Standard Bank Introduces New Bank Account – MyMo

Standard Bank is leveraging its digital capabilities to create superior digital platforms that enhance customer experience and enable easy and affordable access to banking services. As part of this, the bank has launched several innovative and digital firsts. This week Standard Bank introduces a R4.95p/m bank account called MyMo that customers can open on their mobile devices, loaded with data and airtime offerings and other benefits such as virtual and Gold physical card.

MyMo is an account for everyone, whether you just landed your first job or have been around the block. With no documentation required it only takes a few minutes to open the account. Funeka Montjane, Chief Executive, Personal and Business Banking, South Africa, Standard Bank Group says: “For just R4 .95 a month, customers will be able to enjoy free swipes and ATM withdrawals at only R6.50 for amounts under R 1 000. MyMo account holders will also enjoy the convenience of a cheque account through a Visa and Mastercard gold card at competitive rates. Once the account is open, users can choose to either receive R50 in airtime or 500MB of data a month, if their card is swiped more than four times a month. A further megabyte of data is loaded on the account for every R20 spent.

“Mobile is the new branch. This account is about bringing the mobile branch into customers hands, it is about convenience and security while banking.’ says Ms Montjane

Mobile offers low cost transactional banking which integrates people and businesses into the new connected economy, making mobile the new branch ecosystem that will drive and connect Africa’s growth. Physical connections to the economy are rapidly changing to digital where banks have to move from being financial institutions to service organisations.

Ms Montjane says, “In the past people congregated in communities and eventually cities to maximise the advantages of connectivity. Today a simple hand-held device has the potential to open infinite doors, transforming individuals’ access to opportunities, regardless of where they are, and like never before in history. Historically, a bank account represented access to economic citizenship, today, “having a simple device enabling digital access to a modern banking platform is a passport to global connectivity and vast human development potential.”

In the years ahead, the financial services industry, the competitive and regulatory environment and customers’ and employees’ expectations will continue to change. The bank is focused on transforming the customer and employee experience and improving productivity to deliver a “future-ready” organisation.

The bank is using technology, and mobile phones in particular, to deliver low-cost transactional channels accessible to all our customers. The evolution in mobile can be seen in transaction options like cash back at the retail checkout till rather than the ATM, free digital banking rather than using a branch, and the ability to transact using digital wallets, even without a bank account.

“Developing comprehensive connected ecosystems require a mind-set change from Africa’s banks. Banks will evolve away from traditional financial service organisations, into service ecosystems enabling broad universal access to almost everything like enhanced purchasing experiences of vehicles and homes, online procurement of goods and services and lifestyle elements like rewards and travel. These connectivity drivers will also act to future-proof evolving connectivity ecosystem by allowing us to offer untold future services while deriving income from as yet unrealised revenue streams,” says Montjane.

From a customer perspective, the kind of ecosystems of knowledge, access and, ultimately, connectivity that banks will come to provide will; “radically transform the share of life that almost all individuals will be able to access and benefit from,” predicts Montjane.

As a bank committed to driving Africa’s growth by creating exceptional experiences for its customers through digital banking solutions, MyMo and the ever-growing digital connectivity that Standard Bank is assembling is, “providing Africans with early access to the kinds of ecosystems that with drive future growth while redefining the nature of human interaction and global prosperity,” concludes Montjane.

Other recent Standard Bank innovations that combine technology and banking to drive Africa’s growth through enabling digital connectivity include:

  • The first virtual card in SA (Shyft)
  • Award winning QR code-enabled and beacon enabled payments solution (Snapscan)
  • First WeChat messaging service for Prestige and Private banking customers
  • First to launched WeChat wallet (leveraging Snapscan technology)
  • First to launch biometric logon to our mobile app (available in 9 countries)
  • First to launch Apple watch integration for mobile app
  • SingularityU, bought to Africa by Standard Bank
  • Single digital ID across multiple countries
  • An app enabling clients to trade across 29 different stock exchanges off their mobile device
  • Card console on our app to remotely turn cards on and off, and control when and where they may be used
  • Being the second bank to launch Samsung Pay in South Africa in Aug 2018
  • URA e-Commerce solution – Stanbic Bank partnered with Uganda Revenue Authority to
    facilitate digital platforms to pay taxes

MyMo Account Details:

  • Account opened instantly on the Standard Bank APP
  • You can deposit money into your account
  • Buy electricity
  • Buy airtime or data when you need to top up
  • Make payments
  • Create a virtual card and buy online as soon as you are ready
  • Buy using snapscan, just link your virtual card
  • You can even pay by debit order
  • Free Data
  • The more you swipe, the more data you get.
  • You get an additional 1MB for every R20 you spend
    R50 talktime or 500mb of data per month after 4 card swipes
  • Through our extensive ATM network, customers can withdraw cash for as little as R6.50.
  • If you are at an ATM and you have forgotten your pin, you can simply view it on your app
  • To make this account more affordable, we have reduced the fees that matter most to customers…. You can do most of your day to day banking for under R5
  • Monthly fee = R4.95
  • Make electronic payments for R1.50
  • Debit order for R3.50
  • You’re safe… we will notify you of any activity on your account for R1 a month
  • If it so happens that your account is debited without your permission, we will notify you and you can reverse the debit order from the comfort of your own home.

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