Standard Bank sees 13% drop in branch transactions as clients shift to digital channels
STANDARD Bank says its branch transactions have decreased by 13% in the first half of 2024 to around 2.5 million as clients shifted to digital channels.
The bank says 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 a month, compared to just 0.017 transactions in branches. ATM transactions have also increased by 8% to 104 million transactions.
“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, says.
Standard Bank says it 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 metres 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 stands at 654, it says.
TransUnion releases Q2 2024 Industry Insights Report
TransUnion has released the findings of its Q2 2024 South Africa Industry Insights Report). The latest analysis reveals that South Africans increasingly used new and existing credit products to meet their rising consumption needs via credit cards, personal loans, and retail revolving loans.
The report shows that;
- The number of overall credit originations increased by 15.2%.
- The number of credit-active consumers grew by 4.7% YoY to 18.5 million people, of which 28.1% hold credit cards.
- Millennials (46%) and Gen Z (16%) together accounted for nearly two-thirds (62%) of all new credit originations during Q2 2024.
- Personal loan originations increased by 16.7% YoY during Q2 2024, accounting for 77% of all new credit originations, however, the average new loan amount declined by 14.2%.
- Credit card originations increased by 9.3% YoY, with 38% of originations issued to first-time cardholders – the highest proportion observed since Q1 2020.
- Mortgage originations continued to grow – by 16.2% YoY, with growth concentrated among below-prime borrowers, despite affordability concerns.
FSCA warns the public against an individual purporting to be an Old Mutual representative
The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services business with Keshan Brijlal, who falsely claims to be a representative of Old Mutual Life Assurance Company of South Africa (FSP 703).
According to the FSCA, Brijlal was previously employed by Old Mutual’s Personal Finance division (a division within Old Mutual).
"He was dismissed and debarred by Old Mutual on May 16, 2022, from rendering any financial services as contemplated in Section 3 of the Financial Sector Regulation Act 9 of 2017 and Section 1 of the Financial Advisory and Intermediary Services Act 37 of 2002, due to conduct associated with his character qualities of honesty and integrity.
"Brijlal continues to falsely represent himself as an Old Mutual adviser, offering fictitious investment products and taking deposits from unsuspecting members of the public. The account he provides for deposits is not an Old Mutual bank account," it says.
Old Mutual confirmed to the FSCA that they are no longer in any way associated with Brijlal, having dismissed and debarred him in May 2022.
“The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services.
“One of the following methods may be used to confirm the status and FSP number of a service provider or a person that claims to be an authorised service provider: Toll-free number: 0800 110 443," it says.
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