TN CyberTech Bank bets on technology, partnerships to cut costs
ROBIN PHIRI
TN CyberTech Bank, formerly known as Steward Bank, has announced plans to harness technology and strategic partnerships to drive efficiency and reduce costs.
As part of its cost optimization strategy, the bank will accelerate its automation and artificial intelligence initiatives, streamline internal processes and pursue Application Programming Interfaces (API) driven partnerships to enhance customer experience and access to products and services.
Speaking to Business Times on the sidelines of the group’s annual general meeting (AGM), the Group Deputy Chief Executive Officer, Courage Mashavave, stated that the commitment aims to leverage on technology to improve efficiency and maintain healthy metrics on key ratios like cost-to-income ratio while delivering innovative and customer-centric solutions.
“One of the things that we are looking at is around our product strategy and our product offering, which ultimately are designed in a manner that reduces the cost on the customer whilst at the same time improving efficiency and convenience. We’ve certain key ratios that we are working with. Some of them are pretty aggressive, but we are confident that we will be able to meet those given the strategies that we are implementing.” Mashavave said.
TN CyberTech Bank is making significant strides in utilizing its OMNI Channel platform to drive financial inclusion and growth, with Mashavave highlighting that efforts to harness technology, particularly automation, is expected to enhance customer experience and increase access to financial services, especially for the unbanked and underbanked populations.
“So what we are doing is we are empowering the customer to be in control of their banking needs, where ever, when ever and for whatever purpose. What that does is that it ensures that customers are able to transact even in some of the remote areas. Financial inclusion means that we are all encompassing especially to the unbanked population and striving to bring them all into the formal banking channels.”
He added: “The systems that we are using, the technology that we are using together with the key partnerships we are driving, will be such that customers anywhere are able not just to open an account and transact but to be integrated into a different ecosystem that opens up opportunities for business growth, financial capacitation, or even saving without any friction.
To complement these digital platforms, the bank is also expanding its agency network nationwide to ensure that services are accessible to all, regardless of location with agents equipped to provide efficient and user friendly services, particularly in rural, mining, and agricultural areas, thereby bridging the gap and promoting financial inclusion.
“So everything will be digital, whether from what systems and gadgets the agents use, or through self services kiosks and terminals. Zero rating of these channels will also ensure that even those in marginalized areas or those that have not necessarily been prioritized from a banking perspective will be able to bank with us.”
Mashavave hinted that the bank is working on groundbreaking innovations that will transform the banking landscape, while details remain scarce, he assured that significant efforts are underway to revolutionize banking, promising a new era of convenience, efficiency, and customer centricity.
“Wait and see what’s in store,”he teased, hinting at a major breakthrough that will redefine the future of banking.
TN CyberTech Bank prioritizes cyber security, with continuous upgrading of systems to combat threats as well as investing in employee training and robust customer education, emphasizing fraud alertness and awareness, data protection, multi factor authentication, secure passwords, and PIN protection to ensure a cyber-secure institution.
