Awards for Excellence 2018
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Complete access for clients at any time and on any device has been Standard Bank’s focus in recent years; its commitment to this level of service has paid off. Its earnings were up 4.4% for wealth management and investments last year, and assets under management in discretionary portfolios increased by 6% to R82.5 billion ($6 billion). It once again wins the award for Africa’s best bank for wealth management.
The bank is the largest in Africa. In wealth management, it operates in Kenya, Ghana, Nigeria and South Africa, and has offshore businesses in addition. As a universal bank it brings its commercial and investment banking capabilities to the high net-worth and ultra-high net-worth segments in a way that no other African bank can match, combined with an extensive branch network that the global banks do not have.
Retaining employees is seen as key to retaining and deepening relationships with clients, which is why Standard Bank has a wealth and investment academy for its employees. It has introduced what it calls a ‘Challenger’ philosophy across its business where relationship managers now lead with insights relating to day-to-day needs and investment opportunities, rather than with products. Annual staff turnover is just 4% in wealth management.
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| Sim Tshabalala |
Networking is key at Standard Bank. A wide range of social and educational events are offered to clients, such as programmes for young entrepreneurs looking to start their own business and for women.
The bank, under CEO Sim Tshabalala, is also at the cutting edge of innovation. It has Shyft, for example, an award-winning foreign exchange app exclusive to Standard Bank clients, which allows them to buy, store, send, spend and exchange currencies via a mobile or tablet app with no paperwork. Clients can securely transact worldwide in dollars, euros, sterling and Australian dollars.
