Standard Bank invests $59.2M to enhance online banking for business clients

Standard Bank has invested ZAR 1 billion ($59.2 million) to enhance its online banking platform, strengthening digital banking experience for business and commercial banking (BCB) clients.

Launched in October 2024, the upgraded online banking platform forms part of a phased client migration journey, with enhancements introduced progressively as part of the bank’s broader digital modernisation programme.

All new clients are automatically onboarded, while existing clients are upgraded in phases and notified in advance. This approach ensures continuity, stability and security for clients as improvements are implemented over time.

With over 140,000 businesses already onboarded onto the new system, the online banking platform supports business banking anytime, anywhere and across devices.

It enables companies of all sizes to manage transactions, payroll, and working capital with greater control and real-time visibility.

Since migration began, platform usage has grown, reflecting increased adoption and engagement as clients transition to the new digital environment.

The online banking platform currently processes billions of rands in transactions per month, underscoring its growing role in supporting day-to-day business banking activity across South Africa.

While digital capability is critical, Standard Bank’s business banking model remains human-led and digitally enabled, combining advanced online banking with dedicated relationship managers providing personalised support, sector expertise, and advice on managing and growing their businesses.

“Running a business is demanding and managing finances should not add to that pressure,” said Bill Blackie, chief executive of BCB at Standard Bank Group.

“Our continued investment in our online business banking capability focuses on improving reliability, usability and security, giving business owners and their finance managers tools that are convenient and timesaving. When our clients have more clarity and control, they can focus on what really matters – running and growing their businesses.”

The new online banking platform directly advances BCB’s strategic priorities as part of Standard Bank’s broader digital banking modernisation, with investments in scalability, payments infrastructure, security and system integrations.

It is designed to evolve over time, with further enhancements introduced as migration progresses, rather than as a once-off implementation.

Re-disseminated by Wealth and Society