Standard Chartered Bank has announced that it is in advanced stages of transforming into a fully digital bank and has since gradually started the process of closing most of its branches in Uganda.
The transition means that StanChart customers will have to rely on the SC Mobile App, Online Banking Platform, Digital Banking units, Agent Banking, Cash Deposit Machines and increasing the ATM network for all their banking needs.
The bank has already published a memo communicating to customers and issued them the requisite 30 days’ notice with plans to close most of its branches on 31st October 2020.
However, the bank will maintain a 3-branch model aligned to serve its client segmentations i.e Lugogo Branch for the Affluent clients, City branch for Business Banking Clients and Speke Road as the Head office. Additionally, Digital Banking Units; Shell Bukoto/Ntinda and Shell Kaazi will also remain functional.
“The decision has not been because of the pandemic as it has been in the pipeline for a while now. The bank saw a spike in usage of online platforms (especially the SC Bank App) during the lockdown and this only made us realize that we are headed in the right direction of fully going digital”
The bank is reshaping its Retail Business Banking to reportedly realign its staff and resources to meet the changing needs of clients and capture the growth opportunities in the market. According to StanChart, existing staff shall be reallocated, redeployed, or upskilled to minimize redundancies.