RISING DIGITAL TRANSACTIONS

STANDARD Bank says its customers recorded more than 130 million digital transactions between January and September on the bank’s electronic platforms, with the bank stating that the customers have embraced the use of technology. The bank said yesterday that the transactions represented an average of R85 billion monthly processed through the its digital channels, which included online banking, mobile app and USSD transacting platforms, representing a 7.9 percent year-on-year increase in the rand value being processed on these channels. Standard Bank’s head: digital banking, eCommerce and Moonshots, Theo Skosana, said the bank had invested significant effort in technology in the past few years, upgrading the entire core banking system. “This has allowed for improved real time processing of transactions as well as faster service levels,” Skosana said. In 2018, the bank had seen a monthly average of 40 000 new digital registrations. This equated to more than 1 250 new daily registrations on the internet banking and mobile app. The group said this adoption rate was an encouraging sign of the transition from traditional to digital transactional banking. Standard Bank’s digital wallet, Instant Money, was now responsible for processing about 7 million of the transactions, amounting to R5.5bn annually. | Sandile Mchunu