Standard Bank - Poor and Lack of Communication

Title: Standard Bank Private Banking – Excessive delays, repeated applications and constant credit checks

My experience with Standard Bank Private Banking has been extremely disappointing and frustrating.

I app**** for an RCP facility expecting the process to be handled professionally and efficiently. Instead, I have spent weeks chasing updates, receiving inconsistent information and being passed between different teams without anyone seemingly taking full ownership of my application.

What makes this experience even more unacceptable is that the excessive turnaround times are resulting in applications timing out or being cancelled on the Standard Bank app itself. I am then forced to submit yet another application simply because the previous application has expired or been cancelled while waiting for Standard Bank to complete its internal processes.

This creates a vicious cycle: I apply, the application sits for an extended period, it eventually times out or is cancelled, and I am then instructed to apply again. This has resulted in multiple applications and repeated credit enquiries/checks being conducted through the credit bureau.

As a client, I should not be put in a position where I have to repeatedly submit applications and potentially have multiple credit enquiries recorded because of delays within the bank’s own process.

My original application remained with the Verification/Compliance team for an extended period with very little meaningful information being provided. I was repeatedly told that checks were being conducted, but I was not given sufficient clarity on the status or expected next steps.

I was then advised to submit a new application because the gross salary captured on the original application needed to be corrected to match my payslip. I followed the instruction exactly and submitted the new application with the requested three months’ payslips and three months’ bank statements.

What makes the situation even more confusing is that I was told that the new application would be followed up on while the original application was still apparently being reviewed. I was essentially left wondering which application Standard Bank was actually processing.

At one point, I was even told: “We’ll see which application sticks.”

That statement is extremely concerning from a client’s perspective. These are financial applications that result in credit checks and potentially affect how my credit profile is viewed. The process should be controlled and coordinated internally rather than leaving the client to submit multiple applications because the bank’s turnaround times are not being met.

I have done everything that has been requested of me. I have provided the documentation, corrected the information as instructed and remained available throughout the process. Yet I have repeatedly had to chase Standard Bank for basic communication about my own application.

Eventually, I had to escalate the matter myself to Digital Fulfillment management because I was not receiving the level of communication or clarity I expected.

I completely understand that banks have verification, compliance and affordability processes that need to be followed. I am not criticising Standard Bank for conducting the necessary checks. My concern is the lack of ownership, inconsistent communication, excessive turnaround times and the consequences those delays are creating for the client.

If an application is going to take longer than the validity period on the bank’s own platform, there should be a proper process to prevent the client from having to repeatedly reapply and undergo further credit checks.

The entire experience has been unnecessarily stressful. I expected significantly better service from Standard Bank Private Banking and, quite frankly, I expected someone to take ownership of the application rather than leaving me to continuously chase, reapply and escalate.

Standard Bank needs to seriously review how these applications are managed. Clients should not be subjected to repeated applications and credit enquiries simply because an internal process is taking too long.