In 2018, we helped 4 958 South African affordable housing customers purchase a home. We work closely with the Department of Human Settlements to enable access to finance, and access to information to support responsible debt management.
We’re committed to partnering with our customers during difficult times, and endeavour to work with our customers to develop workable solutions when they find themselves struggling to repay their debt. Options include a debt moratorium, extended loan terms or reduced repayment. Currently 7% of our affordable housing customers are making use of such facilities.
Accessible and convenient digital channels are essential to broaden and deepen financial inclusion across the continent. Standard Bank products such as Instant Money, which issued more than two million vouchers in South Africa, and Slydepay, SnapScan and Shyft offer users greater convenience and cheaper transaction rates than branch or ATM options and are safe and secure. Cardless cash deposits, available in most of our countries of operation, allow customers to deposit cash at an ATM, without using an ATM card. We’ve also developed targeted remittance products which enable affordable transfers across national borders.
We’re keenly aware of our responsibility to ensure that our customers have a clear understanding of our products and services, and how to use them cost-effectively. We run consumer education programmes in several of our countries of operation, including South Africa, Nigeria and Ghana.
Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all
Deepen financial inclusion across Africa with appropriate digital offerings
Work with our customers to mitigate over-indebtedness (including sales-in-execution)
Helping people buy a home is one of the most important roles we play in society. A home provides shelter and dignity for families and provides an opportunity to build inter-generational wealth. Standard Bank is a major provider of home loans in South Africa, with a 34.2% market share.
Standard Bank is keeping pace with rapid technological change by partnering with fintech companies to introduce safe and secure financial solutions in a responsible manner.
We’ve developed a sourcing and scouting model to identify fintech companies which have the potential to provide solutions to better serve customers and business supported by an engagement framework with clear guidelines and principles for business to execute. We have an internal fintech working group, with shared capabilities to identify the most suitable fintech partners. Our fintech investment portfolio includes utility providers, enhanced payment capabilities, lending businesses and technology providers.
We recognise that while digital channels offer ease of access and more cost-effective solutions for customers, many people still prefer to visit a branch and talk to a bank representative face to face.
A 2018 study conducted by the World Bank on behalf of South Africa’s National Treasury highlighted the extent to which bank customers may find it difficult to access information about different products and fee structures, making it difficult for them to know whether they’re getting value for money and to identify the most appropriate solution for their particular needs.
We work closely with our customers to develop financial solutions that enable them to save, invest, grow their assets and plan for the future. This is important in maintaining generational wealth, as well as growing new wealth and planning for the unexpected.
In 2018, we provided personal credit card accounts for 1.2 million customers and over 60 000 corporate credit accounts.