About
A mobile way to control and use Foreign Exchange for the ‘Global Citizen’ while they travel, shop or pay for international expenses.
Innovation presentation
Shyft is a solution that serves the ‘Global Citizen’ by allowing them to control their Foreign Exchange and use it easily and conveniently from their mobile phone. It was developed to bring together a variety of offerings that were previously complex and somewhat physical branch based. It provides customers with a ForEx wallet where they can buy different currencies at a live rate and then store those funds, load them onto physical or virtual cards and send cross border payments.
Competitors currently offer these services in silo’d solutions that are not as easily accessible or interlinked.
The product was inspired by the concept of ‘Open Innovation’ through the ability to plug in best in breed Fintech solution providers and combine these with traditional bank services in a mobile solution that gives customers both the control and freedom to manage their Foreign Exchange.
The departments involved in this solution revealed the capabilities of a universal bank. The Global Markets area served as a stakeholder in the Foreign Exchange rate provision, Retail ForEx was responsible for the customer experience and need being met, Compliance and Exchange Control provided guidance from a reporting and regulation perspective, Innovation Capability contributed to the methodology used in order to develop and validate the solution as well as facilitate the partner engagements, Information Technology provided secure system access for 3rd party Fintechs.
The solution has been validated and built based on customer engagement and 100 customers are currently being on boarded for testing.
Uniqueness of the project
There are two main aspects that make this product unique in the market:
1. Originality – the way that the product manages the foreign exchange experience is completely unique. As far as we are aware there is nothing like it available in the market today. It also solves multiple customer challenges through one offering in a very unique user experience.
2. Collaboration – SHYFT is truly a collaborative effort between Standard Bank and Multiple vendors, each contributing their own set of specialist skills to make the product what it is.
This product is a disruptive play in the Foreign Exchange Market in that it is truly unique offering multiple related capabilities in a very unique way.
This fits directly within Standard Banks digitization and providing customers with amazing experiences
