Pick n Pay and Standard Bank have entered into a partnership that will bring banking closer to the two organisations’ customers. Standard Bank has begun constructing in-store branches in select Pick n Pay stores in the Western Cape and Gauteng.
A number of services will be offered including assistance required with PINs, bank confirmation letters, account activations, debit order disputes and limits management amongst others. The in-store branch will provide space for consultations, as well as a more private area behind a slatted screen for in-depth consultations. These branches will be manned by Standard Bank personnel.
Pick n Pay was one of the first retailers to introduce financial services in-store, and now is an established leader with a comprehensive package of financial services available. More recently, Pick n Pay and South Africa’s first digital bank, TymeBank, partnered in 2019 to offer customers a complete banking experience, a service that has brought increased benefits and convenience to customers.
“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,” says John Bradshaw, Head of Omnichannel at Pick n Pay.
Last month, the first Standard Bank in-house 6m² branch opened at Pick n Pay’s Richmond store in the Western Cape, and was very well received by customers. Construction of the bank’s branches in stores in the Western Cape will be phased in.
Standard Bank commented that the move into Pick n Pay stores is part of the bank’s commitment to ensure that all South Africans have access to quality financial services, and to bank where they shop.
“Our philosophy is to create banking solutions that reach clients in the way that works for them,” says Funeka Montjane Chief Executive Officer, Consumer & High Net Worth Clients at Standard Bank Group.
Montjane says the in-store branches allow the bank to access a wider range of clients who are able to access banking services where it is more convenient for them.
The in-store branches will work together with digital banking offerings to provide customers with choices on how they want to manage their financial transactions.
“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,” says Montjane.
“We are delighted at this new opportunity with Standard Bank. Our customers respond really well to increased convenience, particularly with banking and other financial transactions, and this is taking our offering another major step forward,” said Bradshaw.
Customers will enjoy the benefit of undertaking their banking transactions beyond traditional banking hours with Standard Bank instore branches operating according to Pick n Pay’s trading hours.