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Purple shapes future banking landscape for entrepreneurs

Story from: CAJ News Africa

Purple cardBy GIFT NDOLWANE
JOHANNESBURG, (CAJ News) – DESPITE South Africa’s economic success increasingly driven by entrepreneurs, who will be the engine room for growth and job creation, current traditional banking models are often overlooking or under-servicing the sector.
To counter this, Standard Bank, has developed Purple, a unique proposition that leverages universal financial services in a disruptive manner.
“Entrepreneurs have a very specific set of business needs,” Khomotso Molabe, Executive and Head: Digital Banking, Moonshots & e-Commerce at Standard Bank Group, pointed out.
“They want to grow their business, and they need flexible financial solutions for themselves and their families. They also need a banking partner that will support them through the complexities of running a business,” Molabe added.
Warren Bond, Head of Purple, said the bank used Design Thinking and Lean Innovation methodologies to develop a proposition that delivered on the specific needs of accountants and through them, their entrepreneur clients.
“We spoke to accountants and entrepreneurs about their pain points and used these insights to shape the Purple proposition. One of the most significant findings was that the needs of accountants had to be met,” Bond said.
Purple is now officially launched as a beta proposition, with the aim that a broader range of accountants and entrepreneurs will participate in making it a solution that makes a real difference to their business.
CAJ News

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