Sundaymail Editor
ZB Financial Holdings recently rebranded and is undergoing a transformation exercise. The Sunday Mail Business (SM) recently caught up with ZB Financial Holdings head of marketing Mrs cynthia muzira (CM)and discussed what the exercise is about and the progress made so far. Below are excerpts from the interview.
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SM: ZB is undergoing a transformation exercise and recently you were in Kadoma to launch one of the products. What is it exactly that you were launching in Kadoma?
CM: As you are already aware, we have embarked on an ambitious transformation journey, part of which is the repurposing of our branches to service centres in a bid to better serve our customers under our mantra “One Digital ZB”. Significant progress has been made to date in our programme, and Kadoma is one of the branches that has been fully configured to a service centre. Thus, we were unveiling to the market our new-look service centre and had gone to oversee its first day of operation while listening to our customers as they enjoyed the new services.
SM: Are there other such ZB service centres besides in Kadoma?
CM: Yes, we have transformed 16 of our branches to services centres across the country covering all provinces . . .
We customised our centres to suit the market or economic sector they serve in; for instance, mining, agriculture and education. In each service centre, there is a specialised section that is manned by experts in the field it is geared to serve.
SM: What is the direct benefit for the customer from such service centres?
CM: Traditionally, financial services and banks in particular were designed to operate around a licensed product, with customers coming to the branch.
So ZB had branches with tellers focused on banking transactions only. If a customer wants service from other business units such as insurance, micro-loan, properties or transfer secretaries, they would have to go to different buildings for each of them.
The service centre brings convenience to the customer by bringing all services under one roof. Since ZB collapsed the business units’ silos, a single service consultant is able to offer all the ZBFH group products and services instead of sending customers from pillar to post. Customers can now get services like cash funeral benefit claims, account opening or eBanking registration or queries processed quicker by service consultants.
Previously, a limited number of tellers and a single ATM were service points. The service centre has a multiple number of service points introducing many service consultants, big self-service areas in some branches, a computer for online banking accessible 24/7 in some service centres.
This means a service centre can simultaneously serve double the number of customers compared to a branch, which means customers spend less time in our service centres . . .
ZB is a leading provider of school banking services and has a platform that allows a student with a bank account from any other bank to pay their school fees. The school fees facility is popular. The service centre brings a smile to the schools’ market segment by having sections specifically dedicated for school headmasters and bursars. In addition, ZB launched a school fees portal that allows payment of school fees using a phone or computer either at home or at the service centre if the customer needs support . . .
Digital transformation has caused other banks to close branches. However, ZB believes that the physical channel remains a key touch point to engage customers, shake hands and provide a personal and human feel. Until Zimbabwe has quality and affordable data for all people, especially the poor and in rural remote areas, the physical service centre remains important to ensure financial inclusivity. Banks in the region such as South Africa and Namibia are expanding their branch networks.
SM: When did the transformation exercise start and what progress have you made?
CM: Our organisational transformation programme began in November 2021 and is now in full swing. To date, we have achieved 64 percent of what we set out to do in a very short space of just 10 months.
The programme addresses different aspects such as the End-Game strategy, organisational design, brand repositioning, culture change, digital transformation, new products and services that better serve our customers.
Our transformation changed the ZB Financial Holdings business model by collapsing silos between business units to create economies of scale and leverage synergies by adopting an integrated financial services model.
Retail banking has been the flagship of the group’s operations, and this is where the transformation began, with a major investment in the conversion of branches to One Digital ZB service centres.
While digitisation is here to stay, the group’s leadership believes physical outlets are essential and necessary in Zimbabwean market where internet is not yet universal and connectivity is erratic . . .
Customers are already benefiting from the changes taking place . . .
ZB strategy is centred around people rather than products and processes.
SM: Who exactly or which company is behind the transformation exercise?
EM: ZB Financial Holdings is doing its own strategic transformation with support from hired consultants such as Rubiem Consultants to assist with technical input where needed.
SM: As ZB are you happy with the way this company is conducting the transformation exercise? Is the company meeting your expectations?
CM: Our programme was quite ambitious yet results have begun to show in a very short space of time, with 64 percent of the set agenda having been achieved. What we have achieved in 10 months would ordinarily take over two years. Therefore, the support rendered by the consultants has met expectations.
SM: In most instances, transformation means many people losing their jobs. How has the transformation exercise affected workers at ZB Bank?
CM: Our transformation programme is not aimed at losing jobs as we are focusing on achieving better capacity for business development and sales.
Should jobs ever be lost, it will be a tail-end consequential if we failed to absorb everyone in our new outfit when we are done with the transformation process.
There has been more optimism among workers about the prospects of the transformation, with a few still anxious.
SM: When do you expect to finish the transformation exercise and what will it mean to the customers?
CM: We believe in continuous improvement; that means we will continuously review our programme to align with market requirements and developments.
The first phase of our transformation journey will be completed in December 2022.
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