Tag: Standard Bank

Source: Business Insider SA

Standard Bank clients were left frustrated by technical problems which impacted payments in the last two weeks of April. On Monday, the bank reported that persistent issues had finally been resolved and that it had launched a new service status page to keep clients up to date with any future disruptions.

Standard Bank’s services were marred by numerous technical issues in April. Clients first reported problems with the mobile banking app halfway through the month, with Standard Bank urging users to opt for internet or cell phone banking while the “technical issues” were being fixed.

A week later, the trouble with logging into the mobile app extended to internet banking. Clients, unable to access their accounts on payday, were left fuming and took to social media to voice their dissatisfaction.

Despite Standard Bank noting that its technical issues had been resolved on 24 April, many clients complained that they continued to experience problems with both internet and mobile app-based banking services.

But Standard Bank’s April problems weren’t over. On the last day of the month, the bank confirmed yet another technical problem impacting its mobile banking app, whereby the delivery of one-time PIN (OTP) numbers was disrupted. This led to delays in confirming payments and further frustrations among clients.

On Sunday, Standard Bank reported that problems with its mobile app, internet banking, ATMs and point of sale services were affecting transactions. Blame was placed on a “hardware issue” and fed-up clients threatened to jump ship, with competitors First National Bank (FNB) extending an invitation on Standard Bank’s Twitter account.

Facing a fierce backlash, Standard Bank apologised to its clients on Monday and announced the launch of a status page which would provide real-time updates on the functionality of mobile and internet banking services.

“Following the extended disruption to our banking services, we have launched a new service status page to give you real time status of our banking services and offerings,” explained Standard Bank.

“This website was developed in the interest of transparency and customer service. We always endeavour to ensure that our systems are up and always running, but technology is fallible. With this tool we can keep our customers informed in real time while our teams work to fix any issues that might occur.”

Standard Bank clients have been urged to register for immediate updates, which can be received via SMS, email, or RSS feeds. The page displays the system’s overall functionality, with anything other than the banner stating “All Systems Operational” indicating a problem with one or more services.

The service status page tracks the real-time availability of app logins, balance checks, instant money transfers, airtime, data and electricity purchases, lottery picks, business banking statements and more.

“Any disruption of our services impacts our customers adversely,” noted Standard Bank.

“While our teams worked tirelessly to solve the problem, we know that this is not what our Standard Bank customers expect from us. Our service status page is a way to keep our customers informed if we should ever experience technical issues of this kind again.”

 

According to a recent article by MyBroadband, a large number of South Africans have asked their banks for payment holidays and cash flow relief during the Covid-19 pandemic.

  • Absa has seen almost 570 000 account holders benefit from relief
  • This amounts to R7.8-billion cash flow relief
  • Nedbank has assisted more than 225 000 clients, out of a total credit active client base of approximately 2.5-million
  • Standard Bank granted instalment relief to nearly 150 000 clients in the wake of the national lockdown
  • This amounts to over R1-billion in instalment relief per month
  • FNB said it has offered almost R6 billion in relief to customers since 1 April 2020
  • Nearly 700 000 account holders benefited from relief
  • A total of 1.64-million South Africans have received payment holidays

By James de Villiers for Business Insider SA

The North Korean connection in a brazen R300-million heist in Japan, which used stolen data from Standard Bank, has been confirmed in a new report.
The mastermind of the 2016 operation – which involved more than 100 people – fled to North Korea afterwards.
The group is believed to have used counterfeit credit cards stolen or leaked from Standard Bank to steal the money.

It has now been confirmed that the alleged mastermind behind a syndicate which stole 1.8 billion yen, or roughly R302 million at current exchange rates, in Japan by using data stolen from Standard Bank, fled to North Korea, the Japanese newswire Kyodo News reported this weekend.

In 2016, the man lead a group of people who used counterfeit credit cards stolen or leaked from Standard Bank to withdraw large amounts from convenience-store ATMs in 17 areas across the country, including Tokyo.

The Atlantic reported that more than 100 people were believed to have been involved in the operation which took place over two hours on 15 May 2016.

Around 1 700 automated teller machines at 1 600 convenience stores were targeted.

The mastermind fled to North Korea by way of China shortly after, investigators have now determined.

Last year, Nippon.com reported that United Nations Security Council panel found that North Korea may have been involved in the incident.

