Standard Bank says its Web site has generated more than R1.3 billion in business in the past year, showing that the channel is no longer simply a luxury.
Direct channels director Dennis Lupambo says the site is transforming itself from being "nice to have", to being a substantial contributor to the bank, able to reach many people other than traditional customers.
The site attracts almost 500 000 visitors each month, increasing by 195% the value of business generated over the Web. Online applications also increased by 46% over the previous year.
"This fact, combined with the growth in the number of approved applications, shows that our conversions from enquiries to concrete business have also increased," he says.
Web channel head Anthony Solomon says Standard Bank sees the site as the primary electronic communications and customer acquisition channel in the online space, with mobile, telephone and Internet banking, together with ATMs, functioning primarily as transaction channels.
He adds that the bank is planning to enhance the site's usability and provide new functionality. "Our aim is to provide customers with tools which will assist them in reaching financial decisions."
Solomon says Standard Bank also has an agreement with Telkom, in terms of which its customers can acquire Internet access at reduced rates.
"Here our approach is different to other banks in that we do not attempt to assume the role of an ISP and brand the offering, but rather facilitate customer connectivity to stimulate growth in direct channels," he says.
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