Standard Bank wins two prestigious Product of the Year awards

Standard Bank has clinched multiple accolades at the 2024 Product of the Year awards. These prestigious awards recognise excellence and innovation across various industries, with the winners determined by the votes of consumers.

Standard Bank emerged victorious in two key categories:

• The bank's MyMo account won in the Youth Banking category; and
• Its Achieva value proposition won in the Banking category.

“These awards are a true validation that we are doing the right thing for consumers as the winners are not decided by judges — consumers voted for our solutions,” says Kabelo Makeke, head of personal and private banking at Standard Bank SA.

Standard Bank launched MyMo in 2019. It was the bank’s first end-to-end digitally originated product, allowing customers to open accounts on the bank’s app without any in-person interactions. 

Since its launch, the bank has seen a huge take-up of MyMo among young people. Through the partnership with Varsity Vibe, the largest youth discount programme, MyMo customers under the age of 25 have access to discounts at 80 participating brands across fashion, food and lifestyle, among other categories. 

In June 2023, Standard Bank launched its Achieva value proposition. Achieva is for customers earning between R8,000 and R25,000 per month. It is a holistic offering specifically targeting young customers entering the world of work and are likely to be the first generation in their families to experience and celebrate milestones like getting a first degree, a first home or a first car.

So, over and above a transactional and credit card, Achieva offers free will drafting, R10,000 personal accident cover and special money management tools to help young, employed consumers keep track of important financial milestones.

This also becomes an important gateway for these young customers as it gives them the option to add products and services such as Standard Bank’s underwritten life cover, the Flexible Life Plan, the Flexible Funeral Plan, Standard Bank Connect SIM card for data, voice minutes and UCount Loyalty Rewards.

“This proposition is about enabling our customers to live a better life by ensuring that each generation lives better than the last. It goes beyond banking. It looks at what will happen if you pass away — how will your family settle your debts? What will happen if there’s a death in your family?” says Makeke.

To answer those questions, Standard Bank offers up to R100,000 through its Flexi Funeral cover that protects several beneficiaries. For life cover, the Flexi Life cover product offers simple underwriting requiring consumers to only answer three questions, with no blood tests for people who want up to R1m in cover.

“We realised that there’s a gap for people who don’t want to do blood tests, people with large and extended families they need to look after. Winning Product of the Year in less than a year of launching Achieva indicates that it clearly resonated with a lot of people,” said Makeke.

By securing multiple Product of the Year awards, Standard Bank has affirmed its leadership in the market by catering directly to consumer preferences and needs. These accolades underscore Standard Bank's role as a front-runner in innovation and customer-focused initiatives.

This article was sponsored by Standard Bank.