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Johannesburg - Standard Bank has won the 2014 South Africa Frost & Sullivan Award for Customer Value Leadership.
The award is based on the global growth consulting firm's recent analysis of the market for small and medium enterprises (SMEs) support financial services.
It acknowledged Standard Bank's recognition of SME clients’ need for on-call services throughout the day by introducing a command centre for the processing and turnaround of SME loan applications within 48 hours.
“Standard Bank has refined its micro-finance strategy to offer more secured loans and is currently focussed on improving the management of its current holdings,” said Frost & Sullivan research analyst Ntsolo Setlaba.
“Additionally, as part of a differentiated credit extension strategy, it offers financial training to clients rather than simply extend credit."
This practice is becoming increasingly challenging, according to Setlaba, due to the delicate balance required between maintaining the integrity of the financials while achieving substantial growth rates.
”Receiving this accolade from Frost & Sullivan complements our ongoing effort to help SMEs in tackling day-to-day business challenges by providing them with tangible banking solutions to grow and sustain their businesses,” said Ravi Govender, head of small enterprises at Standard Bank.
“As we understand the environment within which SMEs operate, we are well-positioned to offer our customers the right advice, tools and financial support required to promote sustainable growth."
Govender said Standard Bank conducts business the traditional way by assigning a relationship manager to every SME to ensure best-in-class management practices.
Simultaneously, it also offers non-traditional solutions such as the BizConnect portal.
This platform remains a reference point for its SME customers in terms of start-up, development, growth, management, funding, and general queries.
Furthermore, it assists in improving the daily operations of SMEs, while providing them with links and resources to useful content.
Other platforms designed to enhance customer experience include the BizDirect Response Centre, which is an informative television series broadcast on a national channel and the BizLaunch solutions package, which is designed to provide everyday business solutions to entrepreneurs, with an aim to allow them to focus on the more important aspects of their businesses.
BizAids
Recognising health- and lifestyle-related challenges and their implications on SMEs, Standard Bank, in partnership with Pan African Business Coalition on HIV/Aids, responded with the BizAids programme.
BizAids is an interactive business-skills training programme, combining business-related training with HIV/Aids and health-related programmes.
The programme displays Standard Bank’s commitment to ensuring the sustainability of SMEs and understanding the needs of SME customers.
Enterprise development
Standard Bank employs an integrated enterprise-development model that includes financial and non-financial support structures to assist SMEs.
The enterprise-development model is used as a platform to facilitate enduring and mutually beneficial relationships among corporations, SMEs, the bank, and accredited business service providers.
The premise of this model is based on key information, resource and knowledge exchange between large, established businesses and SMEs.
The corporate/SME alliance was intended for corporations to assist SMEs by providing market opportunities within the corporate supply chain.
Meanwhile, Standard Bank motivates corporations, which offer long-term contracts to SMEs, by offering customised financial schemes in the form of discounted rates, financial monitoring, and performance evaluation solutions.
- Fin24
