Tuesday, May 18, 2021

Standard Chartered introduces car tracking devices to curb car thefts

Standard Chartered Bank Botswana (SCBB) says of late, it has noted with concern the escalating cases of car theft either in hijacking incidents or in parking bays especially outside the borders of Botswana.

Head of Corporate Affairs, Itumeleng Ramsden, says the bank has seen the need to introduce the car tracking device for all cars financed through the Standard Chartered auto loan product.

“The car tracking device enables real time tracking and monitoring of a vehicle while acting as a deterrent to theft. The device will be compulsory for all vehicles financed by the bank,” said Ramsden.

She is of the view that as a way of living their brand promise of ‘Here For Good’, at Standard Chartered Bank they always seek innovative ways to serve their customers better.

She further stated that as a result of the car tracking device, both the customer and the bank will be at ease. She added that insurance companies tend to offer discounts on insurance costs for cars with tracking devices.

Ramsden pointed out that the tracking device fee will be incorporated into the loan amount in order not to overburden the customer with an extra monthly expense.

“The ability to track the vehicles will also help in case of repossession where the customer is unable to satisfy their loan obligations,” said Ramsden.

She also added that Standard Chartered bank continues to offer customer protection products to the clients such as the comprehensive insurance cover for auto loans covering car accidents, credit life insurance on personal installment loans, and mortgage protection and property insurance on mortgage loans.

Meanwhile, SCBB Head of Retail Clients, Pedzani Tafa, said the bank is keeping very close to its customers and solidifying the relationships to make it difficult for the bank’s competitors to poach them due to the threat of new entrants into market by new commercial banks where customers will be targeted.

Tafa said that the bank continues to be innovative enough to remain the preferred bank and avoid attrition adding that attracting deposits is difficult and has become expensive.

“The concern of our customers being over borrowed is real. This requires that we remain focused on our credit criteria, and also have solutions that encourage a savings culture in the country,” she said.

RELATED STORIES

Read this week's paper