![\"Zimbabwe](\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/zimstandard180.jpg\" "\\"Visit")
<\/a><\/p>\nKudzai Chimhangwa<\/p>\n
24 December 2011<\/p>\n
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ZB Financial Holdings has invested over US$3 million in a banking systems upgrade in response to the ever-changing business needs centred on global information technology (IT) trends. The bank has adopted a banking platform known as BankFusion, which was developed by a global application software and services company, MISYS.<\/p>\n
A number of banks in Zimbabwe have of late been upgrading their IT systems in order to enhance internal accounting systems and improve service delivery efficiency as more customers are adapting to mobile banking.<\/p>\n
Group Business Development executive Shadowsight Chiganze said the upgrade would enhance risk management processes in the bank’s operations in line with global requirements under Basel II, as expected by the Reserve Bank of Zimbabwe.<\/p>\n
Basel II creates an international standard for banking regulators to control the amount of capital banks need to put aside to guard against various financial and operational risks which banks and ultimately the whole economy face.<\/p>\n
“With this new platform we are able to effectively segment our market and create products that meet the needs of our different market segments,” said Chiganze, adding that the new system provides improved customer profiling.<\/p>\n
The new IT system which is a first in Zimbabwe enables the operating bank to update its core banking system in response to changing business.<\/p>\n
BankFusion enables new business applications to be deployed in a timely and efficient manner while reducing operational costs through increased efficiency.<\/p>\n
“On the shareholder side, we anticipate growth in business volumes and profitability arising from improved processing efficiencies and new product offerings. The new system will lead to enhanced customer satisfaction and sustainable growth in earnings,” Chiganze said.<\/p>\n
Chiganze said ZB Financial Holdings is utilising a diversified business model offering one-stop financial services, a key factor that would enable the new system to meet the bank’s objectives.<\/p>\n
“We approach our market from a segmented view and this new system provides improved customer profiling and allows us to follow our strategy better by giving us flexibility to serve many varied customers,” he said.<\/p>\n
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