Harare – Diversified financial services group, Old Mutual Zimbabwe (OMZ) says for the half year to June 30, the Group primarily focused on building digital capabilities in order to enhance service delivery, improving operational efficiencies and exploiting opportunities for growth.
Following a decade of financial fallout and economic downturn, banks are facing a challenge of reconnecting with customers, rebuilding trust and renewing the banking experience by introducing digital technologies and solutions.
Financial services providers in the country are keeping pace with consumers in a fast-moving marketplace and are rapidly capitalising on the digital wave to re-establish themselves as the bank of choice with customers.
Millions of people now embrace fully integrated mobile banking experiences, using smartphones, tablets and wearables to do everything from buy ecommerce products and services to open new accounts and make payments.
Despite some structural obstacles, the shift is likely to intensify, and incumbents and entrants alike should prepare for the new normal.
Incumbents who can keep pace with consumers’ changing preferences – and the new entrants poised to serve those customers in new ways and at a lower cost – are likely to gain lasting competitive advantages.
Those financial institutions who will fail to deliver engaging digital experiences, will lose market share and become irrelevant within 3 to 5 years.
However, despite the allure of digital offers physical channels – branch and ATMs – will continue to play major roles in banking across the country. Banks will have to balance regulatory demands and customer’s needs for a physical presence against the cost, reach and convenience advantages of digital services.
In a bid to reach a broader customer base and build a closer relationship with the tech savvy generations OMZ said, “During the first half of the year we completed the set up and resourcing of an integrated contact centre to facilitate better communication with our customers across multiple channels.
“We remain focused on building a strong business that will be best positioned to continue to deliver value to customers and shareholders into the future.”
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