The country’s big four traditional banks – Absa, FNB, Nedbank and Standard Bank – have together shut 695 branches since their respective peaks in the earlier part of this decade.
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Standard Bank has announced the full list of branches that have been or will be closed, as part of the realignment of “its retail and business banking delivery model”.
FNB has announced sweeping changes to its eBucks loyalty programme, including giving clients the ability to earn double their fuel rewards on a quarterly basis with up to R8/l back at Engen petrol stations.
As a price war intensifies in South Africa’s banking sector, FNB has announced it will cut the fees of some accounts and offer free airtime and data to account holders.
Weeks after announcing a comprehensive cloud computing deal with Amazon Web Services, Standard Bank said it has signed a strategic partnership with AWS rival Microsoft.
The decision by Standard Bank to close 91 branches and cut 1 200 jobs is not at all surprising – the only surprises were that the bank announced it publicly and that it did so before elections in May.
Absa Group has successfully migrated its banking platform, used by its subsidiaries, from the UK, where it was run by Barclays, to South Africa.
Nedbank has launched a secure application programming interface platform aligned with Open Banking standards that will allow technical partners to create new digital solutions.
Standard Bank Group said on Wednesday that it has selected Amazon Web Services as its preferred cloud provider as it shifts various production workloads, including its customer-facing platforms, to the cloud.
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