Standard Bank told Business Insider South Africa that they are unable to comment as investigations are ongoing, and directed enquiries to the relevant authorities.

Japanese police have been working with South African police during its investigations. It said over 260 people have been arrested in relation to the incident, the Japan Times reported.

Standard Bank has announced that it will close 104 of its branches by June 2019. This comes after an announcement by the bank in March that it planned to close more than 91 branches.

The bank’s efforts to digitise its retail and business bank is expected to impact more than 1 200 jobs, as staff members are retrenched to make way for self-service offerings.

Standard Bank has published the full list of branches which will be closing across the country on its website. It also outlined the branches where customers affected by the closures can go instead.

Standard Bank has partnered with Founders Factory Africa to grow businesses across Africa.

Corporates can play a more significant role in working with small businesses to stimulate economic growth and job creation across the continent.

Nadia Oshry is a Senior Manager at Standard Bank’s Moonshots division which looks to launch new disruptive financial services businesses into the African market

Oshry said, “Founders Factory is a unique, corporate-backed incubator and accelerator model that was launched in 2016. In the UK, corporates such as L’Oreal, EasyJet, Marks & Spencer and Aviva have signed on and already benefitted from this model. Together, they have grown 96 start-ups across 20 countries and raised over GBP 117mil for the portfolio”.

“Standard Bank with Founders Factory Africa will be launching and scaling 140 disruptive tech-enabled businesses across the continent within the next five years. It will also work towards enhancing the formal start-up culture in key African cities,” adds Oshry.

This development is in stark contrast to the current environment in which it is more common for Fintech start-ups and ‘Big Tech’ Corporates to act as competitors in the marketplace. In an environment where job creation is critical, bigger companies often trade off increased jobs with enhanced efficiency. Examples include Uber that has traditionally provided an alternate model for employing drivers, but is now focused on creating self-driving cars. Amazon is developing drone delivery to replace traditional courier models.

“Founders Factory is but one example of a new way of working that aligns incentives between Corporates and start-ups. With a change in mindset and through innovative new business models, large Corporates can contribute substantially to growing the small businesses in our continent and changing our economic landscape,” Oshry said.

As an investor, Standard Bank has a vested interest in leveraging its African footprint across 22 countries and unique assets to help the businesses scale.

“Start-ups dream of the distribution capabilities and scale of corporates; while corporates wish that they had the agility of startups. It is when these players stop competing and form strategic alliances that the real magic happens,” concludes Oshry.

By Odwa Mjo for Times Live

Bad customer service is a frustrating experience for everyone, but who would think of crashing their car into a building?

A woman in Boksburg drove her vehicle into a Standard Bank branch after apparently waiting for several hours to be served.

The woman crashed the Mercedes Benz into the glass walls of the branch after she had an argument with a bank teller regarding money withdrawal, News24 reported.

In a statement from Standard Bank obtained by TimesLIVE, the bank would not give details about the incident but only said that “the client was served in a professional manner and in line with client-service procedures. The query was of a complex nature.”

The bank said that while nobody was hurt, counselling had been offered to those affected by the incident.

Standard Bank to retrench 526 IT workers

By Kabelo Khumalo for IOL 

South Africa’s jobs bloodbath is raging with Standard Bank today announcing that the restructuring of its IT division will see more than 500 workers sacrificed.

Standard Bank spokesperson Ross Linstrom says of the impacted permanent staff, the majority are in the executive and managerial bands.

“This process will result in 526 IT employees receiving Section 189 notices which will commence the consultative process with the employees involved”.

“This process will create over 180 new-generation IT positions within the bank. Regrettably, this will also result in the loss of a number of existing traditional IT positions,” Linstrom said.

The bank said the restructuring was instigated by “emerging technologies and increased demands from customers”.

The unrelenting jobs bloodbath seems to be gathering steam. Power Utility Eskom has already announced plans to cut its workforce, the SABC has said it would have to let go of more than 1 000 workers for it to keep afloat. Telkom’s subsidiary BCX last week also joined the bandwagon and warned that it will retrench about 700 employees.

Ironically, as part of stemming the jobs bloodbath, all stakeholders at the Jobs Summit held last month had committed themselves to concrete steps to avoid retrenchments and support struggling companies.

Did the banks collude with the Guptas?

Source: The Citizen 

The EFF has criticised South Africa’s major banks, calling them opportunistic and hypocritical “in their testimony given to the state capture inquiry”.

