digitisation,” Mr Vumbukani said.

He said the bank’s core banking system upgrade which was done in 2017, has facilitated addition of the new innovations that the bank was presenting to the market.

“We need to evolve to survive, as we are in the digital era and we need to move with times, and the new core banking system has enabled us to do just that.”

The first two new innovations involve making additions to the functions of their Auto Teller Machines (ATMs). The first function called Instant Money, allows customers to withdraw and send money persons without bank accounts.

The second function is called the ATM Express Depositor. It allows customers to deposit cash into their accounts which reflects instantly. This function is currently available on 27 ATMs around the country.

Other new products include the Smart App which allows customers to perform selected banking transactions on their mobile devices via a user friendly and safe application. It can also link all their accounts across the Standard Bank Group including the credit card.

Enterprise On-line is a platform targeting small to medium business enterprises to make bulk payments of up to 200 beneficiaries at a time. It also has other functions common in internet banking such as checking statements and making local CMA payments.

The Bulk Cash Depositor Machine is useful for business that are cash intensive. It allows customers to deposit large sums of cash without the assistance of a teller. The money reflects in the customers’ accounts in real time.

Selloane Tsike, head of personal and business banking, said the new introductions would make banking convenient, cheaper and suitable for customers of the next generation.

She said their journey of digital banking has gathered momentum since they introduced mobile and internet banking in 2014.

“Our desire is to create virtual banks and introduce self-service banking that is intended to drive customers out of the banking halls to our state-of-the-art devices and use of their own devices such as smart phones and tablets,” said Ms Tsike.

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