Banking Innovation of the Month: Sorted by Standard Bank

Innovation of the month

07 March 2019

Efma-Accenture’s Banking Innovation of the Month award for March goes to Standard Bank for Sorted, a customizable app that encourages sound financial behaviour and reduces risk by helping communities go cashless.

South Africa-based Standard Bank decided that it needed to change its outlook to engage with its millennial customers more closely. To do this, it wanted to provide a customised experience where customers could choose what services they use and when they want to use them. Hence, it created Sorted, an app that offers financial services to millennials.

“The majority of South Africans are under 30 years of age and have been born into the digital era,” said Steven Valoi, product owner of Mobile and value-added services at Standard Bank. “As such, they demand innovation, personalisation and value-added life services from all service providers including banking.”

Sorted was created to ensure the bank’s share of the millennial market and help them go cashless. The platform also provides for the lifestyle and goals of an individual as it supports payment and other financial transactions. For example, it has an in-app marketplace that enables users to buy, sell and swap goods within closed and open loop environments. Users can also customise the look and feel of the app.

“Sorted was founded as a way to help South Africa go cashless by starting with the future of the country – the younger generation,” said Valoi. “We also wanted to encourage sound financial behaviour and reduce risk by enabling our business partners to service, support and encourage their communities to also go cashless. The app is a way of providing customers with financial services and support all from the palm of their hand.”

The app begins its roll-out in March 2019 and many South African schools have already requested a road show to promote the app, and its financial education benefits, to students.

Sorted will be automatically selected as a nominee for the Efma-Accenture Customer Insight & Growth Awards 2019. Submit your innovations on the Efma Customer Insight & Growth portal until 5 April for the April Innovation of the Month. Participation is free of charge and open to all banking institutions. Innovation of the Month is reserved for Efma members.

Keywords : Digital payments/Wallet , Digital/Mobile channels , Youth , Non-financial services , Bank Products & Services

Geography : South Africa