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