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Tuesday, July 16, 2024

Standard Bank Saves Customers over R670 Million in 3 years


Standard Bank has transformed banking convenience and cost savings for its customers through strategic partnerships and customer-centric policies. From the past three years until June 30, 2024, the bank’s initiatives have delivered savings exceeding R670 million to clients using the Saswitch ATM network.

Digital transformation

In a significant move in 2021, Standard Bank abolished the Saswitch network fee, allowing customers to use ATMs from other banks without penalty fees. This initiative alone saved customers R245 million in 2023, solidifying Standard Bank’s position as a leading South African bank offering such benefits to its customers.

Convenient access to cash points

With a network of over 20,000 Saswitch ATMs nationwide and more than 3,500 Standard Bank ATMs, the bank ensures customers have convenient access to cash points. Additionally, extensive retail partnerships with major outlets like Pick n Pay, Checkers, Shoprite, and PEP have expanded transaction locations by 55,000. These partnerships enable customers to perform various transactions such as withdrawing funds, depositing cash, purchasing airtime, data, electricity vouchers, and making payments while shopping for daily necessities.

The bank’s digital platforms have also seen substantial growth. The number of digitally active clients increased by 12% in 2022 and continued to rise by 8% in 2023. Particularly noteworthy, the Banking App recorded a 35% increase in transaction volumes, contributing to a 33% rise in overall digital transaction volumes during 2023.

Customer centric

Head of Personal and Private Banking at Standard Bank South Africa, Kabelo Makeke.

Head of Personal and Private Banking at Standard Bank South Africa, Kabelo Makeke, emphasises the bank’s dedication to meeting customers where they are.

“While we champion digital banking, we recognise the need for cash transactions and have thus expanded our banking footprint to integrate seamlessly into our customers’ daily routines. A large proportion of our customers also want to transact with cash or make payments and transfers. We brought banking to where our customers are, either while shopping, buying fuel, or walking to their next destination. And the bank does so securely and conveniently for its more than 11 million customers in South Africa.”





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