Standard Bank South Africa implements a new banking delivery model
Standard Bank is realigning its retail and business banking delivery model to the changing needs of customers amid rapid adoption of digital banking products and services.
The shift in customer behaviour means that the bank's clients are using their branches less. As such, the bank has re-looked its retail and business banking delivery model so that it is geared to serve the needs of its customers.
As part of the implementation of the new banking delivery model, some of the roles currently being performed in most of the branches will change. A decision has also been taken to close 91 branches, with the vast majority of these closing by June 2019. These changes will impact approximately 1200 jobs. However the actual number of employees who will ultimately exit the employ of Standard Bank SA could be lower, as new opportunities will become available in the new operating model.
The bank has also worked hard to minimise the impact of this re-organisation on its people. As part of a support programme agreed with SASBO, Standard Bank SA will implement a comprehensive exit package which significantly exceeds the requirements as set out in the Labour Relations Act.
Standard Bank has also set aside funds to assist employees acquire new skills to improve their competitiveness in the labour market, as well as entrepreneurial training and financial assistance.
The bank however acknowleges that this has not been an easy decision to make and that it recognises that it has been a very stressful time for everyone. Briefing sessions kicked off early this week, and the leaders will continue to engage colleagues across the provinces over the next few weeks.
