LUSAKA, ZAMBIA – Stanbic Bank Zambia has in the last three years invested over K600 million in digital platforms as a way of contributing to the country’s cashless economy agenda.
Speaking at the official reopening of the modernised Stanbic Industrial Area branch, bank Chief Executive Leina Gabaraane said digitalisation was not only an important tool to maximise efficiency in service delivery, it was also critical to growing the country’s financial sector through improved financial inclusion in line with the National Financial Inclusion Strategy 2017-2022.
He said: “With digitalisation, we not only increase client convenience and our efficiency as a bank, we also help raise Zambia’s rate of financial inclusion by making it easier for the unbanked to access formal financial services thereby growing the banking industry.
“With our digital capabilities, we provide clients with instant remote account opening. Additionally, we will soon be launching an ‘Online Top up’ system that will allow our clients to get a loan top up via our online banking platform.”
Following a multitude of market-leading innovations like Anakazi Banking and Enterprise Online - all designed to improve service delivery - Stanbic Bank has established itself as a customer-centric bank.
In recent years, the bank has been restructuring its business strategy to put the customer at the core of operations and make banking relevant to the modern client, stimulating financial inclusion.
“When you look at our operational strategy, the one thing that you see consistently is that we are customer centric,” explained Mr Gabaraane.
“And in being customer-centric we have adopted a relationship-based model. This means that we work to build genuine relationships with our clients which enables us to understand their needs and businesses better. With better understanding it becomes easier to create products and services that meet and often exceed their needs.”
Building on their pro-customer approach, Stanbic has embarked on a Branch Renewal project which seeks to refurbish branches across the country and bring them to ultra-modern standards. The project enhances efficiency, convenience and make the overall banking experience pleasant for the client. So far, the bank has renovated over 13 branches including the Industrial area branch.
“This branch renewal project has not only given our branches a new look and feel but it has created several jobs for Zambians involved in the renovation process. Further, we have been reviewing our internal process to maximise efficiency and make it easier for trade to take place in real time,” said Mr Gabaraane.
The Industrial Area Branch has a state-of-the-art Bulk Cash Deposit ATM that allows clients to deposit an unlimited sum of money in a highly secure self-service room. The cutting-edge machine can take as much as K10,000 at a go, and gives value to the receiving account instantly. This machine is the first of its kind in Zambia.
Much like the Stanbic’s Enterprise Online platform, the Bulk Cash Deposit machine will heighten efficiency for businesses, particularly those in Lusaka’s Industrial area in crediting their accounts after a day’s trading without having to go into the Central Business District, improving security.
By solving some of the financing challenges that various sectors of the economy like manufacturing may face, the bank has put itself in a position where it not only facilitates trade but also creates a platform for local industrial sector to thrive.
“We remain committed to ensuring we hold our clients at the core of our business processes. This is evidenced in our customer focused innovations ranging from sophisticated digital platforms, the branch renewal project and the increased use of technology to make trade easier and help industries thrive thereby growing the country’s economy. We do this because Zambia is our Home, we drive her growth,” concluded the Chief Executive.