Standard Bank says its mobile traffic is growing at 100% annually as customers embrace more convenient and efficient solutions for their banking needs.
During 2015, 825 million financial transactions worth R430 billion were processed through the banking app.
As a consequence of this, branch transactional volumes have declined and ATM and branch transactions now make up less than 5% of total banking transactions.
The bank said that 95% of its transactions are already electronic, while it is processing substantial volumes, with approximately 570 million transactions processed in 2015, 27% more than in 2014.
“The cost of banking has halved in real terms in the last decade and a lot of it is because of the powerful and comprehensive digital platforms we have provided. This trend will continue as more consumers utilise digital channels in the future,” said Peter Schlebusch, Standard Bank’s Chief Executive for Personal & Business Banking.