The Zambia National Commercial Bank Plc (ZANACO) has said that innovation and convergence have helped the bank to increase its profits by 17%.
Speaking at a press briefing in Lusaka yesterday, Zanaco Chief Executive Officer Henk Mulder said restructuring Information Technology (IT) to create greater value addition through technological leadership is one of the convergent steps the bank has taken to increase profits.
He further attributed the bank’s profits to a clear focus on ensuring strong IT control as well as implementing stronger cybersecurity and fraud control.
We have a 17 percent increase in profit as a result of tremendous transformation, restructuring and transformation such as investing in new types of banks and digital banking, which has also helped us remain committed to the Zambian market because it’s our home and we know it better than any other bank,Mr Mulder said.
He added that Customer segmentation allows the bank to refine product offering and design correct messaging for each customer profile which is another convergent measure taken by the bank which has helped in the growth of the bank.
Mr Mulder said the establishment of the Zanaco Innovation lab has prompted continuous innovation of brilliant ideas including the Zanaco ZeeWallet that enables customers to self on board (mobile banking).
We are the first bank in Zambia with an innovation lad, this is where we test new products and services for efficiency, functionality and customer experience and satisfaction, this environment is always full of young people who come up with brilliant and creative ideas which helps us to formulate new products and services,Mr Mulder said.
Mulder also added that with the combination of convergence and innovation, the bank has increased its customer deposits and operating income by 11%, net loans and advances by 15%, digital transactions by 91% and trading income growth by an impressive 328% from K40.3 million in 2018 to K172.8 million in 2019.