StanChart Leads The Way In Digital Transformation

Standard Chartered Bank CEO, Sonny Zulu, has said that the Bank leads the way as far as digital banking is concerned. He was speaking at the Digital Governance Africa Conference held at Ciela Resort, where he articulated the bank’s digital transformation journey and how this can serve as a blueprint for the digitisation of government services.

Mr Zulu outlined how going digital has transformed the bank’s ability to acquire new customers, make the customer journey more efficient and how the bank is able to offer its customers a superior banking experience through its digital platforms, including the award-winning SC Mobile Banking App.

Mr Zulu said that Standard Chartered Bank’s digital strategy, which is hinged on four pillars – self-service digital channels, digital sales, staff sales productivity, and service efficiency – has resulted in an 85 per cent self-service request utilisation and the ability to perform international remittances with near real-time efficiency.

“Since embarking on our digital transformation journey a few years ago, we have seen an exponential rise in the adoption and usage of our digital channels. Standard Chartered Bank’s digital adoption rate now stands at 74 per cent; over 60,000 clients now use our mobile and online banking platforms; we are opening over 2,500 accounts every month compared to around 600 pre-digital. Furthermore, we are the only bank in Zambia where customers can open a bank account end-to-end without the need to physically visit a branch.”

The bank’s digital transformation has reduced end-to-end account opening times as no paperwork is involved, drastically reduced human processing errors and decongested the branches, amongst others. Furthermore, it has widened access to banking across Zambia – Standard Chartered Bank is reaching more clients in far-flung places where they have never had a physical branch.

Mr. Zulu called on governments to urgently embark on digitising government services in order to achieve greater efficiencies and access to public services. He commended the Smart Zambia initiative and encouraged government departments to learn best practices from the private sector.

Source: Standard Chartered Bank Zambia