Saturday, September 19, 2020

Stanbic Bank revamps business model in Botswana

Stanbic Bank Botswana’s migration to Finacle Core Banking system produced positive results and the data migration exercise over the go-live was successful with no major challenges encountered.

Finacle is a new generation banking system, which will empower the bank to derive optimal value from data in order to meet a whole range of operational, business and strategic objectives.

Stanbic Bank Botswana Managing Director, Leina Gabaraane, is optimistic that the system guarantees consistency across reporting, and plays a pivotal role in transforming key institutional data into measurable performance indicators, adding that above all, it will enable Stanbic Bank to pass more value to its loyal customers.

“We now have a full time online functionality. We are starting to see the benefits of the new automated processing, such as instant account opening and card issues and approval of loans within hours,” said Gabaraane.

He has spoken about, among other things, the new system enabling the bank to have a single and an integrated view of the client base, resulting in enhanced service and customer experience, differentiate the products and services, as well as significantly reduce the volume of operational reports generated and provide flexibility and achieve greater operational efficiency.

“The next phase is to rollout e-channel solutions to our customers. We are still experiencing long queues in some areas, but are working around the clock to resolve some of the bottlenecks,” he said.
He pointed out that the new system will identify the gaps in the products, quickly replicate and make amendments to them according to the customers’ needs as well as continue to meet the future needs of the bank’s rapidly evolving business model.

Gabaraane emphasized that this system will enable Stanbic Bank to pass more value to its loyal customers and also guarantees the bank consistency across reporting, and plays a pivotal role in transforming key institutional data into measurable performance indicators.

“The priority is to improve our turnaround times and start offering customers a bouquet of e banking solutions. The fine tuning of the new system to ensure that it continues to meet the demands of our customers and the bank, based on what we had established in testing,” said Gabaraane.

Stanbic Bank CEO has also spoken candidly about Information and Communications Technology (ICT) as a growing phenomenon in the Botswana Industry. He said it has been seen that the government invest in major projects contributing to the ICT development countrywide.

“As a bank, we found it fit to align and invest in our ICT infrastructure by embarking in a project of this magnitude of upgrading our Core Banking System,” he stated.

Gabaraane is also optimistic that the development will see an enhanced service delivery, improved self service electronic channels, and will ultimately assist in taking the bank further into the communities within which they operate and the people of Botswana at large.

“The banks’ ultimate goal is to make for a more efficient and more pleasurable banking experience. With the enhancement to our customer facing processes such as account opening and introduction of more electronic banking channels, we will be able to deliver faster turnaround time,” he said.

Stanbic Bank CEO emphasized that the system will also allow for more efficient internal processing, adding that it will assist in supporting the future needs of Stanbic Bank’s rapidly evolving business model in Botswana, and at the same time enhance electronic channel solutions for customers.
“Stanbic Bank will be able to offer tailor-made banking solutions,” said Gabaraane.

RELATED STORIES

Read this week's paper

ACHAP denies donor taps have run dry

The African Comprehensive HIV/AIDS Partnerships (ACHAP) has denied it faces an uncertain future amid allegations that donor taps have run dry.