StanChart Uganda pegs branch closures to digital drive

October 19, 2017 in Business, Companies, Finance, Financial Services, Technology & Telecoms by Editor

October 19—Standard Chartered Bank Uganda (StanChart) has said the current branch closures across the country is a move to drive its digital platforms.

Saltston said StanChart wants to minimize the physical contact between the bank and customers while increasing convenience.

“Standard Chartered Bank is a digital bank. The closure of the branches in Gulu and Mbarara is only a beginning of our plan. We want to minimize the physical contact of our customers and the bank. Digital banking is the future of banking and we want to be the pioneers.” Albert Saltson, the StanChart CEO said in mid-week.

He said this is a strategic move by the bank to digitalize all their services and completely eliminate physical presence of the bank officials.

He said, “We have invested $1.5 billion in technology to be used over the next three years. All this money will be used in upgrading online platforms, Standard Chartered app, mobile wallets and many others. We have invested this money so that our customers can be served at their convenience.”

However despite the closure of these branches, Saltson said their customers will continue to receive services in the affected areas using their phones and computers.

“In terms of withdrawing money using ATMs, our customers can withdraw from other banks machines at a no cost. We have decided to incur the cost on behalf of our customers. Our clients can also bank and withdraw cash at the counter of our partner banks in those areas,” Saltson said.

He said, “We have over the years been leader in innovation, transforming that banking landscape in Uganda through our digital by design agenda. Client’s needs are constantly changing and as a business we need to remain relevant.”

“Traditional banking that required physical interfaces with bank executives is no longer the only option. Customers want to do banking anytime and anywhere. Our investment in our online platforms and Straight2Bank using mobile money services, will ensure that our customers receive efficient, convenient and improved services,” he said.