Stanbic Bank promises beyond the usual
Stanbic Bank Botswana Chief Executive Officer, Chose Modise said the bank is on a transition to become a platform services organisation that will provide a wide range of complementary services beyond traditional banking products.
The program will be achieved through partnerships with relevant service providers and collaborating with strategic stakeholders, enabled through Application Programming Interface ( API) technologies. Modise said they envisage a one- stop shop where the Bank’s customers will be able to request services ranging from information on the best schools to making travel bookings. “We recognise that in the current climate of rapid innovation and technological evolution, services are converging quickly and our clients have an amplified appetite for ‘ beyond’ banking services.” On his note in the Bank’s 2022 annual report, Modise pointed out that the Bank underwent an extensive process to revamp and replace aged technology infrastructure to ensure that its systems are stable, in turn reducing overall cost to serve. “This has yielded positive results, with fewer incidents and quicker turnaround time on system restoration. The Bank is committed to ensuring continued reinforcement in this area as we are cognisant that the future of banking and financial services will be fully digital.” During 2022, the bank’s growth in profit was driven by increased use of digital platforms. “Costs grew by 23 percent largely driven by the technology investments made in response to our changing operating landscape in readiness for our platform journey,” said Modise. In his remarks, Stanbic Bank Botswana Chief Finance and Value Management Officer, Realeboga Phoi stated that the operating landscape as well as global economic activity is expected to continue to be stressed in the short to medium term, at the back of the anticipated global recession as well as the recent grey listing of South Africa by the FATF. “The Bank is engaging clients and other stakeholders to position itself to be able to participate in economic activities, especially to respond to its commitment of financial inclusion in Botswana, as we partner with state and private sector alike to grow this economy, in alignment with our purpose of Botswana is our home, we drive her growth.”