Standard Bank plans to consolidate its existing retail online share trading platforms under its Shyftglobal money app.
The move has been prompted by client feedback, prevailing industry trends and a review of the existing online retail trading platforms, says the big-four bank.
Its online retail trading platforms comprise WebTrader, Auto Share Invest and Online Share Trading (OST).
The migration will take effect over the course of 2025 and 2026, according to the bank.
“We are making direct contact with clients on the migration,” says Henry Dhliwayo, head of the global markets retail business at Standard Bank Corporate and Investment Banking.
“To minimise disruption and ensure stability, the move of clients and assets will be carried out in multiple tranches, with each phase carefully planned and communicated. These platforms will remain available for some time; however, eventually, they will only be accessible via Shyft.”
The phased migration has begun with OST, where clients currently using the platform to invest in shares and exchange-traded funds have been contacted directly with information about the move to Shyft.
Clients who currently hold or invest in other financial instruments, such as tax-free investment accounts, derivatives, or structured products, will be included in subsequent phases of the rollout, reveals the bank.
Similarly, clients whose accounts are managed by third-parties or intermediaries will be migrated at a later stage.
The Shyft app is available to Standard Bank and non-Standard Bank clients who reside in SA or Botswana, and offers physical and digital cards.
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