- AFC has partnered with Intellect Global Consumer Banking (IGCB) to modernize operations, enhance banking experience for customers
- The collaboration involves the implementation of the Intellect Digital Core (IDC) system, a comprehensive banking solution provided by IGCB
- The IDC system offers features such as end-to-end digital lending, real-time customer insights, and churn analysis, which contribute to faster and more efficient services, improved customer retention, and strategic business growth for AFC Bank
Harare - AFC Commercial Bank, one of the leading commercial banks in Zimbabwe, has partnered with Intellect Global Consumer Banking (IGCB) to modernize its banking operations by implementing an Intellect Digital Core (IDC) system, making an end to the Temenos 24 core banking system the bank has been using.
This collaboration aims to enhance the banking experience for AFC Commercial Bank's customers.
An IDC system is a comprehensive and innovative banking solution provided by IGCB. It serves as the central core banking system for financial institutions, enabling them to streamline their operations, enhance customer experiences, and drive business growth.
The IDC system offers a wide range of features and functionalities that empower customers and give them greater control over their financial transactions. It enables AFC Bank to deliver an omnichannel customer experience, allowing customers to access banking services seamlessly across multiple channels, including mobile banking, internet banking, and branch banking.
This ensures convenience and accessibility, enabling customers to manage their finances anytime and anywhere.
In addition to tremendously improving the customer experience, the IDC system will equip AFC Commercial Bank with powerful tools for business management.
These will include a CXO cockpit that provides real-time 360-degree customer insights and reporting, enabling better decision-making and business visibility.
By gaining a deeper understanding of customer behaviors, preferences, and needs, AFC Commercial Bank can develop better informed strategic initiatives and drive business growth.
A key aspect of the IDC system is its churn analysis capability, which will allow AFC Commercial Bank to identify and address inactive customer accounts.
This will help the bank implement targeted retention strategies and improve customer retention rates, fostering long-term relationships and loyalty.
The implementation of the system will streamline AFC Commercial Bank's lending process through end-to-end digital lending. Digitized loan origination, approval, and disbursement processes result in faster and more efficient lending services for customers.
This digital transformation will essentially eliminate unnecessary manual paperwork, reduces processing time, and enhances the overall customer experience.
It's worth noting that in Zimbabwe, different banks utilize various core banking systems to meet their specific needs.
CBZ Bank employs the Flexcube system provided by Oracle, known for its comprehensive support of retail and corporate banking operations while Nedbank Zimbabwe relies on the Finacle system developed by Infosys, offering extensive capabilities in customer onboarding, account management, and payments with Stanbic Bank using the Fusion Equation system by Finastra, providing end-to-end solutions for retail banking, corporate banking, treasury, and risk management.
In contrast, the IGCB system implemented by AFC Bank offers a comprehensive end-to-end Contextual Banking suite, covering core banking, lending, cards, digital banking, and central banking.
These systems differ in their functionalities and strengths, allowing each bank to tailor their banking operations to their specific requirements including bank size.
By leveraging these features, AFC Bank seeks to redefine the future of banking in Zimbabwe, delivering unparalleled convenience, control, and innovation to its customers.
AFC Commercial bank becomes the second bank to implement the Intellect Digital Core (IDC) system after NMB Bank who also implemented the same system earlier in April this year.
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