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Business Reporter
ZB FINANCIAL Holdings Group has embarked on an ambitious digital transformation programme that will see a new operating model under the mantra “One Digital ZB”.

Group chief executive officer, Mr Shepherd Fungura said the digital sphere presents wider room for improvement in how financial institutions serve customers.

He made an undertaking to transform the ZB Group’s operations in ways that will deliver convenience and increased value.

Mr Shepherd Fungura

The adoption of the “One Digital ZB” was a bold declaration by the business, which will allow customers from across the group to access all its services from one touchpoint, be it physically, virtually or digital.  The group encompasses units such as ZB Bank, ZB Building Society, ZB Life Insurance, ZB Reinsurance, ZB Capital, ZB Transfer Secretaries, Barcelona and Qupa.

“Retail banking has been the flagship of the group’s operations and this is where the transformation has begun, with a major investment in the conversion of branches to ‘One Digital ZB’ Service Centres,” said the group.

“While digitisation is here to stay, the group’s leadership believes physical outlets are still essential and necessary in Zimbabwe market where internet access is not yet universal and connectivity is often erratic.

“The repurposed branches will be an opportunity to connect with customers face to face while mobile technology still enables remote access to services.”

ZB Group said the transformational programme started early this year and is now in full swing with branch renovations  taking place mainly focused on digital upgrades and on-going staff training.

“The group has already started seeing customers benefitting from the changes taking place,” it said.

Financial institutions across the globe have experienced radical changes in the banking market environment over the past decade.

According to a report by international consulting firm Deloitte, achieving a competitive advantage through product functionality is difficult and the primary way for competitors to differentiate themselves is by the customer experience along various touchpoints.

“This thinking is in line with ZB Group strategy, which is centred around people, rather than products and processes,” said ZB.

“Being able to serve customers effectively, across multiple channels and in real time can increase retention, lower acquisition costs, and cement brand loyalty.”

Briefing staff last week, Mr Fungura emphasised the need to motivate staff so that they offer services that please customers.

Mr Fungura said it was against this background that the group was restructuring itself to be fit for purpose and the future.