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Standard Bank in disruptive mode

Admire Moyo
By Admire Moyo, ITWeb's news editor.
Johannesburg, 14 Oct 2015
Standard Bank is calling on disruptors to enter its Pathfinders Challenge.
Standard Bank is calling on disruptors to enter its Pathfinders Challenge.

Big four bank Standard Bank is calling all disruptors in the form of individuals, entrepreneurs, young professionals, established businesses, as well as innovation and tech gurus to enter its Pathfinders Challenge.

The move comes as South African financial institutions bank on innovation in order to gain market share. They are increasingly releasing mobile and desktop banking applications, along with text-based mobile apps and payment systems to increase their reach.

The Standard Bank Pathfinders Challenge is a platform for disruptors to submit new concepts on how the banking and financial services industry can best service the customer of the future.

According to a recent survey by PricewaterhouseCoopers (PwC), SA's major banks remain resilient despite a challenging and volatile operating environment. PwC says almost all of the major banks indicated they now have dedicated innovation resources and teams who tap expertise across the organisations to embed innovation as a business-as-usual priority.

Last month, Standard Bank simplified the process of applying for a current account by allowing customers to complete the application process online. It also introduced its Relationship Banking instant messaging service, which offers prestige and private banking customers 24/7/365 real-time support via WeChat, delivered by an always-on team of about 120 bankers.

Another top four bank, FNB, says its innovators programme has implemented over 9 000 innovations since it was started 11 years ago. Nedbank and Absa are also involved in innovation programmes of their own.

"Standard Bank's innovation team has come up with this challenge for Pathfinders - an open collective of design thinkers, technologists, futurists, and spirited innovators - and tasked them with the challenge of shedding a guiding light over the customer of the future. This is not about financial services; this is about how to solve for the customer of the future," says Paul Steenkamp, head of innovation at Standard Bank.

"We are already driving new concepts from ideation through prototyping into development and we are now inviting the public to join this process by presenting their ideas to our teams and then developing it with input and support from Standard Bank at our Innovation Lab in Rosebank, Johannesburg."

Participants are required to develop an idea or concept grounded on innovative, disruptive technology capabilities. They may also take this a step further and develop a functional demo or prototype of the product, service or application, says Standard Bank.

These innovative solutions have to apply to the banking and financial services industry, or have a demonstrable impact in another sector but with a potential connection or application within the banking and financial services industry, it adds.

Winners stand a chance of winning a share of over R500 000 in cash prizes, additional development support, dedicated coaching and mentoring, as well as acceleration and incubation support.

They also stand a chance to further commercialise and scale their ideas and technologies with help from Standard Bank resources and support, together with hot desk space in Cape Town or Johannesburg for the top three winning companies.

Entries for the challenge close on 31 October. Click here for more information.

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