Small towns may or may not lose their Standard Banks, but branch closures won’t end there

Older banks are likely to follow suit and new digital banks will take hold.It’s hardly surprising that the small Eastern Cape hamlet of Paterson does not have a Standard Bank branch.

After load shedding and the looming elections, a key topic of conversation in the country pubs down the road from Paterson is that small-town branches are among those at risk of closure as Standard Bank informs staff at 91 branches that 1,200 positions are being made redundant. It’s the kind of place where the few customers who visit the branch would probably be dependent on it and will be left with the choice of visiting branches in Port Elizabeth or the resort town of Port Alfred, or shifting their accounts to a different bank. It’s not the kind of place where branch staff can be easily re-skilled or shifted.

The Standard Bank online branch locator is unavailable: “We’re making some changes,” it reads. “Our branch locator is currently under construction.”The bad news for towns like Alexandria is that this is just the beginning. SA banks are likely to take a cue from Standard Bank.

brucebusiness Maybe time to change banks. Why are they closing the branches? Business not doing to well?

brucebusiness The scary thing about this is is that it is proof that a business that does well will not necessarily hire more ppl. Business growth does not lead to employment growth.

brucebusiness We have been doing just fine without StandardBankZA branch here in Mamafubedu for the past ten years. We are good!

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