Standard Bank says they will review the decision to close some of their 90 branches amid a digital revolution that is disrupting the industry.
The bank’s CEO, Sim Tshabalala says the decision to close the 90 branches was mainly because most of its customers had moved to digital banking.
However, the bank is now reconsidering some of the closures.
Tshabalala says over 1 000 staff members have either been retrained or redeployed.
“The vast majority of our customers are not visiting branches, and so, what we have done in the process is to understand where that’s the case. I have to admit that we have made mistakes along the way. There are certain communities where we should have not closed branches. We got it wrong and for that I have to apologise. We’re needing the branch.”
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