Africa Banking Botswana Digital Inclusion Finance Financial Inclusion Fintech Mobile Tech

Botswana: Banking with convenience and simplicity

We are living in an ever-increasingly digitalised world, where every aspect of our day-to-day lives and our lifestyles often plays out through the tips of our fingers. Whether this involves us simply performing daily tasks such as banking, communicating with loved ones, ordering food, booking a massage – digital technology has shortened the time between thought and action, and our lives have become increasingly convenient, supported by or wholly digitised.

Digital trends are influencing our way of life both personally and professionally, as individuals, families and businesses change the veritable status quo in favour of leveraging technology for better experiences and outcomes.

No clearer has this been than the world of retail financial services and the power given to the consumer to do more with less, any time they desire. Consumers enjoy the freedom of being able to do more and more of their banking at their own time from the comfort of their couch, while on a road trip, and even on a vacation. This is why mobile banking is now more appealing than ever before.

With the growth in use of the Internet and increased accessibility thereof, the number of consumers using smartphones is steadily increasing, resulting in a preference related to financial service channels gradually shifting from offline to online. It has become more common and more enjoyed an experience, saving banking users from banking hall visits and queues unless necessary. During the current pandemic and the restricted movements as a result of this, use of electronic banking channels has become the norm. So what is it that, beyond necessity, makes this a veritable option?

Also read: Standard Chartered Bank Botswana announces 2020 Half Year results

The best banking solutions give clients back their time, making mobile banking Apps a win-win solution. This has resulted in commercial banks now switching their focus to mobile banking. Above all, clients rely on mobile banking apps because it is an easy to use tool for everyday banking. Clients want to be able to do their banking transaction on-the-go, in their time, in the comfort of their homes, and preferably with just a few taps on their smartphones. They desire easier ways of accessing their earnings, transacting, and diversifying their banking profiles without any hassle.

This encompasses businesses as well, they want faster, more efficient ways to transfer funds around the world and to support their global operations. Across the board, what everyone wants is financial solutions that are quick, simple and accessible. Mobile Apps are therefore beneficial as they are available 24/7 and can access these services from any location. One is no longer limited by working hours nor the locations of ATMs or branches, as their banking needs can now be fulfilled instantly.

Mobile banking is already a pervasive trend; according to Business Insider Intelligence’s Mobile Banking Competitive Edge Study, 89% of survey respondents said they use mobile banking. Furthermore, a massive 97% of millennials indicated that they use mobile banking. Mobile banking is not solely for younger generations, however, as 91% of Gen Xers and 79% of baby boomers also reported seeing the benefits of these services. With a growing appetite for mobile banking, companies realised that remaining up-to-speed on mobile market trends is key to attracting customers.

Research indicates that, there is an increase in demand for self-service and the personalisation of products and services which has fueled the growth of the mobile banking market. Technological advancements have resulted in a range of useful features in mobile banking: real-time customer assistance, user-friendly interfaces, and immediate transactions. In overall, banking trends have swung firmly in the direction of mobile banking now that more than half of the world’s population owns a smartphone.

The Botswana banking sector is also moving into mobile banking as we have seen banks like Standard Chartered Botswana introducing an end-to-end digital banking solution accessible through their SC Mobile App. This first of its kind app enables clients – including those that do not have a relationship with the bank – to open an account in just 15 minutes, at anytime and anywhere in Botswana and 48 hours later clients receive their bank card delivered to them at a location of their choice.

Clients will become accustomed to no longer needing to queue at banks to open their accounts, or do the majority of their transactions as they can now do that from the palm of their hands, testament that indeed, banking apps and the convenience they offer, have truly triggered an amazing and unexpected shift in user-behaviour. The revolutionary Standard Chartered Mobile App allows one to securely perform over 70 services online, including updating your KYC information, applying for a loan or credit card and mobile wallet transfers to SMEGA and Orange Money.

The Banking sector has become a leader for technology and innovation. The use of mobile app services improves customer experience and that alone plays a paramount part in any business. Customers appreciate convenience and prefer full control over their finances, and with the aid of mobile banking apps, Batswana are always up-to-date with all their banking needs and so much more, hence making them become unstoppable especially during these challenging times of the unprecedented COVID-19 pandemic.

Attributed to: Bame Moremong Head, Corporate Affairs and Brand & Marketing

Original article on Botswana Unplugged

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