If the themes of its launch presentation ring true, bluebean.com's offerings are as versatile as James Bond. The online shopping mall is as sexy as Madonna, its security as strong and inscrutable as a Kung Fu master and its loyalty programme is active and enthusiastic.
Announced last night at Vodaworld in Midrand, bluebean.com is Standard Bank's new online financial services and shopping site targeted at the emerging Internet-savvy market. The site caters for online banking, and has a shopping mall populated by a number of retailers and merchants including MTN, Woolworths and Ster Kinekor.
The site offers users a transaction card described as a hybrid credit, ATM and secure Internet shopping card. Secured by a proprietary secure electronic payment (SEP) system, the card may be used on- or offline. Customers receive a percentage of points when using the card in the real world, and double that percentage when purchasing from the online mall.
Standard Bank's budgeted cash investment for buebean.com in its first year will be a total of R83 million. The target is to secure 300 000 registered users within the first five years. It is expected to turn a profit in year three. The bank already has 140 000 active users of its current Internet banking service.
The concept has been in development for about a year, and the site is the result of Standard Bank's discussions with international management consultants MarchFirst, responsible for the oft-cited Egg offering available in the UK.
"Being a part of Standard Bank means it will benefit from the processes, systems and expertise of an established bank, but as a separate, young and innovative brand, it opens up new channels and options for the customer," says Stanbic CE Jacko Maree.
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