Stanbic Bank Botswana Head of Self Service Channels, Mr Southwell Mbongwe
Stanbic Bank Botswana continues in its drive to promote greater convenience banking in a bid to enhance customers’ banking experiences.
“Traditional banking has previously involved the customer planning a physical trip to the bank, often having to take time off work and other duties, to complete a single transaction. Moving forward with the times, however, convenience banking has become instrumental for customers and bankers alike, for both consumer and especially business banking,” said Stanbic Bank Botswana Head of Self Service Channels, Mr Southwell Mbongwe
Embracing convenience banking has many merits of which some may not be aware, Mbongwe advises. “Cellphone and Internet banking, for example, save customers time and effort that could be better employed in other areas.” Commonly known as “E-channels”, such platforms as these, as well as more recent introductions like SMS alerts, are available at any time of the day and all days of the week to allow customers to bank as and when they please. “The advent of technology has allowed banking to take place wherever a customer is, quite literally at their fingertips, be it on their cellphones, their computers or other ‘smart’ devices. Indeed, even ATMs now have such added conveniences 24/7/365 as Forex withdrawals and even cash deposits.”
According to the Bank, such convenient banking platforms and services transcend geographical borders and allow transactions to occur beyond your country of residence or where your bank account is held. This is particularly useful for those businesses that operate internationally. Said Mbongwe, “Globalisation has necessitated the running of virtual businesses all over the world. Electronic banking allows for payments to be made across borders; this serves both individual and business customers. Shipping costs, school fees, online shopping and medical-related payments can all be made from your Botswana bank account into the accounts of global service providers.”
Real time banking is said to offer additional security benefits; being able to remotely monitor your bank account puts you in good stead to thwart fraudsters and speedily report suspicious activities. Like with traditional banking, security measures are put in place to verify your identity through the use of PINs and other single-use security codes that are used for each transaction; this is in a bid to further fortify the safety measures already in place.
As businesses move towards being better corporate citizens, convenient banking platforms fulfill this mandate by going virtually paperless, an increasing trend amongst banks on a global level. Banks and customers can now transact in the electronic space with online forms and statements, effectively reducing their collective carbon footprint.
Introducing convenient banking platforms enhances banking products and provides more holistic banking solutions. “Traditional banking is not replaced, but supported with electronic services to provide customers with 360° customer relationship management solutions. Banking options become both simpler and easier for the consumer, and that’s something we could all do with in today’s busy business world,” concluded Mbongwe.