• Recently named best consumer digital bank in Zim by Global Finance
  • 98% of all financial transactions are said to have gone digital
  • Launched ‘Client Digital Awareness’ campaign to tackle cybercrime

HARARE – In an environment strapped with cash shortages and the increasing need to access banking services and complete financial transactions outside of local branches exacerbated by the outbreak of COVID-19, the banking industry is undergoing massive digital disruption where online payments, mobile apps, electronic-bill payments are fundamentally becoming the norm.

On focus in this episode of “Tech Review” is Standard Chartered Bank Zimbabwe Limited, a commercial bank in Zimbabwe and is a wholly-owned subsidiary of the Standard Chartered Bank Group – one of Africa’s largest financial services providers.

StanChart Zim was recently named as the best consumer digital bank in Zimbabwe by Global Finance which is a trusted standard of excellence for the global financial community.

A message from the Bank seen by this publication simply reads “Thank you, our customers for making us the Best Consumer Digital Bank once again”.

Notably, Standard Chartered also scooped the award in Botswana, Cote D’Ivoire, Kenya, South Africa (Standard Bank) Tanzania, Uganda and Zambia in a clear demonstration of the parent company’s dominance in the African region’s financial services sector.

Winning banks were selected based on the following criteria: strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality.

“With the global pandemic forcing people to conduct their personal and professional banking activities from their phones, tablets and computers, digital banking took on an importance and prevalence far beyond anything that had come before,” said Joseph Giarraputo, publisher and editorial director of Global Finance.

“Banks were forced to respond to this drastically altered landscape, and those that met the challenge most successfully are being honored as Global Finance’s World’s Best Digital Banks 2021.”

Standard Chartered Bank Zimbabwe’s Digital Journey

As well articulated in the Bank’s half-year financial statements ending 30 June 2021, StanChart rolled out the Application Programming Interface Banking (‘API’), offering clients a new way to interact with the Bank and to digitally transform their businesses.

This is a quick and efficient way for the businesses and their nominated partners to access customised banking services, while also ensuring complete safety.

“API banking is transforming interactions – from bank-centric to customer-centric, through the creation of new ways to consume the Bank’s products and services,” the Bank’s Chief Executive Officer, Ralph Watungwa said.

Significantly, utilisation of the Bank’s digital platforms is high at 68% for the consumer, private and business banking clients, and 100% for the corporate clients, while 98% of all financial transactions are said to have gone digital.

“We have enhanced our ATM coverage with 24 dual currency ATMs having been deployed across the country,” Watungwa said.

“There are plans to commission an additional five ATMs before the end of the year. Our ATM uptime has been maintained above 97%.”

The Bank also launched a ‘Client Digital Awareness’ campaign to protect clients from cybercrime – a risk that has undesirably heightened in line with the increased use of digital platforms.

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