TN CyberTech Bank bets on technology, partnerships to cut costs
ROBIN PHIRI
Financial services provider, TN CyberTech Bank, has set ambitious plans to harness technology and strategic partnerships to improve efficiency, cut costs, and expand access to financial services.
As part of its cost-optimization strategy, the bank will accelerate its automation and Artificial Intelligence (AI) initiatives, streamline internal processes, and pursue Application Programming Interface (API)-driven partnerships to enhance both customer experience and product accessibility.
Speaking to The Business Times, the group’s deputy chief executive officer, Courage Mashavave, said the commitment was anchored on leveraging technology to improve efficiency and maintain a healthy cost-to-income ratio while rolling out innovative, customer-centric solutions.
“One of the things as well that we are looking at is just even around our product strategy and our product offering as well, which ultimately are designed in a manner to streamline our costs and ensure that we’ve got a healthy cost-to-income ratio. We’ve got certain ratios that we are actually working with. Some of them are, say, really aggressive, but we are confident that we would be able to meet those given the strategies that we are implementing,” Mashavave said.
The deputy CEO added that the bank is making significant strides in utilizing its open platform to deepen financial inclusion, with a particular focus on automation to enhance customer experience and reach underserved populations.
“So what we are doing is we are empowering the customer to be in control of their banking needs. What that does is that it ensures that customers are able to transact far-reaching. Financial inclusion means that we are encompassing and we are bringing in all those who are possibly not necessarily in the formal banking channels.”
He explained that technology will remove barriers to access, allowing customers to open and manage accounts with minimal friction.
“The systems that we are using, the technology that we are using will be such that, in partnership with some of our partners, would be such that customers anyway are able, for instance, just to open an account without any friction, open it as easily as possible, frictionless. Some of the capabilities remove paper and paper trail in terms of having to request a lot of physical forms for completing.”
To complement its digital drive, the bank is also expanding its agency network nationwide. The move is aimed at ensuring services remain accessible to customers in rural, mining, and agricultural areas, bridging the urban-rural divide.
“So everything will be digital. And what that will do is it will make sure that it’s so easy to open an account. It’s so easy to operate an account. Zero rating of these accounts will ensure that even those in areas or marginalized areas or those that have not necessarily been prioritized from a banking perspective will be able to bank with us.”
Mashavave hinted that TN CyberTech Bank is working on groundbreaking innovations that could reshape the financial landscape. While he stopped short of revealing specifics, he assured that a new era of convenience and customer-centric banking is on the horizon.
“Wait and see what’s in store,” he teased, hinting at a major breakthrough that will redefine the future of banking.
Alongside innovation, the bank has made cyber security a top priority.
It is continuously upgrading its systems to combat threats, investing in employee training, and rolling out robust customer education initiatives.
