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Own Correspondent

Stanbic Bank is stepping up the digitisation exercise hot on the heels of being named Best Bank of The Year in 2019 by leading financial magazine, The Banker, at a gala in London.

The bank will be closing its Chitungwiza and Beitbridge branches with effect from 31 March 2020 as the institution moves forward with its digitalisation strategy, which allows customers to conduct their banking any hour of the day from any connected location.

Stanbic Bank chief executive, Joshua Tapambgwa, said the digitalisation strategy, which will leave the financial player with a physical footprint of 17 branches across the country, is being put to the test as they make such bold moves that rely on quality banking technologies.

He explained how Stanbic Bank views the digitalisation drive as a futuristic move necessitated by technological advancements that have taken over the sector by storm worldwide.

“The model we are following has been adopted by many financial and non-financial institutions in other parts of the world, but very few in Southern Africa.

“The new banking technologies we are introducing continue to bring ease of banking to our customers, which gives us the confidence to move to the next level of banking”, he said.

Mr Tapambgwa reassured customers with accounts being maintained at these two branches that their accounts will be safely migrated to Southerton and Bulawayo Mainstreet branches, with the option of visiting any one of their 17 branches should they need service from physical branch facilities.

In order to make this strategy a reality, Mr Tapambgwa acknowledged the need for great innovation, which is why the bank has seen it fit to redeploy staff members from these branches to digital banking innovation — related and sales roles within the bank.

“All our staff members currently working in these two branches will be redeployed to other departments of the bank which are driving the digital bank strategy, that way, we retain our talented employees and continue to move our business forward for the benefit of our customers.”

Mr Tapambgwa expressed his appreciation to their customers who have been accepting and adopting the digital banking platforms at an exceptional rate.

“We want to underscore our appreciation for the support given by our clients over the years as we have been navigating the country’s dynamic banking environment and as we go through this digital transformation”, said Joshua.

The bank’s head of personal and business banking, Patson Mahatchi, recently pointed out that the institution was making strides in its journey towards becoming a digital bank for the utmost customer convenience.

“Our customers remain our most valuable stakeholders and it has become our culture to customize all our products around what the customer needs.

“We remain compliant with Consumer Protection laws as we continue to implement digital technologies set to enhance the customer experience,” said Mr Mahatchi.

He noted that one technological milestone realised last year was the bank’s Remote Onboarding functionality, which enables new customer accounts to be opened at the customers’ preferred location, allowing them access to digital banking facilities instantly.