CAPE TOWN – The Cape Chamber of Commerce said on Thursday that the banking strike which was planned for Friday and which could have resulted in a complete shutdown of systems, including ATMs, should be seen as a warning to South Africa that better planning is necessary to deal with the changes brought about by the development of new technology.
The labour federation Cosatu and its affiliate banking union Sasbo planned to protest job losses in the sector, but the Labour Court in Braamfontein on Thursday granted an interdict sought by Business Unity South Africa against the strike called. The call to strike came in the wake of moves by South Africa's big four banks to downsize by closing some branches and merging others in order to align banking services.
Standard Bank has closed 104 branches, affecting more than 1 000 jobs. Nedbank, FNB and Absa have also trimmed branches, with Absa reducing its own from from 885 in 2011 to 698 in this year's first quarter. Cape Chamber President Geoff Jacobs said: “Banks have changed a great deal since the first ATMs were introduced but whether or not the service provided has improved for all customers is an open question. There is still a need for personal service, especially for older people and those with less education. There is also the issue of social responsibility in this time of high unemployment rates.