Standard Bank digital and e-commerce Belinda Rathogwa
Financial services firm Standard Bank said digital transaction volumes increased by 23% between 2022 and 2023, and transaction volumes on its banking application increased by more than 35% during this period.
The number of digitally active clients grew by 12.4% in 2022 compared with the prior year, and this trend continued in 2023, with digitally active clients growing by 8%.
The group processed more than 2.8-billion digital transactions for retail clients and distributed more than R41-billion on behalf of South African clients through its digital wallet platform during this period.
More customers are also opting to buy goods online, and the value of online card purchases made by Standard Bank clients increased by 4% from 2022 to 2023, despite challenging economic conditions, the bank said in an April 2 statement.
Standard Bank digital and e-commerce head Belinda Rathogwa cited findings by the World Economic Forum that digital adoption has surged, transforming the financial landscape in Africa.
Mobile and digital banking have bridged gaps by providing financial inclusion to millions who were previously unbanked, she adds.
“Modern financial digital applications offer consumers far more engagement with their finances, effectively making money personal. They create a world of options that are instantly available on a secure always-on, always-present platform.
“The shift in customer behaviour has extended beyond digital banking platforms as customers increasing make use of digital platforms in other aspects of their lives,” Rathogwa commented.