Credit Score Feature Qorus Reinvention Awards - MEA 2024 - Winner

We strongly believe that everyone wants to live a better tomorrow, be inspired about what the future could be, and dream of one day leaving a legacy behind for the next generation.

The current reality of the typical South African is indebtedness (62% of monthly income finances repayment of debt) and minimal knowledge around how to improve their financial situation. Customer knowledge about their credit score and the behaviours they may unknowingly engage in, which influences their credit score, remains limited.

Understanding the need for access to simple, actionable information about their credit score, Standard Bank partnered with Experian to provide customers with the Credit Score feature on our mobile banking app.

Since it's initial launch in September 2021, customers gained access to: - Their latest credit score - Trends on score shifts from month-to-month - How their score compares to their peers score - A view of the top 3 curated tips or actions that they could improve their score - Education about the concept of their credit scores

We released a significant update in April 2024 which entailed: - Greater personalisation of actionable tips to improve their credit score, which was has been highly sought-after by our customers - Shifting from 10 to almost 100 curated tips to improve their score - Update to score data, shifting to a more robust Experian model

Standard Bank’s Credit Score is a feature, that forms part of our overall Personal Financial Management offering to our retail customers and is available through our Standard Bank mobile banking application. The feature is currently offered to customers at no charge and can be accessed even if the customer has no data. This allows us to reach any customer, who is interested in improving their credit health, irrespective of the income.

Developing a Credit Score feature entailed navigating a complex organisational structure, typical to an incumbent bank, spanning across customer solutioning, design, credit, mobile application development, data science and engineering.

The results have been overwhelmingly positive: - Fastest growing feature, organically attracting over 450k users to the feature - Consistently maintaining a customer rating above 4 out 5 stars, since launch in 2021 - More than doubling new user growth since the significant updates in April 2024 i.e. jump from approx. 10k new customers a month to 24k new customers in the month after launch