• Banks adoption of mobile technology spurred by core banking upgrades
• Banks incomes’ tilting in favour of transactional business
• Mobile banking technology cushioning the impact on COVID-19 in transacting

Zimbabwe has not been spared by the novel corona virus and new cases are growing on a daily basis with local transmissions becoming a new threat. Businesses are moving towards full embrace of technology through digitalisation in a bid to remain competitive and relevant. Most business are attempting to find solutions on how workspaces adjust in the short term and evolve in the long run to survive uncertainty in future events. At the forefront of embracing technology and ICT is Zimbabwe’s banking sector. Indications across the wider banking industry have shown that Banks are rolling out aggressive investments towards upgrading their digital platforms as well as enhancing their ICT capabilities to process more transactions and launch more customer centric products.

Zimbabwe’s banks are evolving in response to the ever-changing consumer needs as well as increasing competition, which threatens long term survival and short-term earnings. Mobile banking, which is a gateway to transactional business is a target frontier which has received most focus across all banking institutions.

Leveraging on upgraded core banking systems banks have built applications which offer convenience to the customer and in turn led to acquisitions of new customers through financial inclusion. Non-funded income has swelled relative to interest income while cost bases are expected to gradually shrink as brick and mortar branches are cut down. Last year Stanchart closed down some of its branches with a digitalization drive that have seen fewer strategic branches remain open. The digitalisation drive entails launching of the SC mobile app which the bank said the App will give customers access to over 70 banking services available for 24/7 transaction and service convenience. These include card replacement and blocking, EcoCash registration, statement requests and change of personal details amongst others,” the Bank said.

Bancabc recently launched the A360 mobile app which the bank believes is a game changer towards growth of the bank’s customer base. The A360 application has more automated features which enable clients to do their transactions within the application. The app also has a section that allows users to buy stocks via C-Trade. In addition, another unique feature is the ability to make payments using QR a common feature on all recent banking apps in Zimbabwe. In a recent New Normal Indaba Bancabc CE Dr Lance Mambondiani heightened that businesses need to build platforms that sustain and allow efficient service delivery. Dr Lance went on to add that If you are a bank, build a platform that allows you to deliver money and all the financial services, a supermarket must build a platform that makes it easy to sell products while in education they must also have infrastructure to make learning accessible.

On the same front Stanbic recently launched the Slydepay mobile app with a QR code scanning as a special feature which the bank believes will assist its clients to transact safer in light of the pandemic. Patson Mahatchi, Stanbic’s Head of Personal and Business Banking said “the bank is really excited about the QR code no contact functionality, especially in this day where we are trying to find ways to minimize contact to avoid the spread of COVID-19”. The App is also equipped with Biometric security technology which makes it accessible to the owner of the smartphone or tablet only, even in cases where the device is hacked or stolen unauthorized individuals will not have access into the App.

Ecobank launched Ecobank Pay in the first half of the year holding the same QR functionality. The drive towards a full bank in the comfort of one’s phone is gaining traction across different banks in Zimbabwe. Covid19 has awakened most business leaders across board of need of a robust IT team with capabilities to come up with tailor made solutions as well as ability to understand the core banking system in light of ever-growing innovations.

In an era of uncertainty and technology driven fluidity, companies that possess flexibility and reflexibility, will survive and thrive. Companies must proactively embrace the positive change in order brought by technology and catalysed by uncertainties and unforeseen events such as COVID-19, in to succeed. While companies are starting to focus on resuming their core business post the pandemic, business leaders should also not neglect the importance of the workspace in order to help generate a new resilience needed for the future. Adapting to the flexible future of work model is a clear winning formula for future businesses.