Banks are finally embracing digital and more importantly enabling access to digital banking services. Last week FNB announced that they will drop data charges on their banking app.
Today, Standard Bank has announced that from this month there will be zero-rate charges on its popular mobile banking app.
Standard Bank customers will no longer be charged for data, this follows an agreement amongst all major network operators in South Africa.
Standard Bank Head of Digital Banking and eCommerce, Vuyo Mpako said: “One of the drawbacks of using an app and related features like sending money or making payments, was that it encountered data charges. As we continue to enable our customers to achieve their next by expanding our mobile and digital offerings, our next step was to improve the user experience even further by dropping those added costs, effectively giving our customers greater access to mobile banking solutions.”
The app allows users access and manage accounts on the go like make payments, check balances and view accounts, this is but a few of the features and recent enhancements.
“We designed our app to be stable and reliable, and efficiencies are continuously built in to limit the time our clients spend online banking, so they have more time for the things that are important to them. Costs are, however, always a problem and this potentially prevented some customers from utilising the full spectrum of solutions on the app. There is now a vista of opportunity for those that truly want to harness the power of our app,” Mpako said.
He said that the zero rating comes at a time when customers are under financial pressure and they hope that this benefit will offer some relief and allows customers to save something extra towards things that are personal to them.
“Our digital journey does not stop here, and we will continue to innovate to ensure customers can essentially manage their entire financial lives on the app via one access point,” he continued.
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Customers using the app can open savings and investment accounts, send InstantMoney as well as make international payments. There is also a Balance Peak feature, which allows users to view balances without signing in, link the app to their Apple Watch to check balances, activate cards for international travel, signing in on an iPhone using Touch ID, view UCount balances and even search for nearby ATMs as well as branches and Caltex outlets.
In addition, customers can change ATM limits, stop a lost or stolen card and get a new card delivered to a preferred branch – even submit homeowners’ insurance claims, with photos, and manage car loans and request a vehicle’s cross-border letter.
“Standard Bank is not standing still when it comes to driving digital innovation as a core part of our future strategy. Our mobile traffic is already growing 100% a year and enhancing mobile solutions will become even more integral in the future as we enable our customers to tap into next generation services and solutions,” Mpako added.