Marketing pundits in several banks have been teetering their teeth wonder who the identity of “Bank Here” was over the last couple of weeks. There have been numerous theories such as “It must be Atlas Mara, Bb Diamond secure the Fairfax deal so they are awash with cash”. But not it was not Atlas Mara and no the cash for their investment in Nigeria. Some thought it was Stanbic, because they just recently delivered the “End of the Road” artists in Boys II Men. What is clear though was that whoever the identity of the bank was, they must have a strong marketing budget and trusted employees who would keep 2017’s best kept secret.
At the end of November 2017, ZANACO revealed themselves as the architects of the “Bank Here” marketing promotion. From a game theory perspective, the camouflage marketing strategy was precisely what the market needed because of the product the bank was about to unveil. ZANACO have finally given Zambians, THE APP. Technological trends indicate that many financial institutions are trying to bring the financial experience closer to the consumer. What better way that to deliver a product that is not only personal (Zambians take their internet bundles seriously) but also delivers what can be viewed as the banks strategy in financial technology.
Their Xapit product was a huge success, and consumers have been waiting for the next big thing. However, the Bank has been undergoing transformation. From their last annual report, they had indicated a strategy that combines technology and streamlining of operations through the implementation of four pillars of success which inevitably led FiZ to decode that the Bank was implementing Balanced Scorecard (BSc). BSc is beginning to bear fruit now as the bank invests in resources and capabilities.
— Chishala Chitoshi Jr (@geshgroove) November 30, 2017
Big Strong Reliable Zanaco comes in with THE APP as second mover this year as other banks have also been flirting with the concept. Uptake of THE APP will be largely driven by consumers who have either Android of Apple devices. With Atlas Mara increasing their foothold of brick and mortar through their acquisition of Banc ABC and Finance Bank, a technologically driven strategy is sound. Hand held devices have been known to disrupt main stream brick and mortar experiences therefore, knowing what the right mix is will be crucial for executives of the larger Zambian Banks.
May the APP wars begin!