Banks and Banking Survey 2020: FBC Bank crowned overall winner

The bank has been crowned the overall winner of the 2020 Banks and banking awards. What does this mean to the bank?

This is a very commendable achievement for the bank. I wish to acknowledge and dedicate this award to our valued customers because “they matter most”. This award is also a recognition of the effort of our employees at FBC Bank.

The women and men at FBC have been rewarded for their hard work and commitment to the brand. It is also a demonstration that as a bank we have remained focused on our strategic goals and it has paid off. The innovation and nonfunded income generation has seen us reigning above the set bar and emerging as the overall winner. It is indeed a milestone achievement for us.

Talking of innovation, we have seen in recent time some exciting products being launched. What is the motivation behind all this?

FBC is on a digital revolution path. From the year 2017, we have been pursuing and implementing incremental innovations aimed at identifying systems and processes where digital integration will deliver operational benefits for the FBC Group and our valued stakeholders. Our overarching goal is to keep pace with global trends in the marketplace and become a fullyfledged digital and social bank that adapts to the current and future operating environment.

With the advent of new technology, it is apparent that the rulebook for financial institutions across the globe must align with these changes. We have introduced into the market, revolutionary and trailblazing solutions that maximise customer convenience and enhance our customer experience offering.

We have introduced a virtual account opening platform which allows individuals to open bank accounts via the FBC Mobile Banking Application,USSD (*220#) and Whatsapp platforms within 2-5 minutes. With the outbreak of Covid-19, the need to go digital has become even more important to stem the spread of the virus.

The FBC digital on boarding is a fully-fledged digital banking platform which allows anyone to enjoy the convenience of opening five (5) classes of personal bank accounts remotely at any time of the day remotely. The account opening process is seamless, as it allows clients to be onboarded instantly and be able to transact immediately after successfully opening an account(s) digitally

Our customers can now open any of the following account(s) remotely from wherever they are, as long as there is mobile phone network connectivity at any time of the day 24/7 without any need for paper:

Mobile Wallet

Instant Card Account

Savings Account

Current Account

FCA Account

We also introduced Noku, a smart Digital Assistant who has been equipped with the capability of assisting clients with executing banking and insurance services on Whatsapp at any time of the day…24/7. Noku also allows anyone to open an FBC Instant Account or Mobile Moola wallet on WhatsApp without visiting a physical branch.

What has been your role is driving financial inclusion?

We have put in place a robust framework that will allow us to provide financial services to all citizens regardless of their economic demography. Our financial inclusion strategy is anchored on innovation, financial literacy and consumer education, prioritising under-served markets.

We have introduced the FBC Mobile Moola instant card, a low-cost card-based account with minimum know-your-customer (KYC) requirements. The card based account has no monthly service fees and is linked to the FBC Mobile Banking platform Mobile Moola.

The card can also be linked to any mobile wallet (EcoCash, One Money and Telecash). This has allowed us to extend affordable banking to the lower income segments.

We are also extending our banking services distribution network for the convenience of customers via partnerships with strategic agents, through our Agency Banking arrangement.

The bank has the best international card in the market, the FBC Mastercard prepaid card. How does this product work?

Let me first highlight that FBC Bank championed the return of the mastercard brand into Zimbabwe in 2010. The product is FBC’s most popular over-the-counter card for both existing and new clients. Just bring your ID, proof of residence, pay slip, passport size photo and a $15 initial deposit to secure your chip and PIN prepaid card instantly.

You can also access cash from the ATM, swipe at the point-of-sale or shop securely online. We have a personal as well as a business card to meet the needs of business travellers. In the near future our customers will soon be able to digitally open a FBC Mastercard prepaid account.

What can the market expect from FBC bank in the future?

We will continue to provide innovative products supported by seamless service to our customers as we consolidate the digitalisation trajectory that the business has embraced. I assure the market that FBC will continue to seek future-fit solutions in sync with the new normal as well as strengthen relationships with our customers for mutual benefit.

Any parting words to your customers?

Certainly……To our customers “Thank you for the support during the year 2020, we have experienced unprecedented developments in the environment but you remained loyal. Let us be extra vigilant of COVID 19 protocol as we enter the festive season. I say “Happy Holidays to you all and all the best for a prosperous 2021.

FBC Bank Limited, the commercial banking unit of FBC Holding was recently crowned the 2020 overall winner of the prestigious Zimbabwe Independent Banks and Banking Survey awards in recognition of the sterling business effort demonstrated by the bank. Speaking in an interview after the virtual award ceremony held under the theme “Re-imagining Banking: Beyond Survival”, Webster Rusere (pictured), the Managing Director of FBC Bank shared a a few thoughts on the recent developments at FBC Bank