Johannesburg – Standard Bank branch transactions dropped by 13% in the first half of 2024, reaching around 2.5 million transactions as more clients moved to digital channels.
During the same period, online transactions surged by 30% to 1.5 billion, with clients performing an average of 10 400 digital transactions per month, compared to just 0.017 transactions in branches.
ATM transactions also saw an 8% increase, reaching 104 million.
“Our customers’ preferences are changing rapidly, and we are committed to meeting their needs in the most efficient and effective ways possible,” said Kabelo Makeke, Head of Personal & Private Banking at Standard Bank South Africa.
Over the past five years, the bank has strategically adapted to the evolving digital landscape while minimising the impact on staff and customers.
Standard Bank has reduced its branch square meters by 4% in the last year, equivalent to about eight Ellis Park Rugby stadiums, without decreasing the number of service points, which now stands at 654 in South Africa.
“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,” Makeke said.
*This article first appeared in our sister publication techfinancials.co.za
