CBZ Holdings last year launched an integrated Mobile app called CBZ Touch, in a bid to improve their customers’ convenience. And it seems the gamble has paid off with over 38 000 download to day. The news was announced today (23rd of February 2017), during the CBZ holdings analyst briefing held at a local hotel.
When mobile banking first appeared on the market, customers were rather reluctant to use banking apps to access and handle their financial data. But for the past year, mobile banking apps have seen a burst of acceptance. According to the CBZ Group CEO, Mr Never Nyamudzo, CBZ TOUCH app now has over 33 000 users, who have made over 1 million transactions via the App in the last 4 months.
The CBZ Touch app was launched last year in April 2016. This indicates a major shift in banking service provision by the banking sector in Zimbabwe as the sector looks to eat into the popular mobile payments platforms, which are quicker, easier and convenient for clients. The App, according to the banking Behemoth, opened the gateway for the bank’s clients to transact across all Banking, Life, Insurance and Asset Management subsidiaries and is also available to non CBZ account holders who can register and create their mobile wallets.
Turning from a branch-based banking towards mobile one can bring noteworthy benefits, and CBZ has been ripping the rewards .With over 120 agents across the country providing bank services and an additional 105 agents selling electricity tokens on the bank’s behalf, CBZ has been able to register over 166 000 Smartcash accounts.
Mobile banking can not only improve customer approval and loyalty, but also increase a bank’s revenue, reduce average transaction costs as well as optimize cross-selling processes. However, to reap all these rewards, just introducing an app is not enough now.
Due to aggressive competition from Mobile Money and Fintechs developing exclusive mobile payment apps, banks with physical branches have to devote a great deal of effort to stay afloat with their mobile banking offers.
Some of the services available on CBZTouch App include sending of money to any mobile number, the ability to send money to a recipient holding any mobile number for withdrawing at CBZ ATMs or CBZ agents using a onetime password, instant VISA card account funding from source account and Life and Short term Insurance Policy quotations among others.