Standard Chartered closes more branches in migration towards digital banking

Harare – Standard Chartered Bank Zimbabwe is in the process of merging branches and transferring of customer accounts starting October 2019 in line with restructuring exercise towards digital banking.

Indications across the wider banking industry have shown that Banks are rolling out aggressive investments towards upgrading their digital platforms as well as enhancing their ICT capabilities to process more transactions and launch more customer centric products.

As a result, in a reverse of tradition where Banks income are largely driven through loans and advances, most Banks in Zimbabwe have seen their net incomes largely driven by non-interest income which is facilitated through electronic transactions which have increased as a result of the ongoing cash shortages.

However, the move towards merging branches is likely to result in further loss of jobs reported earlier in the year as the Bank initiated the process of migrating some of its operations from Zimbabwe to India, China and Malaysia.

In a notice to the public released on Wednesday, StanChart said the Gweru Branch will be merging into Bulawayo Branch, Masvingo branch merging into Africa Unity Square Branch, Highlands Branch is also merging into Africa Unity Square Branch as well as the Southerton and Mutare Branches.

Meanwhile, the Bindura Branch will be merging into Avondale Branch.

“We have recently upgraded and launched an improved Mobile App which gives you access to a new Digital Bank,” the Bank said in a statement.

“Our new Digital Bank which can be accessed through the SC Mobile App can be downloaded from Google Play store or App store.”

The Bank said the App will give one customers access to over 70 banking services available for 24/7 transaction and service convenience.

“These include card replacement and blocking, EcoCash registration, statement requests and change of personal details amongst others,” the Bank said.

Equity Axis News

Raynold Mhotseka

Raynold Mhotseka is a Journalism and Media Studies student at the University of Zimbabwe. He serves as a news writer at financial research firm, Equity Axis where he is currently on attachment. He can be contacted through the following email links, rayjnr.mhotseka@gmail.com and raynoldm@equityaxis.net.

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