Standard Bank unveils new innovation hub

Standard Bank has launched its dedicated innovation lab dubbed, the PlayRoom, as the group targets start-up businesses.

The bank says this move is in line with its strategy as a customer-centric and innovative institution.

The PlayRoom is a 1,927 square metre creative hub in Rosebank, Johannesburg, that seeks to unearth “disruptive ideas” from staff, customers and start-up businesses.

The lab enables Standard Bank to research and test in a controlled environment, before releasing new solutions into the market.

“This is probably the biggest step we have taken to bring us closer to our customers. The vision is that the PlayRoom will form an integral part of our ongoing efforts to find innovative solutions that solve real customer needs and challenges,” said Vuyo Mpako, head of innovation and channel design at Standard Bank.

In 2014, Standard Bank launched SnapScan, and partnered with MasterCard to bring MasterPass to the South African market.

The PlayRoom has already been put to the test with Standard Bank’s new-generation Internet Banking site, launching soon.

The concept, redesign, beta testing and extensive group testing sessions all took place at the PlayRoom, the bank said.

“The centre will be at the forefront of solutions testing to make the customers’ banking experience simpler and more seamless. The ultimate aim will be enabling convenient, 24-hour banking from any location,” Mpako said.