Standard Bank sees 13% drop in branch transactions as clients shift to digital channels

Standard Bank branch transactions decreased by 13% in the first half of 2024 to around 2.5 million transactions as clients shifted to digital channels.

Over the same period, online transactions increased by 30% to 1.5 billion transactions with Standard Bank clients performing an average of 10,400 digital transactions per month, compared to just 0.017 transactions in branches. ATM transactions have also increased by 8% to 104 million transactions. of

“Our customers’ preferences are changing rapidly, and we are committed to meeting their needs in the most efficient and effective ways possible,” Kabelo Makeke, Head of Personal & Private Banking at Standard Bank South Africa, said.

Standard Bank has over the last five years actively planned the way it adapts to the rapidly changing digital environment but also to reduce the impact on staff and customers as the changing nature of banking evolves. In this time the bank has actively reduced the average square meter size of its branches each year with a minimal impact on jobs.

The bank has reduced its branch square meters by 4% to 239,000 square meters in the last year, which is the equivalent of about eight Ellis Park Rugby stadiums, without reducing the number of points of representation. The number of points of representation in South Africa now standards at 654.

“Our goal is to provide our customers with the best possible banking experience, whether they choose to engage with us digitally or in person. By adapting our branch network and enhancing our digital capabilities, we are ensuring that we remain responsive to our customers’ needs and preferences,” says Makeke.