Financial Inclusion as an Innovation Imperative
At the BAI Finacle Global Banking Innovation Awards 2013, Standard Bank won the Innovation in Societal and Community Impact Award. The introduction of Standard Bank Access Banking, a full suite of products designed specifically for underbanked customers in South Africa, reaffirmed the bank’s commitment to promoting a culture of innovation and brand positioning that has a dedicated social-based innovation program in the bank.
Innovation Agency was proud to design and deliver an innovation program that allowed employees across the division to share ideas and collaborate around solutions and go beyond traditional approaches to banking. By introducing Go Beyond, Standard Bank has leveraged off its existing talent base to generate and implement innovative ideas to remain competitive in the market.
Go Beyond utilised crowdsourcing and open innovation methods to provide an enabling environment, raise awareness and encourage innovative behaviour and performance. Standard Bank focused on creating an internal culture of mass collaboration to drive innovation, using the following project components:
- Strategic sponsorship from business
- An activation plan
- A well defined innovation process
- An enabling platform
- Employee engagement and
- Mass participation
The Access Banking suite consists of fully functional transactional and savings accounts. These products are underpinned by an in-community service model designed to make banking more accessible to its customers. The AccessBankingCentre, an in-community branch-like presence, is supported by retailer-based AccessPoints that enables cash functionality to be rolled out on a wide scale and AccessConnect-Cellphone Banking, which puts payments and account information functionality in the customer’s pocket 24-7, 365.