In a remarkable feat of innovation and commitment to social responsibility, Standard Bank’s LookSee platform has garnered international acclaim, securing a prominent position in the 2023 Qorus-Accenture Banking Innovation Awards. This recognition comes as a testament to LookSee’s groundbreaking initiatives in enabling affordable and sustainable energy solutions for households in South Africa, particularly through flexible financing options.
Earning the silver award in the esteemed Social, Sustainable, and Responsible banking category, LookSee stood out as the lone African institution among the top 9 finalists, underscoring its impactful contributions within the global banking landscape.
The Qorus-Accenture Banking Innovation Awards spotlight pioneering concepts and practices that drive transformative change within the financial industry, benefiting both banks and their clientele. This year witnessed a staggering influx of over 450 submissions from 182 institutions spanning 61 countries, encompassing a diverse spectrum from nimble startups to the world’s largest financial entities.
Distinguished winners were selected across seven categories via a rigorous evaluation process involving peer-based voting and a panel of judges drawn from eminent global financial firms.
Marc du Plessis, Head of LookSee at Standard Bank, emphasized the critical relevance of social, sustainable, and responsible banking within the African context, citing South Africa’s multifaceted challenges, notably the energy crisis.
“In South Africa, our energy scarcity profoundly impacts all sectors of society. LookSee, part of the Standard Bank group, is steadfastly dedicated to facilitating the widespread adoption of solar power,” stated du Plessis.
Highlighting the immense potential of solar energy in mitigating strain on the power grid and promoting renewable sources, du Plessis remarked, “Our sun-drenched conditions make solar power an ideal choice, not only alleviating energy burdens but also fostering a legacy of sustainable change for future generations.”
LookSee’s diverse financing options for households considering solar installations signify a pivotal step toward accessible and eco-conscious energy solutions:
Solar Loan
Pioneering a novel approach aligned with the government’s Energy Bounce Back Loan Guarantee Scheme, LookSee’s Solar Loan presents tailored interest rates, ranging between R3,000 and R300,000, with flexible repayment terms up to 5 years, capped at prime plus 2.5%, catering to homeowners seeking independent financing avenues.
Additional Registration Amount
Applicants for a new Standard Bank home loan are automatically evaluated for an additional 20% registration amount earmarked for permissible home enhancements like solar installations, accompanied by a 25% discount on registration costs for successful applicants.
Access Bond
Seamlessly integrating a customer’s transactional or savings account with their Standard Bank home loan, the Access Bond facilitates surplus funds allocation toward future solar investments or reducing home loan repayments.
Re-advance Loan
Leveraging existing regular home loans, customers can access previously deducted capital payments without additional registration costs, maintaining consistent interest rates.
Further Loan
Offering the possibility of increasing the home loan amount contingent upon sufficient property equity, albeit incurring registration costs and subject to credit profile-based interest rates.
Personal Loan
Providing a short-term financing avenue independent of the home loan facility, personalized interest rates, and flexible repayment terms for households prioritizing a swift settlement within 5 years.
The impactful strides of LookSee have led to the installation of over 6,000 solar panels, generating an average of 6,000 megawatt-hours of power annually. This sustainable measure significantly offsets approximately 6,900 tons of carbon emissions, equivalent to planting 80,000 pine trees.
Expressing pride in the nomination, du Plessis reaffirmed LookSee’s dedication to sustainable financing solutions, underscoring their unwavering commitment to renewable energy and energy-efficient initiatives for a brighter collective future.
“Our relentless focus on renewable energy underscores our pledge to foster a better, more sustainable future for all,” du Plessis concluded, affirming LookSee and Standard Bank’s steadfast commitment to pioneering eco-friendly financial solutions.
