Standard Bank Scoops Another International Award

Standard Bank was recently awarded the Celent’s Model Risk Manager 2021 Award for the KYC on the Go App, which is enabled by the Microsoft Power Apps platform.

Celent’s annual Model Risk Manager Awards recognise the best practices of technology usage in different areas critical to success in terms of risk. The submissions are judged against these three core criteria: The degree of innovation; Technology or implementation excellence; and Demonstrable business benefits.

Leon Barnard, from Standard Bank’s Business and Commercial Client Segment said: “We achieved this by using technology to our full advantage, our digital capability backed by data and of course overlaid by our human insight, through which we understand our clients and deliver what is most important to them.”

KYC on the Go allows the bank to upload documents for its Consumer and Enterprise (Small Business) clients digitally with the help of bank staff or the clients themselves through a smartphone, tablet or computer. It not only assigns these documents to the client’s file, but also digitally stores them in the bank’s DSX database. The Standard Bank project team used agile methodology to develop the KYC App, including straight-through processing integration with its core banking systems and DSX data repositories, within 10 weeks on the Microsoft Power Apps platform.

“Through this process,” continued Barnard, “we have seen a significant reduction in KYC documentation collection time and effort and a 76% user adoption rate, and despite the challenges presented by COVID-19 social distancing requirements, the KYC App is already being used in 50% of new account onboarding across 500 branches. This is one of the steps we are taking to get Standard Bank future ready.”

The App is readily available in the Google Play Store and the App Store and was rolled out to eight Africa regions markets.

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