Stanbic IBTC: Technology critical to seamless card transaction, others

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The Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle, has stressed the importance of technology to the success of banking system, especially payment with cards.

Speaking during the presentation of prizes to winners during the Stanbic IBTC Innovation Challenge, he said: “We believe that technology holds the key to enhancing some operations within our business – principal of which is making our card issuance and delivery system more seamless and cost-efficient for the banking subsidiary. Other areas of focus include creating an efficient data analytics system that collates relevant customer data, and transforms them into useful insights to improve service delivery for our asset management subsidiary and lastly improving the customer trading experience through the creation of a simplified trading platform for our stockbroking clients.”

He said Stanbic IBTC is continuously seeking innovative ways to enhance customer experience through technology as it looks to achieve the strategic objective of a digitalised customer-centric universal financial services organization.

Yochaa, a startup with a stockbroking mobile platform has emerged the winner of the inaugural Stanbic IBTC Innovation Challenge following a keenly contested pitch session to the executive leadership of Stanbic IBTC Holdings PLC (Stanbic IBTC) and Co-Creation Hub (CcHUB), the implementation partner on the project, in Lagos recently.

The three finalists: Yochaa, Flutterwave and Venture Garden Group, pitched their solutions in the identified areas of stock trading, card issuance and data usage respectively; taking their chance at the prize money of $15,000 in total, with Yoocha emerging first, Flutterwave second and Venture Garden Group third.

The executive pitch session came on the heels of an initial pitch day which held on October 12, 2018, at the Stanbic IBTC Blue (Innovation) Lab in Yaba, Lagos where nine shortlisted startups selected from over 200 entries received, pitched their solutions to senior management of Stanbic IBTC and Co-Creation Hub (CcHUB).

In his opening remarks at the event, Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, commended the three finalists for making it this far and noted that all three solutions – regardless of eventual winner – will be considered for partnership as they underline the main objective of the competition; which is to improve efficiency, simplicity, and robustness in delivering the right customer experience.

The Stanbic IBTC Innovation Challenge commenced with a call for ideas on August 6, 2018.

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