Standard Bank increases its footprint through a recent partnership with retailer Pick n Pay, which will offer accessible banking services to the customers of both firms.
Standard Bank disclosed it had begun constructing in-store branches in select Pick n Pay stores in the Western Cape and Gauteng.
Funeka Montjane, Chief Executive, Consumer & High Net worth clients of the Standard Bank Group, said, “Branches have undergone a major shift in form and function over the last decade. This allows Standard Bank to increase its footprint while still offering the human touch. In the digital age, there is still a real need for face-to-face banking. Here we are making it easier, convenient, and bringing a branch to where our clients are,” said Montjane.
Customers will get support with obtaining PINs, bank confirmation letters, account activations, debit order disputes and limits management among other services. The in-store branches would provide space for consultations and private areas behind slatted screens for in-depth consultations. These branches will be manned by Standard Bank personnel.
Last month, the first Standard Bank in-house 6m² branch opened at Pick n Pay’s Richmond store in the Western Cape, while construction of more branches in stores in that province will be phased in.
The news comes as Standard Bank today delivered its results for the six months ended June 30, with its deadline earnings per share up 52 per cent at 721.4 cents.
Sim Tshabalala, Standard Bank’s chief executive, said: “The first six months of 2021 were another exceptionally difficult period for many of our clients, staff and stakeholders but we are now hopeful that the worst phase of the pandemic is behind us.
“Notwithstanding these continuing strains, some early signs of recovery are evident in the Standard Bank Group’s (SBG or the group) financial results for the first half of 2021 (1H21). Our underlying business has strong momentum and, relative to this time last year, we have seen a recovery in client activity, an improved outlook and lower impairment charges, “ he said.
Pick n Pay already offers financial services in-store. Pick n Pay and South digital bank, TymeBank, partnered in 2019 to offer customers a banking experience. Pick n Pay also offers a range of banking and financial services including Pick n Pay Money counter, an Amarex delivery service, PnP Store Account, PnP Business card, and Tyme Money transfers and deposits at till points.
John Bradshaw, the head of Omnichannel at Pick n Pay, said, “Extending our service offering beyond traditional retail products and services is an opportunity we identified and acted on long before most others within the industry did. Customers are increasingly looking for accessibility and convenience, and we have worked hard to innovate in answer to this need.”
Incoming chief executive Pieter Boone said in April, during the presentation of the result for the 52 weeks to the end of February, that his goals included making Pick n Pay the first choice of its customers, accelerating the Boxer business and building on the group’s omnichannel strategy.