Standard Bank's branch closures: The most radical single action by a SA bank in decades

Banks have been shedding jobs for years.Of the five biggest retail banks, only Capitec seems to be actively growing branches and staff numbers. Its peers are going from freezing posts to probably the most radical single action by a banking group in decades: Standard Bank announcing it will close 91 of its some 630-odd branches by the end of June.

In January, for example, Capitec signed up its highest number of new accounts ever in a single month: 268,000. Even so, Capitec is also seeing digital conversion, with 4 out of 10 customers transacting via the app. Despite that, it has a significant network of 800 branches and has given no indication that it plans to reduce that number.

The pressure is building on banks which are struggling not only to convert the technology they use, but also to adapt business models to a rapidly-growing, tech-savvy millennial generation who are happier than their parents to sign up for digital-only financial services and products.It emerged last year that the UK has lost two-thirds of its branches over thirty years. According to British parliamentary records, there were 20,583 branches in 1988. Today, there are only about 7,500 left.

brucebusiness Has nothing to do with Ramaphosa or ANC new dawn, is a dawn of new technology. Technogy boet!!! Not everything is about u politicians, u over estimate ur powers.

brucebusiness I think people are using more online banking, app and cell phone banking. You swipe your card for most things and have not the need to go into a bank anymore. Specially in cities. Hence not so many banks needed anymore. Worldwide trend

brucebusiness The only way to stop these joblosses is to move your vote in May. Moving your bank account will create more losses.

brucebusiness Every time ANC is promising to create more jobs more jobs are lost without Creating a single job

brucebusiness Lets take the most radical action by SA citizens and boycott Standard bank. Lets move our accounts, Home loans, Cash loans, and car finance to other banks

brucebusiness ...the majority of these branches are probably in rural areas, small towns, where most people do not do phone/internet banking, and must now travel quite far to do their banking in a bigger town?

brucebusiness People losing jobs on a grand scale ....,,

brucebusiness. They to expensive. Bankcost. Thymbank Capitec better.

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