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NewsDay

AMH is an independent media house free from political ties or outside influence. We have four newspapers: The Zimbabwe Independent, a business weekly published every Friday, The Standard, a weekly published every Sunday, and Southern and NewsDay, our daily newspapers. Each has an online edition.

Steward Bank Financial Services Centre: More than just traditional banking

Business
The Monthly Financial Sector Bulletin (MFSB) is always on the lookout for interesting delivery channel development initiatives in the sector and accordingly has been closely following developments at Steward Bank’s Avondale Branch, otherwise known as the Financial Services Centre (FSC).

The Monthly Financial Sector Bulletin (MFSB) is always on the lookout for interesting delivery channel development initiatives in the sector and accordingly has been closely following developments at Steward Bank’s Avondale Branch, otherwise known as the Financial Services Centre (FSC).

When the bank recently started showcasing the full bouquet of products and services available at the branch, the MFSB got curious and sought to understand the goings-on at what is — to all intents and purposes — the bank’s flagship branch. NewsDay financial columnist Omen N Muza (ONM) who also edits the MFSB, engaged Nyasha Chidavaenzi-Choga (NC-C), the bank’s Head of Corporate Affairs, to speak about the Financial Services Centre’s unique selling proposition (USP), the rationale behind it, how it fits in with the bank’s newly-minted corresponding bank model and the bank’s over-arching channel development strategy.

ONM: You are on record as saying that most banks “talk about convenience” while you actually “live it”. This was mentioned with particular reference to your Financial Services Centre (FSC); so please tell us what’s different or unique about this branch. NC-C: The FSC offers more than just traditional banking; customers can perform more than five transactions in one visit.

These include EcoCash transactions for customers and agents, Zinara licences, DStv subscriptions, ZOL and Steward Health subscriptions and EcoSure signups as well as cashouts for Diaspora remittances through World Remit and Western Union. The FSC also acts as our Card Centre for the distribution of all our cards including the EcoCash Debit Card; so in short it’s about all financial products offered by the Econet Group under one roof.

The ambience is ideal for the busy customer, as the FSC is set in a quiet, yet welcoming atmosphere, enabling the customer to be served with speed as each product has a dedicated services desk, meaning very little or no queuing at all.

The Financial Service Centre is open Monday to Friday from 0800 hours to 1800 hours, and until 1300 hours on Saturdays. Beyond that, customers can still do MasterCard, EcoCash and ZimSwitch transactions from any of the three smart ATMs at the FSC. As an added bonus, there is ample, secure parking space provided for the customers’ convenience.

ONM: Is the FSC based on any specific or particular model? NC-C: The FSC is all about convenience. It is partly based on the corresponding banking model where Steward Bank is now able to offer several financial products and services under one roof to every customer who walks into the service centre regardless of who they bank with.

ONM: In addition to the usual bank account transactions, we note that the FSC also offers a raft of branded services such as EcoCash, EcoSure, Western Union, World Remit, DStv, Zinara, ZOL and Steward Health as already mentioned. Are there plans to add more products and services to this mix? NC-C: Yes. The Financial Service Centre is a one-stop shop. As such, the plan is to have all the necessary financial services that one may need available under one roof. As we speak, we are in the process of adding more products and services, so watch this space!

ONM: Given the sheer number of services offered at the service centre, does that make it your biggest branch in Zimbabwe? NC-C: Yes, the Financial Services Centre has become our most comprehensive financial services centre in the country. While other branches may offer the same services, the FSC is able to offer more because of its set up and location which makes housing more products a lot easier; and with ample parking and interior space it accommodates more customers as well.

ONM: Can the market expect more such branches in future, configured along the lines of the FSC? NC-C: It is not our model to have a large branch footprint; our model is to offer financial products to every Zimbabwean on all our channels whether it’s a branch, the ATM or our POS devices. That’s why you will notice that our Smart ATMs can offer different financial services such as Ecocash-cash out, airtime sales (another first in this country), MasterCard and ZimSwitch transactions. So our ATMs are financial centres in a way. The same applies to our POS machines — besides doing the usual financial transactions, you can pay for your DStv and Zinara license discs at the POS machines located at Steward Bank agents throughout the country.

ONM: The bank recently announced the launch of the correspondent banking model? In what way — if at all — does this branch relate to this model? NC-C: Yes, the correspondent banking model again speaks to our model to provide banking services to every Zimbabwean no matter who you bank with. Steward Bank agents can assist customers from any bank to do a withdrawal or a deposit using our POS platform. Just like a customer can use another bank’s ATMs on ZimSwitch to do a withdrawal you can perform a withdrawal from your account with another bank at Steward Bank agents and branches. Customers can also do other transactions like cashing in and cashing out from their Ecocash wallets and other transactions I mentioned earlier such as paying for their Zinara licences, DStv subscriptions, ZOL and Steward Health subscriptions.

ONM: Given the convenience of this new FSC, it is reasonable to assume that it may become the go-to or preferred branch for most of your customers. In fact, I have personally transacted at the branch a number of times in recent weeks and noted an increase in traffic, especially towards monthend. How do you envisage dealing with higher volumes of branch traffic? NC-C: The model mixes the traditional one-on-one customer service model with technology and self-service units. We have recently added two more ATMs at the FSC to increase customer convenience and reduce waiting time, thus giving the consumer a choice in terms of service delivery. Other branches will over time also be enabled to perform some of the services currently available at the FSC in order to decongest the FSC and still ensure that customers receive the best experience at our service points.

ONM: The other day I overheard a fellow customer wondering whether the FSC is the bank’s version of the premium or executive-type banking for High Net Worth Individuals (HNIs). Is that what it is? NC-C: The FSC is open to all clients. Customers are served as individuals and we strive to ensure that every customer receives excellent service from the centre.

Send feedback: [email protected]. You can view Omen’s profile on https://www.linkedin.com/pub/omen-n-muza/30/641/3b8