ZIMBABWE INDEPENDENT BANKS AND BANK SURVEY 2020 MAGAZINE

Reimagining Banking Beyond Survival.
Realign
strategy
with the
current
new
normal
—FCB
The event is coming in
the wake of Covid-19
as well as economic
challenges that continue
to bedevil the financial
services sector
Banks and Banking Survey ( BBS) spoke to this
years’ awards sponsor, FCB Chief Finance
Officer, Taitos Mukuku (TM) to understand key
trends in the banking sector.
Below are the excerpts of the interview:
BBS: The banking sector has been going
through changes in terms of the normal day- today
running of the business. What can you say
have been the key life-changing experiences that
the sector had to go through over the years?
TM: Over the years the financial sector has
indeed undergone various changes that have in
a way shaped it to be the solid backbone to the
markets it serves that it is today. Macroeconomic
factors such as the hyperinflationary environment,
disruption by non-traditional players and currency
and policy changes have influenced a culture
of agility industrywide due to their prerequisite
timelines that require prompt execution.
We have also moved from customary banking
that was face-to-face orientated to digitisation as
our customer needs have evolved to align with
global trends.
To remain relevant the banking experience
has been redefined by leveraging through
available technologies. A culture of moral
good within our communities of operation has
become mandatory through Corporate Social
Responsibility as each organisation follows the
triple base view approach which has promoted
overall sustainable development in the financial
sector.
BBS: Covid-19 was one of the unexpected
occurrences in 2020. What’s your comment on
the general performance of the sector during the
pandemic?
TM: Covid-19 pandemic was a circumstance
that no one could have predicted. In many ways
it redirected and fast-tracked the financial sector
to the new-normal operational expectations that
the market has come to expect as a minimum
standard. During the pandemic, banks took the
lead in facilitating and supporting all essential
services that were operational during the
lockdown.
Minimal disruptions to service were
experienced as banks stood ready to support
clients after they invoked their Business
Resumption Plans as part of the frontliners and
essential services framework.
At the beginning of the lockdown overall
revenue figures went down due to customers
being at home and enterprises operating within
the confines of the set guidelines.
As the lockdown moved from stage to
stage, expanding the parameters of operations
by opening more industries and sectors, the
situation took a turn.
Banks reopened to ensure clients had access
to their funds and began re-engagement of
correspondent banks and other key partners to
reignite trade.
Due to changes in consumer behaviour,
there was an upsurge of digital channels
penetration as the demand for cash became less
with customers opting for digital products. This
culminated in positive half-year results for most
players in the financial sector signaling a sense of
stability in the market.
BBS: In relation to First Capital Bank what can
you say is your future post-Covid-19?
TM: The global pandemic has called for an
evolution in the way we do business and has
created a legacy across the industry. Having
actually experienced the pandemic we have
learnt how to adequately prepare for a crisis
of this nature through our Business Continuity
Management.
Going forward our bank would like to
increase our stakeholder digital adoption through
increased remote access facilities in line with
global trends. Banking should be at the palm of
everyone’s hand and we want to be a leader in
that journey as we create shareholder value.
With the increase in online, digital and
e-commerce platforms, cybersecurity on all
platforms is paramount to safeguard customers’
money.
18 BANKS& BANKING SURVEY 2020
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