Mutebile warns: Banks that fail to keep up with the changes will be pushed out of business

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In response to growing consumer demand for innovative banking services, Standard Chartered Bank Uganda , on Wednesday launched its digital solution



Following the successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year, the second phase builds on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the most common service requests.
The updated digital bank provides enhanced services including QR code and P2P payments, loan and overdraft facilities, and instant fixed deposits. Clients will be able to enjoy the convenience of banking on the go, anytime and anywhere, along with a consistent online experience.



The roll out will also see the Bank engage in strategic local alliances to create an appealing lifestyle banking proposition to provide clients offers across shopping, travel and dining.

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Africa’s banking market is the second-fastest-growing and second-most profitable globally. The retail banking sector is a locus of new business models which are emerging in response to low levels of banking penetration and heavy use of cash in the Sub-Saharan continent.



Commenting on the launch of the digital bank, Governor, Central Bank Governor Prof. Emmanuel Mutebile said “There will continue to be disruption in the Banking sector. Institutions that fail to keep up might lose out and at the very worst be pushed out of business in the long run, however, this disruption to bank business models works in the interest of customers and the general populace. I therefore congratulate Standard Chartered Bank on unveiling this revolutionary digital initiative as I believe that with such innovations, we are making significant progress in embracing technological changes and digitization to help us achieve stable and long-term growth.”



To support the digital bank roll out across the four markets, aimed at driving digital adoption amongst new and existing clients focusing on young digital natives, the Bank will also launch a marketing campaign dubbed ‘//BEUNSTOPPABLE’, Bank on the go! The campaign will run across traditional and social media to remind consumers that banking should not stop them from doing what they love to do, and when they want to do them.



the bank also partnered with popular Ugandan entertainer and comedian Anne Kansiime to drive awareness of the new digital bank in the market. As part of her role, Anne will be promoting the bank’s digital banking capabilities and will lend her voice and image rights through a series of Marketing and Community engagement activities over the next 12 months.

read: Mutebile warns the 06 struggling Banks ‘ ‘ forget about bailout”

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