DURBAN - Standard Bank has launched a platform that is aimed at the youth market that combines banking, lifestyle and social functions.
The Sorted digital lifestyle platform is the first of its kind to be launched in South Africa, it is linked to a prepaid debit card and is designed to bring lifestyle requirements under one ‘roof’ enabling young Standard Bank customers to keep their fingers on the pulse of their busy lives through a range of specifically-designed tools.
"The Sorted platform is unique in several aspects. It is a platform which supports the young, constantly moving and innovative lifestyles of the new generation of customers. Sorted, enables the user to access multiple lifestyle services including social media products under a single digital platform," Lincoln Mali, head of Card and Emerging Payments at Standard Bank.
The banking aspects of the digital platform run in the background and are ready to support the user whenever financial capability is required. What makes it stand out as a new generation banking product is that it is customisable. Partners, at this stage mainly tertiary institutions and schools, are able to brand the linked Sorted debit card, which enables the financial services and issues it to students who can exclusively access and use ‘institution-specific’ offerings that are part of the Sorted platform.
According to Mali, they had to change the perception of banking held by the younger market and set out to achieve this by showing that banking can be innovative. Our approach was to work towards concentrating on delivering a ‘Customer Power of One’ experience by designing a platform that was customisable to individual needs.
Sorted was created to serve the 18 to 23-year-old market but Standard Bank believe that it will appeal to parents who have children that are school learners whom they wish to experience some financial independence. In the event of a Sorted account being used by a minor, parent monitoring of financial transactions can be enabled.
The parent or guardian can also almost become a student’s private banker by placing funds in different Sorted ‘pockets’. So, money destined for school or academic fees cannot be used for other purposes. Defined purchases on campus can also be controlled.
Turning to the future of Sorted, Mali says that the platform is another step towards achieving Standard Bank’s inclusive digital banking vision based on providing customer access to multiple services through the use of specially designed solutions.
The solution had already gotten the attention of a number of tertiary institutions and schools. Sorted also presents opportunities for bodies concerned with making educational loans to streamline student payments and also empower recipients.
BUSINESS REPORT ONLINE