POSB in total digital transformation
The bank with 34 branches and 343 agents nationwide, People’s Own Savings Bank (POSB) said it has accomplished a business process reproduction exercise which sets a foundation for the future of the bank.
The process engineering exercise will see the state-owned lender position itself as a digital bank in response to the shifting customer preferences. POSB acknowledges that this target model requires an end to end transformation of Information Technology and Digital Channels.
This modification from traditional banking to digital banking in Zimbabwe has been plodding and remains ongoing. Various banks are at different levels of digitilisation, with MNO linked bank Steward bank seemingly taking a lead in the movement, notably on the innovation aspect.
KYC refers to the steps taken by a financial institution (or business) to Establish customer identity. Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
Due to KYC-lite accounts, other local banks have built strong platforms which made their customer base grow and has resulted income from non-interest line has increased across the banking sector. However, the bank reported that its capital position now sits at $70 million which is $30 million shies of the aimed 2020, $100 million capitalisation levels.