Zimbabwean companies are coagulating their digital migration with increased investment in mobile applications and reduced focus on physical operations which, according to market analysts, as a way to lowers costs and meets the needs of an increasingly mobile domestic market.
Mobile banking is the fastest growing banking channel and the one with the highest customer satisfaction. In September 2019, satisfaction levels for mobile banking users was 90.3%, ahead of interactions via internet banking (89.0%), branches (86.4%), personal banker/advisor (78.9%) and phone banking (80.4%) ,while in Zimbabwe mobile and online banking now account for 33% of overall transactions value. In terms of volume, over 80% of total transactions are now conducted on mobile banking.
Banking is becoming a more and more technology-savvy industry largely due to mobile technologies. The number of people using banking apps is also progressive. So here are some factors that determine the need for investing in a mobile app.
CBZ Touch is the most used banking app in Zimbabwe with over 100 000 users, which is almost double the second most used banking apps which are Steward Bank Square and Standard Charted App.
According to a survey done by Techunzipped, most of the banking apps have been getting constant updates except for ZB Mobile which was last updated in 2017. Positive customer experience is paramount to any business, including a bank.
Almost every business realizes the importance of providing a personalized customer experience. For banks, personalization is extremely important for building trust with customers. By collecting data on customers’ behavior and preferences, banks can create unique experiences for their users. This results in customer satisfaction and increased credibility.
Standard Chartered Zimbabwe this month closed down six brick and mortar branches in Harare and smaller towns. The Bank is migrating operations to an online platform after the successful launch of its mobile application.