How would Standard Bank closing its branches affect customers and the economy?


Standard Bank recently announced that it will be closing 104 branches, with the biggest blow being in Gauteng. Tabloid Newspaper took to the streets to find out what people think about this and how they think this will affect people associated with Standard Bank and even the bank itself.

Mbali Mntambo
I think that Standard Bank made a huge mistake by closing down these branches as I feel it will affect a lot of factors, not only the employees, customers or the bank itself but will also affect the economy. This situation will also cause chaos as employees might want to strike which might also lead to people being harmed and property damage. The best solution Standard Bank could offer to its customers, is transfer them to other banks as many people do not have access to the internet and may struggle to use the banking app.

Jonathan Coetze
I personally feel as if this will have a huge effect on the bank, as many people will want to move to other banks, which means they won’t be making as much money as they were making before. It also causes a huge inconvenience to customers as they now have to travel to places which may be far from them in order to get their things sorted. And the app that they are offering people is also a disadvantage to them because many people still prefer banking the old traditional way.

Gift Mzizi
I am not a Standard Bank user, but I would assume they might have a valid reason as to why they would close down so many branches. Yes, this might affect many people but I also feel there is a good side to this. The App that is or was introduced will enable people to be able to manage their accounts in the comfort of their homes, which decreases their chances of being robbed at ATM’s and so on. People should try and look at this from a good side sometimes and not necessarily always focus on the negatives.

Muhammad Salah
Standard Bank closing off so many branches was a bad strategic move on their part. This will not only affect them as a bank, but will affect it’s users and employees. They have just increased the number of unemployed people because it is not a guarantee that the other branches will have vacancies available for them.

It has also caused a huge inconvenience for it’s users. and I think even if they were to come up with an alternative with an aim to help with the inconvenience, it too will not be as effective as they would want it to be. Their best comeback would be to re-open all the branches that have already been closed. My opinion.

Bruno Alexious Jackson
I am still trying to understand why a trusted and very big franchise such as Standard Bank would decide to pull a move like this. Sure, they have introduced an app that will ‘help’ it’s customers with their banking, but how many people will use that app. As much as people live in modern day times, they are still things that they like to the the traditional way. It wasn’t a good move from their side and it will affect a lot of people including them.