Zambia’s largest and most profitable indigenous bank has taken digital innovation to another level through allowing for innovation to take place in its 2019 commissioned lab. In its journey towards defying the odds by being in contention to be Zambia’s first K1billion PAT bank in earnings, the bank is taking digitization, digitalization and its digital transformation journey seriously. They say the two most important things anyone would not want to be left out on in this season, are the rapture and technology, the Lusaka Securities Exchange – LuSE listed bank (ISIN:ZM0000000250) continues to utilize human capital in solution designs for various product offerings that continue to wow the market and provide for client solutions.
A little trip down memory land will reveal that Zanaco Plc was the copper producers first ever technology savvy bank with various products but has come back stronger to accelerate the journey induced by the COVID19 pandemic. More financial institutions are solutioning for client hurdles through in-house strategies such as innovation labs that allow for creative minds to be architects of enabling offerings. This is the hotspot environment that Zanaco has created for machine learning, artificial intelligence, computer programming and App development opportunities for thinkers that are not afraid to make mistakes in their quest to reshape the world. The lab has the x-generation, millenials and other passionate techies from tertiary institutions who have creative appetite for what no ear has heard nor eye seen in the quest to solve for indigenous complex problems. This then sets the bank apart in offering superior client service delivery.
Creative minds brain storm solutions in the innovation lab.
Touring an innovation lab at Zanaco Plc, Science and Technology Minister Felix Mutati used the opportunity to learn and translate the notion in creating an innovation lab courtesy of the Ministry which was employment creation light bulb moment for him. Mutati said such initiatives will allow an atmosphere to conceptualize, explore and subsequently tap the young for conceptual application and engage the young talented think tanks to participate and exhibit their brilliance and wide knowledge for job creation.
And Chief Executive Officer – Mukwandi Chibesakunda said the bank was ready to support the Ministry with development of innovation lab conceptual initiatives.
The bank is currently celebrating 52 years with 2 million clients and 15,000 express agents.
“The customers remain at the heart of Zanaco transformation journey because they have supported the bank in our 52 years of existence. We want to say thank you to our customers for their support and making it possible for Zanaco to provide home grown banking, yesterday, today and for the future,” Ms Chibesakunda said.
As at 1H21, Zanaco Plc’s after tax earnings were recorded at K393 million.
The Kwacha Arbitrageur