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.
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
As customers no longer have to come to the branch to collect statements, there has been a dramatic reduction in queues.
How Standard Bank Gained Customer Support to Switch to Electronic Statements
Standard Bank knew that their customers liked paper statements due to the perceived security, legality and legibility it was felt they provided. These critical characteristics would have to be retained if electronic documents were ever going to be seen as equivalent replacements. By using Temenos Transact with Lasernet, Standard Bank were able to achieve exceptional results, converting nearly 80% of their customer base to electronic statement delivery.
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.
