BUSINESS NEWS

More than R670m in savings for Standard Bank clients when using Saswitch ATM network

STANDARD BANK has revolutionised banking convenience and cost savings for its customers through strategic partnerships and customer-centric policies.

Over the past three years to 30 June 2024, the bank’s initiatives have resulted in more than R670 million in savings for its clients when using the Saswitch ATM network.

In a landmark move in 2021, Standard Bank eliminated the Saswitch network fee, allowing customers to use ATMs from other banks without incurring penalty fees. This initiative alone saved customers R245 million in 2023, reinforcing Standard Bank’s position as one of the main banks in South Africa to offer such a benefit to its customers.

With over 20,000 SASWITCH ATMs nationwide and more than 3,500 Standard Bank ATMs, the bank ensures that customers are never far from a cash access point.

Moreover, the bank’s extensive retail partnerships with major outlets like Pick n Pay, Checkers, Shoprite, and PEP as examples have added an additional 55,000 transaction locations. These partnerships enable customers to perform a variety of transactions, such as withdrawing funds, depositing cash, purchasing airtime, data, electricity vouchers, and making payments, all while shopping for daily needs.

The bank’s digital platforms have also seen remarkable growth.

The number of digitally active clients increased by 12% in 2022 and continued to rise by 8% in 2023. The Banking App, in particular, witnessed a 35% increase in transaction volumes, contributing to a 33% rise in overall digital transaction volumes during 2023.

Kabelo Makeke, Head of Personal and Private Banking at Standard Bank South Africa, emphasises the bank’s dedication to meeting customers where they are. “While we champion digital banking, we recognise the need for cash transactions and have thus expanded our banking footprint to integrate seamlessly into our customers’ daily routines.

A large proportion of our customers also want to transact with cash or make payments and transfers. We brought banking to where our customers are, either while shopping, buying fuel, or walking to their next destination. And the bank does so securely and conveniently for its more than 11 million customers in South Africa.

Standard Bank’s innovative approach and customer-first philosophy continue to set the standard for banking in South Africa, offering unparalleled convenience, affordability, and value, empowering customers to manage their finances with ease and confidence. The bank remains committed to enhancing its banking services, helping customers to realise their personal wealth aspirations.

The group’s headline earnings for the year ended 31 December 2023 were R42.9 billion (USD2.3 billion) and total assets were R3.1 trillion (USD166 billion).

As at 31 December 2023, Standard Bank Group had over 18.8 million clients, employed over 50 000 people and had over 1000 points of representation and 6 000 ATMs on the African continent. 

Image supplied (Kabelo Makeke, Head of Personal and Private Banking at Standard Bank South Africa).

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