Standard Bank has introduced Shyft, a platform that enables customers personal foreign exchange transactions from their mobile devices. The global wallet is now available on Android and Apple stores.
Customers are able to buy and store 4 currencies at a time suitable to them and paperwork is eliminated. The app also allows use the currencies to make online purchases using their virtual cards, send or pay an international beneficiary or use the Shyft physical card to swipe or withdraw from an ATM when travelling overseas.
Shyft was awarded bronze in the Most Disruptive Innovation category of the 2016 Efma–Accenture Distribution & Marketing Innovation Awards. The awards are designed to create global awareness of best practices in the retail banking distribution and marketing arena. The criteria against which initiatives are judged by 1 200 professional bankers around the world include the originality of the innovation, its impact on the industry, and its adaptability for use in other markets and countries.
“Shyft is very much in line with our focus as a bank on enhancing the banking experience for ordinary citizens,” says Richard de Roos, Head of Foreign Exchange at Standard Bank. “It puts the customer’s needs at the centre of what we do.
“It’s also a superb example of the way we as an African bank can harness innovation from fintechs anywhere in the world and put the convenience and simplicity that innovation makes possible quite literally in the hands of our customers. No bank can work fast enough to do that on its own. Thus, Shyft demonstrates our relentless pursuit of the best for our clients, whether from within our own organisation or from the broader world of bright minds and ideas.”