Online bank 20Twenty`s branding is to be phased out and replaced with that of parent Standard Chartered Bank.
"Integrating 20Twenty into the Standard Chartered brand will allow us to provide a seamless service under one brand to all our consumer banking customers and to compete more vigorously in the South African consumer market," says John Kivits, CEO of Standard Chartered Bank SA.
"The benefits of a single brand approach include greater exposure to innovative global financial solutions and products, an understanding of the South African market, a customer-centric partnership approach and the continued security and peace of mind associated with a first-class global financial organisation."
Lauren Callie, head of corporate affairs at Standard Chartered Bank SA, says the rebranding is not an "event" but a gradual migration, a process the bank hopes to complete by the end of this year.
She says 20Twenty`s service levels will remain unchanged.
Callie says she understands that 20Twenty customers might be concerned that service standards might change, but adds that Standard Chartered appreciates "20Twenty`s unique customer approach" and has no plans to alter that.
However, the bank will have to market the change to 20Twenty`s customers, whose reactions to the rebranding have been mixed.
Some customers on 20Twenty-related Internet bulletin boards say the Standard Chartered name causes confusion in the local market because of its similarity to that of Standard Bank. Others say they are concerned the service levels associated with 20Twenty might be compromised.
But others say they do not believe a change of name or corporate colours will affect service levels, and Standard Chartered is unlikely to discard what attracted people to 20Twenty in the first instance, as it would lose those customers.
Standard Chartered bought 20Twenty in 2003. The online bank had been under curatorship since the collapse of parent Saambou Bank the previous year.
20Twenty developed a cult-like following, with most of its customers remaining loyal to the bank despite its 18 months of curatorship.
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