Digital and online banking is the present. A good number of Zambian banks have invested resources and capabilities to deliver e-services to their clients. Many have delivered services that are easily accessible with the hope of improving the banking experience. However, when we attended the unveiling of #Kula at the prestigious Radisson Hotel on the 25th of April 2018, we knew we were in for a treat.
Analogous to their execution of the BANK HERE campaign, ZANACO once again reminded us of why they are big strong and reliable. Make no mistake, till now, they have already been offering online banking. However, it was not enough to just have customers click here and click there. They went a step further and studied the banking behaviors of their clients. In game theory, this is known as having a second mover advantage. It is now ZANACO’s game not to lose in delivering an unmatched banking experience.
The end result was #Kula. The all new online website. In his speech to invited guests, Managing Director Henk Gezienus Mulder stated that “A couple of years ago, they set their sights on an ambitious journey to become the top transnational bank in Zambia by 2020. It was an ambitious, yet achievable target given their position as the largest local bank”. Henk believes that with the largest customer base and distribution network as well as their passion and commitment to serve it was imperative they were the game changer in banking in Zambia. The Kula initiative is a signal to the market that they are galvanizing around and behind technology in order to protect their footprint.
To achieve this, they needed to look at their resources and capabilities. His signal of seriousness can be decoded from his statement were he said that “we have invested significant resources into changing the way we conduct business. Some of the initiatives we have put in place and executed include renewing our business model as well as developing and expanding our digital platforms.”
From his statement, it is clear they did not find themselves at this moment in Zambian banking history with a plethora of technologies such as the new user friendly banking platform, a XAPIT product that now boasts of capabilities similar to mobile money with its ability to transfer funds directly to a mobile number.
With downloads of the BANK HERE app north of 55,000 following its launch at the epilogue of 2017, “big red” is promising to deliver unmatched banking services to the Zambian populace. Charity Lumpa echoed this commitment in the sophomore speech by stating that at ZANACO, they believe that change is the only constant in life hence their deliberate efforts to manage this change through innovation.
Investors in ZANACO shares on LuSE will be watching this very closely as the bank takes its fight to competitor and demands to be respected as Big, Strong and Reliable. Kula Forever!