I’ve always been one to shy away from paperwork. Whether it’s a trip to the bank to fill out forms or even the task of navigating digital forms, it’s not something I look forward to. If you’re a business owner like me, you’ll understand just how draining it can be, especially when you’re trying to secure funding for your business. It’s a process that’s often bogged down by endless paperwork and complex procedures, and it can feel like an uphill battle, particularly when we consider that a significant number of business owners struggle to access funding.
Recent studies show that nearly 60% of small and medium-sized enterprises (SMEs) in South Africa find it difficult to secure the financial backing they need to grow and thrive.That’s why I was genuinely excited to hear about Standard Bank’s latest innovation—Reach. This new digital platform is set to change the game for business owners seeking syndicated loans. Reach isn’t just another tool; it’s a global first in the industry, offering unprecedented simplicity, transparency, and convenience.
Standard Bank has designed this platform to streamline the entire process, making it easier for businesses to access the funds they need without the usual headaches.For those of us who dread the complexities of traditional loan applications, Reach is a breath of fresh air. Developed by Standard Bank’s Investment Banking division, this platform automates countless tasks, providing proactive communication and guiding users step-by-step through the loan process. It’s a cloud-based solution that offers a 360-degree view of all loan-related information—everything from portfolio summaries and loan types to interest rates and drawdown history is right at your fingertips.
Kelly-Ann Myles, Head of Agency at Standard Bank, couldn’t have put it better when she said, “With Reach, we are setting a new standard in the syndicated loan market.” The platform centralises and digitises all loan data, which not only boosts efficiency but also drastically reduces errors. This kind of access to vital information is a game-changer for businesses that need to move quickly and efficiently.
One of the key frustrations with traditional loan processes is the reliance on manual systems, often coordinated via email, which are prone to human error and time delays. Reach eliminates these inefficiencies by fully digitising and automating the process. Imagine being able to view clear audit histories, track all correspondence, verify KYC details in real time, and receive automated reminders for outstanding tasks—all within one platform. For lenders and borrowers alike, this means saving time and reducing the risks associated with manual errors.
Kevin Ssemwogerere, Head of Investment Banking Ventures at Standard Bank, described it perfectly: “Reach is more than just a digital platform; it’s a game-changer for the syndicated loan market.” Everything you need is available instantly, allowing both lenders and borrowers to access and manage their loan documents efficiently. No more waiting around for manual processes to get your loan information—Reach has it all, neatly organised and ready to go.
Currently available in South Africa, Reach is set to roll out across other African countries later this year and into 2025. It’s already gaining international recognition, including a mention in The Banker 2024 awards, where Standard Bank was named Investment Bank of the Year in Africa.Currently available in South Africa, Reach is set to roll out across other African countries later this year and into 2025. It’s already gaining international recognition, including a mention in The Banker 2024 awards, where Standard Bank was named Investment Bank of the Year in Africa.