Standard Bank, Africa’s largest financial services organisation by assets, is honoured to have received a series of awards and special mentions at the 32nd annual Private Banker International (PBI) Global Wealth Awards 2022.
This year, Standard Bank Wealth & Investment took the top spots in the following categories:
- Outstanding Global Private Bank: Africa
- Outstanding Wealth Management Technology Initiative-Front Office
The bank was also ‘Highly commended’ by Private Banker International in the following categories:
- Best Family Office
- Outstanding Wealth Management Technology Initiative-Back Office
Now in their 32nd year, the annual Global Wealth Awards celebrate and recognise the best-in-class private banks and wealth management companies from across the world. Private Banker International, which has become an essential resource for C-suite executives from across the global private banking and wealth management ecosystem, says that the 2022 edition of the awards received a record-breaking number of entries from around the globe, representing six continents.
“All entrants shared inspiring stories showcasing how digital innovation and adoption of technology have improved client onboarding, acquisition and engagement. The banks and financial institutions have certainly set the global bar high and shown our judges how to lead and meet the demands of this sector,” PBI said.
Sanah Gumede of Standard Bank Wealth & Investment said that the bank was delighted to be awarded prestigious titles by Private Banker International. “The team at Standard Bank Wealth & Investment has worked tirelessly over the past year to deliver superior experiences to our clients and we are truly grateful and honoured to be acknowledged for our efforts on the global stage. When it comes to global wealth management, our clients rely on our bespoke solutions and innovative technology to enable them to grow, manage and preserve their generational wealth. That is why we believe PBI has once again named us as Outstanding Global Private Bank for Africa.”
Standard Bank Wealth & Investment serves clients with bespoke needs, in sub-Saharan Africa and those interested in the continent. It leverages the client base of Africa’s largest bank deploying digital wealth management apps, and family services, among many others, to serve its clients’ differing needs. Standard Bank’s strong presence in Africa is evident by its various offices and its R122 billion in assets under management. In recent times, Standard Bank has enhanced its value proposition to provide a more comprehensive wealth journey for individuals and families in the post-COVID-19 era and as they move through different life stages. The desire for more bespoke services and flexibility, especially as people increasingly become globally mobile, led the bank to offer seamless and borderless banking solutions to clients wherever they are based – all backed by a renewed drive to rollout more 24×7 self-serve technology tools.
Gumede said that it was the bank’s digital innovations such as the award-winning Shyft and My360 apps that impressed the judges of this year’s Global Wealth awards and helped it to secure the title of Outstanding Wealth Management Technology Initiative-Front Office. Standard Bank’s award-winning app allows anyone to invest, buy, store, send, spend, and exchange FX – and link physical or virtual Shyft cards and accounts to ease cross-border transfers. Gumede explained that an international trading feature was added last year for global citizens who are constantly travelling. Meanwhile, the My360 mobile app, the first of its kind on the continent, provides a global, consolidated view of a user’s entire financial life across more than 20 000 global financial institutions from one touch point. This means that you can get a full view of your assets and liabilities and the specific asset classes, regardless of institution or geography where your accounts reside.
“Of course, these front-end developments require strong back-end technology in order to present, process and orchestrate information effectively. Standard Bank has this capability via a number of systems that ultimately enable us to provide customers with a better data-centric service,” she added. Standard Bank Wealth & Investment was also highly commended by PBI for the way it has adopted a ‘family first’ philosophy to serving all generations and types of clients. A drive to identify emerging family office clients among first generation wealth clients was also noteworthy, as was an imminent private equity and direct investment platform. In commenting on Standard Bank’s accolades received this year, Private Banker International said: “Each year, the awards provide the opportunity for entrants to build a strong network and establish brand superiority within the elite private banking community. Your team is part of this incredible growth story and deserving of this win. We are grateful to you for sharing your knowledge, triumphs and difficulties to consistently enrich the Private Banker International Global Wealth Awards.”