"Standard Bank were able to achieve exceptional results, converting nearly 80% of their customer base to electronic statement delivery."
Industry
Retail Banking, Commercial Banking, Corporate Banking
Location
Maputo, Mozambique
Standard Bank Mozambique Goes Digital with Lasernet
Standard Bank Mozambique is part of the largest African banking group with total assets of USD 183 billion, employing over 50,000 people and operating in 17 high-growth markets in Africa and 16 emerging markets worldwide.
As part of a company wide initiative, Standard Bank Mozambique took the decision to move away from their paper based system to a highly efficient and cost effective online banking solution with the help of Lasernet.
Utilising Lasernet, Standard Bank was able to approach three challenges:
- Move away from paper and labour intensive banking to more efficient online processing.
- Deliver PDF statements to customers that would be accepted as trusted tax & legal records.
- Provide a more convenient and timely method of delivering statements to customers.
The First Step - Switching off Paper Statements
Standard Bank recognised that one of the most effective cost-cutting exercises would be to encourage customers to accept electronic, rather than printed and posted, statements. Hard copy statements cost hundreds of thousands of dollars to send each year, not to mention the environmental concerns over paper usage.
However, whilst most customers agree in principle to receiving electronic statements, banks worldwide report a high level of customer inertia when it comes to actually making the switch; a factor which Standard Bank were well aware of.
Email statements
Email statement delivery dramatically reduces costs whilst improving customer service
Automated processing
There is no manual intervention for processing and delivering of the messages to clients
Smaller queues
With statements no longer collected in-branch, queues have reduced dramatically
How it works
- Lasernet creates e-statements as precise PDF replicas of the paper version, including all the bank’s logos, branding and layout. This means that the PDFs qualify as valid tax and legal records.
- Email delivery can include customers who don’t use the online banking service.
- E-statements can be augmented with a number of security features: encryption, digital signatures and access passwords making them as secure, if not more secure than posted hard copies.
- Customers value the convenience associated with email delivery, particularly as Mozambique's limited postal service means that many customers have to collect their statements from their local branch.
