Standard Chartered Bank Launches Second Phase of Digital-Only Retail Banks In Africa

Standard Chartered Bank
Standard Chartered Bank
Standard Chartered Bank  Photo credit William – stock.adobe.com

Standard Chartered Bank is starting its second phase of digital-only retail banking in Africa. This follows the successful launch of the bank’s first digital retail services in Cote d’Ivoire. The bank made the announcement for the second phase on January 31 2019.

The bank targets to launch the second phase in the first quarter of 2019. The key markets in this first quarter are Uganda, Kenya, Ghana, and Tanzania.

Demand

According to the bank, the launch was necessitated by increasing demand for innovative banking services. Standard Chartered, in meeting this demand, continues to make strategic and sustainable investments in technology. Furthermore, the launch of the second phase of digital-only retail banking complements the bank’s innovation agenda.

The launch is an acknowledgment that Africa’s future is in innovation and technology. During the launch, the bank’s CEO for Africa and the Middle East stated that Standard Chartered has a focus on digitizing Africa and facilitating access to financial services.

Benefits to Standard Chartered Customers

Standard Chartered customers will enjoy enhanced services in the digital platforms. The services include P2P payment, QR code, instant fixed deposits, as well as loan and overdraft facilities. In addition, the bank’s customers will be able to enjoy banking services anywhere, anytime. The bank has made a commitment to guarantee its customers a consistent online experience.

In this second phase, Standard Chartered bank will apply a similar platform used in the first phase in Cote d’Ivoire. The CDI—Customer Data Integration–platform onboards clients in under 15 minutes. Furthermore, the platform provides 70 of the most common service requests.

For the bank, this new venture provides an opportunity to engage in strategic alliances with local players. These new partnerships further enhance the customer experience by providing services such as the ability to make online payments when shopping.

Marketing the New Services

Africa’s banking market is the second-fastest-growing in the world. Also, it is the second-most profitable market across the globe. In order to create awareness of the new services, the bank announced that it will launch a marketing campaign that runs across traditional and social media platforms. In Uganda, Standard Chartered partnered with comedian Anne Kansime to drive awareness of the new services.

Update

The first launch was made in Uganda during the announcement of the second phase of digital-only retail banking in Africa. Standard Charted unveiled the services in Tanzania and Ghana in February 2019. In March, 2019, the bank launched a mobile banking platform in Kenya, fulfilling its commitment to roll out the digital platforms within the first quarter of 2019 in the four African countries.

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