Banks remodel operations

FINANCIAL institutions are considering retraining their employees to ensure they fit into a new business model that is largely inclined to electronic banking.

This comes as banks are increasingly moving towards creating lean structures that will see several branches being shut down across the country.

Although the Bankers Association of Zimbabwe (BAZ) president Dr Charity Jinya ruled out wholesale job losses in the banking sector due to technology, The Herald Business understands that some banks have already lined-up plans to shut down branches that “are not very busy”.

Since June this year, banks have been urging their clients to subscribe for electronic transacting systems, a development that has significantly cut down on the need for depositors to use banking halls.

In the absence of adequate cash on the market, most transactions such as transfers, payments for services such as Zesa tokens, DStv, City Council water bills and airtime purchases, among others, have gone electronic.

Last week, Dr Jinya told The Herald Business that the reforms in the banking sector will see banks retraining some staffers so that they cope with the new business model.

“Banks are continually re-modeling their businesses around new technologies and innovations.