Standard Bank Can Now Approve a Business Loan in 3 Minutes
Standard Bank Can Now Approve a Business Loan in 3 Minutes Standard Bank Group have become the first commercial bank in South Africa, and across Africa, to give a business working capital loan up to R6m in just 3 minutes. This new capability currently allows for an application to be received, processed and approved all in the time it takes to listen to the average song. This is a massive leap forward for the bank, as an applicant previously had to wait up to a month for the facility to originate. Not only is this good news for enterprise development but is yet another proof point that Standard Bank is aggressively transforming its overall Business Banking proposition. This new capability could not have come at a better time for business banking customers. According to Funeka Montjane, Chief Executive, Personal & Business Banking South Africa at Standard Bank Group, the bank sees the highest loan requests during the month of November for bonus and year end ex...