AFC Bank Partners with Intellect Global Consumer Banking
AFC Bank, previously recognized as AgriBank, entered into a partnership with Intellect Global Consumer Banking (IGCB) to revolutionize its banking operations through the implementation of the Intellect Digital Core (IDC) system. This collaboration aims to elevate the banking journey for AFC Bank’s clientele.
The IDC system, offered by IGCB, is a cutting-edge and all-inclusive banking solution. It functions as the central core banking system for financial institutions, empowering them to optimize their processes, elevate customer experiences, and foster business expansion.
The IDC system encompasses a wide array of features and functionalities that empower customers, granting them greater autonomy over their financial transactions. It empowers AFC Bank to deliver an omnichannel customer experience, seamlessly connecting customers with banking services across various channels such as mobile banking, internet banking, and branch banking. This ensures convenience and accessibility, enabling customers to effortlessly manage their finances at any time and from any location.
Beyond enhancing the customer experience, the IDC system equips AFC Bank with robust tools for business management. It incorporates a CXO cockpit that provides real-time, comprehensive customer insights and reporting, facilitating informed decision-making and enhancing business visibility. By gaining deeper insights into customer behaviors, preferences, and needs, AFC Bank can drive strategic initiatives and foster business growth.
An essential feature of the IDC system is its churn analysis capability, which enables AFC Bank to identify and address inactive customer accounts. This empowers the bank to implement targeted retention strategies and enhance customer retention rates, thereby fostering long-term relationships and loyalty.
The implementation of the system will streamline AFC Bank’s lending process through end-to-end digital lending. By digitizing loan origination, approval, and disbursement processes, the bank can provide customers with faster and more efficient lending services. This digital transformation eliminates the need for manual paperwork, reduces processing time, and significantly improves the overall customer experience.
It is important to highlight that in Zimbabwe, different banks employ a variety of core banking systems to cater to their specific requirements. CBZ Bank has chosen to employ the Flexcube system, developed by Oracle. This system is widely recognized for its comprehensive support of both retail and corporate banking operations, providing a robust solution for CBZ Bank’s diverse needs.
Standard Chartered Bank has opted for the T24 system, a product of Temenos. This system is highly regarded for its flexibility and scalability, enabling Standard Chartered Bank to adapt to changing market demands and efficiently manage its operations, while Nedbank Zimbabwe, an esteemed institution, relies on the Finacle system, developed by Infosys. This system offers extensive capabilities in customer onboarding, account management, and payments, empowering Nedbank Zimbabwe to provide excellent services to its customers.
Stanbic Bank utilizes the Fusion Equation system, provided by Finastra. This system offers comprehensive solutions for retail banking, corporate banking, treasury, and risk management, enabling Stanbic Bank to streamline its operations and effectively address the needs of its diverse clientele.
In contrast, the IGCB system implemented by AFC Bank provides a comprehensive end-to-end Contextual Banking suite, encompassing core banking, lending, cards, digital banking, and central banking functionalities. This suite allows AFC Bank to customize its banking operations according to its specific needs, including considerations such as the size of the bank.
Each of these core banking systems, including the Flexcube system, T24 system, Finacle system, and Fusion Equation system, offers unique functionalities and strengths that are tailored to the requirements of the respective banks. This enables them to optimize their banking operations and provide specialized services to their customers.
AFC Bank becomes the second bank in Zimbabwe to implement the IGCB system, following in the footsteps of NMB Bank. This showcases the growing recognition and adoption of the system within the banking sector. By embracing the IGCB system, AFC Bank is poised to leverage its capabilities and join NMB Bank in reaping the benefits of enhanced banking operations, improved customer experiences, and increased efficiency.
Source: The Axis Magazine (May 2024 Issue)