Standard Bank’s retired head of legal testified at the inquiry on Monday giving reasons that led the bank deciding to close the business accounts of the controversial Gupta family.

Former FirstRand Group – which First National Bank (FNB) is a division of – chief executive officer (CEO) Johan Burger is testifying at the commission today.

“These banks were very happy to do business with the Guptas until the unceremonious December 2015 removal of Nhlanhla Nene as finance minister when South African stocks were severely devalued,” the EFF said in a statement.

The red berets added that by the time of Nene’s axing, the Guptas and former president Jacob Zuma – who are commonly referred to as the Zuptas – were already carrying out corrupt activities “facilitated by the very same banks”.

The EFF said: “It is impossible that the banks only started to notice the suspicious transactions of the Guptas and their companies in 2016 as they now want us to believe.

“The truth is that these banks colluded in the looting of the country for as long as it was feeding into their profit maximisation motives and greed. These are the only driving forces behind the commercial banks. For them, it’s profit before people and the country.”

The party said it hopes the chair of the commission Deputy Chief Justice Raymond Zondo would not be fooled by the testimony of the banks.

“We call on the South African Reserve Bank (Sarb) and the Financial Intelligence Centre to launch a separate probe into the complicity of South African banks in the Gupta state capture and why they turned a blind eye towards an obviously suspicious transactions before 2016 and to hold them accountable for their part in state capture,” the EFF said.

The party added that if the Sarb fails to institute such a probe the party would take it upon itself to initiate a parliamentary probe into the matter.

Meanwhile, Burger testified on Tuesday that FNB had closed the accounts of the Guptas due to associated reputational and business risks.

Standard Bank has denied that it has opened a bank account associated with the Gupta family.

It was reported earlier on Tuesday that the top-4 bank had agreed to open bank accounts for business rescue practitioners controlling seven Gupta companies.

However, Standard Banks spokesperson Ross Lindstrom has said the bank terminated all dealings with the Gupta family and all entities controlled by it with effect from June 2016, and that that decision still stood.

Earlier, business rescue practitioner Louis Klopper confirmed that Standard Bank had agreed to open a new account‚ with strict conditions limiting access only to Klopper and his partner practitioner‚ Kurt Knoop.

Klopper said this had been a crucial stumbling block to getting the Gupta companies‚ particularly the four mines owned by the family‚ back up and running.

However, in an e-mail to Business Day, Linstrom said on behalf of the bank: “Standard Bank of SA has not opened and will not open accounts with these companies. Any impression created to the contrary was created by an employee that was acting out of mandate.

“Communication between the employee and [Klopper] was not authorised and did not follow the internal processes of the bank. Disciplinary procedures are currently under way.”

The Gupta family has had to make do with facilities at the Bank of Baroda — a relationship that has deteriorated since the bank started to come under pressure from the Reserve Bank over the large number of suspicious transactions the Gupta family were processing.

On February 16 the directors of Gupta-owned Tegeta filed for business rescue‚ placing Optimum‚ Koornfontein and Brakfontein coal mines in Mpumalanga, as well as Shiva Uranium in the North West, under Klopper’s control.

Property investment companies Confident Concepts and Islandsite Investments 180 were also placed under business rescue.

The mines employ roughly 3 000 people‚ most of whom went on strike when salaries were not paid on February 25. The permanent staff‚ about 1 500 people‚ were paid last week.

By Kyle Cowan for Business Day

The National Credit Regulator (NCR) will investigate Standard Bank’s new credit card fee, according to a report in the Sunday Times.

The bank has been charging a standalone monthly “card fee” of between R10 and R210 to customers who use its credit cards only, with the fee depending on the type of card the customer uses.

The card fee was implemented at the beginning of 2018 and is charged in addition to the monthly service fee of R40.

According to the NCR, the Credit Act has a closed list of charges a credit provider can levy on customers – and the card fee is not one of them.

The NCR said it would investigate Standard Bank’s card fee and take approporiate action if the fee is found to be illegal.

According to Standard Bank’s pricing guide for 2018, the card fees are as follows:

Gold, Blue, and Access cards – R10.00
Titanium standalone – R25.00
Platinum standalone – R40.00
World Citizen standalone – R210.00

The report follows SA Consumer Satisfaction Index results in 2017 showing that Standard Bank customers are the least satisfied.

Standard Bank did not respond to requests for comment sent by the Sunday Times.

Source: MyBroadband

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