While some enterprises suffered big losses due to the effects of the Corona Virus Disease (COVID-19) on the economy, BancABC is one of the few which thrived through.
With the aid of the digital platforms to get things done, especially during the period of movement restrictions, BancABC turned to technology to get things done. According to the Managing Director- Mr. Kgotso Bannalotlhe, half of the bank stuff worked from home. This would not have been possible without technology. As the Bank moved to reduce congestion in the banks by reducing stuff, they also encouraged their clients to move to digital spaces. While at it, the bank did not leave the issue of cyber-security behind.
In the year 2020, BancABC launched SaruMoney to accelerate their digitisation and encouraged their customers to migrate from in-branch banking to their digital platforms. The bank also officially launched BancOnline in the year ended December 2020.
In their annual report for the year ended 2020, the Company revealed, “2020 proved to be a transformative year for the Retail Banking and Digital Business division as it proved its flexibility and speed to responding to client needs during a pandemic as the ultimate focus became the ability to provide effective and affordable banking solutions to consumers with ease as well as in the most convenient manner.”
The Bank further revealed that the strategy to fortify Retail’s transactional banking franchise proved fortuitous as the business deployed its new digital platform in the latter part of the first quarter. Moreover, the self on boarding feature further augmented and supported the adoption of the retail banking digital platform exceeding prior matrices of registrations and utilisation.
“The Retail Banking and Digital division provides value adding products and solutions to the individual customers in the market. The division’s value proposition solves customers need to transact and move money, save and invest, manage risks through insurance products and borrow to invest in assets as well as bridge any cashflow requirements.”
BancABC, 2020 Annual Report
Thanks to the aid of digitalization, the Bank recorded only Sixteen percent (16%) less Profit Before Tax (PBT) compared to 2019 the same period.
