Welcome!

News Feed Item

Frost & Sullivan Applauds Standard Bank for Delivering Value to its SME Clients by Constantly Innovating across a Variety of Platforms

Standard Bank's core focus is the empowerment its clients, on both a financial and non-financial basis

CAPE TOWN, South Africa, Aug. 19, 2014 /PRNewswire/ -- Based on its recent analysis of the market for small and medium enterprises (SMEs) support financial services, Frost & Sullivan recognizes Standard Bank with the 2014 South Africa Frost & Sullivan Award for Customer Value Leadership. Acknowledging SME clients' need for on-call services throughout the day, Standard Bank introduced a command centre for the processing and turnaround of SME loan applications within 48 hours.

"Standard Bank has refined its micro-finance strategy to offer more secured loans and is currently focussed on improving the management of its current holdings," said Frost & Sullivan Research Analyst Ntsolo Setlaba. "Additionally, as part of a differentiated credit extension strategy, it offers financial training to clients rather than simply extend credit. This practice is becoming increasingly challenging due the delicate balance required between maintaining the integrity of the financials while achieving substantial growth rates."

"Receiving this accolade from Frost & Sullivan complements our ongoing effort to help SMEs in tackling day-to-day business challenges by providing them with tangible banking solutions to grow and sustain their businesses," says Ravi Govender, Head of Small Enterprises at Standard Bank.

"As we understand the environment within which SMEs operate, we are well-positioned to offer our customers the right advice, tools and financial support required to promote sustainable growth. Furthermore, we have demonstrated that even in times of economic turbulence, we are able to lead change by providing solutions that truly help our customers progress."

"We are committed to continue working at providing even greater depth and breadth of value to SMEs and other customers. We hope that this award will encourage other organisations to consider developing transformative, customer-focused strategies, by putting customers at the heart of everything they do."

Standard Bank conducts business the traditional way by assigning a relationship manager to every SME to ensure best-in-class management practices; simultaneously, it also offers non-traditional solutions such as the BizConnect portal. This platform remains a reference point for its SME customers in terms of start-up, development, growth, management, funding, and general queries. Furthermore, it assists in improving the daily operations of SMEs while providing them with links and resources to useful content.

Other platforms designed to enhance customer experience include the BizDirect Response Centre, which is an informative television series broadcast on a national channel; the BizLaunch solutions package, which is designed to provide everyday business solutions to entrepreneurs, with an aim to allow them to focus on the more important aspects of their businesses.

Recognising health- and lifestyle-related challenges and their implications on SMEs, Standard Bank, in partnership with Pan African Business Coalition on HIV/AIDS, responded with the BizAIDS programme. BizAIDS is an interactive business-skills training programme, combining business-related training with HIV/AIDS and health-related programmes. The programme displays Standard Bank's commitment to ensuring the sustainability of SMEs and understanding the needs of SME customers.

Interestingly, Standard Bank employs an integrated enterprise-development model that includes financial and non-financial support structures to assist SMEs. The enterprise-development model is used as a platform to facilitate enduring and mutually beneficial relationships among corporations, SMEs, the bank, and accredited business service providers. The premise of this unique model is based on key information, resource, and knowledge exchange between large, established businesses and SMEs.

The corporate/SME alliance was intended for corporations to assist SMEs by providing market opportunities within the corporate supply chain. Meanwhile, Standard Bank motivates corporations, which offer long-term contracts to SMEs, by offering customised financial schemes in the form of discounted rates, financial monitoring, and performance evaluation solutions.

"As Africa's largest bank, measured by its assets and shares, one of Standard Bank's competitive advantages in the SME segment is undoubtedly its ability to facilitate access to wider markets," noted Ntsolo Setlaba. "Considering Standard Bank's presence in 18 African countries, its ability to connect with 13 emerging countries, and its unmatched presence and world-class on-the-ground business experience, Frost & Sullivan firmly believes it is well positioned to service the SME market."

Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. This award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and ultimately customer base expansion.

Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.

About Standard Bank Personal and Business Banking South Africa

Standard Bank South Africa is the largest operating entity of Standard Bank Group, Africa's largest bank by assets. Standard Bank Group had total assets of R1 694 billion (about USD162 billion) at 31 December 2013, while its market capitalisation was R209.4 billion (about USD20 billion).

In South Africa, Standard Bank provides a full spectrum of financial services. Its personal and business banking unit offers banking and other financial services to individuals and small-to-medium enterprises. Standard Bank has more than 720 branches and over 7 100 ATMs in South Africa. Independent surveys of customer satisfaction consistently place Standard Bank at or near the top of their rankings.

Standard Bank's personal and business banking products include mortgage lending, instalment sale and finance leases, card products, transaction and lending products, and bancassurance.

For further information go to www.standardbank.co.za

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us:     Start the discussion

Join Us:           Join our community

Subscribe:       Newsletter on "the next big thing"

Register:         Gain access to visionary innovation

For more information contact:         

Sihle Bolani
Standard Bank
T: +27 (0)11 721 9354 or mobile:  +27 (0)73 710 1459
@:  [email protected]

Samantha James
Corporate Communications Africa, Frost & Sullivan
T: +27-21-680-3574
@: [email protected]

SOURCE Frost & Sullivan

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Ca...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...