Project Description

STANDARD BANK INSTANT MONEY

How Instant Money maintains compliance in 600 stores

standard bank logo

INDUSTRY: BANKING & FINANCIAL SERVICES
HEADQUARTERS: JOHANNESBURG, SOUTH AFRICA
WEBSITE: www.instantmoney.co.za

Standard Bank is the largest financial services group in Africa. Started in South Africa, today it operates in 32 countries around the world, of which 20 are in Africa.

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About The Client

Instant Money is a money transfer solution offered by Standard Bank, one of the premier South African financial services institutions. In order to partake in the cash transfer, neither the sender nor the receiver (beneficiary) need to be Standard Bank customers. In fact, a bank account is not required to make use of this popular and reliable instant transaction service. The Instant Money facility is set up in such a way that the sending or receiving of Instant Money for banked or unbanked customers can be performed at hundreds of partner stores across South Africa.

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The Challenge

Financial services products such as Instant Money must comply with stringent legislation regarding training, processes and instruments.

Since the Instant Money service is facilitated via participating outlet stores, the training of staff at those stores is critical. In order to offer a compliant service through outlet stores, Standard Bank had to ensure and prove that sufficient and bi-annual training was completed for over 1,000 store employees who administer the Instant Money service.

The Solution

Standard Bank’s Head of Customer Financial Solutions (CFS), Personal Services, Khetha Mazibuko, joined forces with JourneyApps to address the compliance challenges in an innovative way. Together, they developed an app that enables dedicated instructors to perform on-site training at various outlet stores. The training is specific to Standard Bank’s Anti-Money Laundering compliance requirements. The app also includes outlet store locations, product training guides and store feedback. Information can now be accessed instantly and traced to specific stores.

The app is continuously updated with training material so that employees are empowered to best facilitate the sending and receiving (cashing out) of money through the Instant Money service. It also enables Standard Bank to familiarize field agents and assess their knowledge on required product and process knowledge via the training guides. Once employees have completed sufficient in-app training to administer the service, their information and signatures are recorded in an electronic registry, which ensures that such information is readily available in the case of an audit.

According to Deshan Govender, CFS Business Owner of Instant Money, the app successfully records and keeps record of the fact that store agents were trained on a digital platform. It also verifies trainee signatures. Access to this information has eased internal compliance audits significantly. “JourneyApps has enabled close to 600 stores to perform Instant Money transfers,” which has bolstered Standard Bank’s compliance levels. Reflecting on the collaboration, Govender adds: “What is great about JourneyApps, is the way in which they build apps: their approach is agile and iterative which allows their apps to be continuously improved on, timeously”. As processes and training material is changed and improved, the app is updated with the latest material. “Because we can access the app and platform for a fixed monthly fee and don’t have to make significant capital investments, the app generates sustainable value for Standard Bank from day one,” says Govender.

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The Results

Forming a “mutually beneficial and rewarding relationship” for both Standard Bank and JourneyApps, the Instant Money solution was able to achieve the following key objectives:

Maintaining legislative compliance

“The JourneyApps team has been instrumental in maintaining our compliance standards within Standard Bank,” says Govender. The app ensures the effective offering of the Instant Money service. Over 1,000 agents who administer the service are continuously trained through the developed mobile solution.

Recording and providing store and agent training data

The solution provides detailed and auditable data to prove that sufficient training has taken place at a certain date, time and store. The clear and coherent record of the training also captures trainee signatures and poses questions to assess that agents were adequately trained to administer the product securely.

Optimizing efficiency of service

The trained network of field agents are now armed with apps to ensure that the administration and compliance of the service remains as instant as today’s always-on customers demand.

The success of the partnership has prompted the Instant Money team to engage with JourneyApps about future enhancements and mobile solutions. “There certainly is more work we can do together,” Govender added.