Stanbic bank has launched a digitized, convenient and seamless online banking system, which is meant to cut down on the numbers of customers heading into banking halls to transact. The new online system will now see more people access Stanbic bank services offline.
In a press statement, Miriam Naigembe, Stanbic bank’s head of Customer Channels, the online servic e requires no paperwork, has fewer requirements and saves time. Customers no longer have to queue inside the bank for the purpose of opening accounts.
“Previously, new customers would have to go through the long process filling paperwork for every requirement. It’s great to note that we have done a review of the requirements and all a customer needs to open the account is a national ID/student ID (for Ugandans), passport and valid visa for non-Ugandans, a passport photo and their signature. The long tedious process and requirements such as an LC letter, letter of introduction and proof of income is now a thing of the past,” she said.
Naigembe added: “This also provides the opportunity for customers to deposit any amount onto their account remotely using our ATMs, cash deposit machines, agents and mobile money.”
The introduction of online banking comes at a time when one of Stanbic’s nearest competitor, Standard Chartered, is revolutionising this kind of service on the African continent.
Standard Chartered bank launched its first digital branch in Africa in Ivory Coast, sparking off a phenomenon in other markets such as East Africa. Analysts predict that soon, digital banks will be able to make more money than the brick and mortar branches.
The fear of job losses remains real, while small banks could end up either exiting the market or being bought by the bigger banks as the competition intensifies.