Using Modefin’s solution, CBZ Bank was able to offer CBZ Touch, an integrated mobile app that fit its customers’ changing lifestyle and allowed them to transact with ease and security from anywhere at any time
-IBS Intelligence

The COVID-19 pandemic shifted much of peoples’ everyday lives online, which made mobile banking beneficial to people who preferred not to visit a physical branch and avail services on their mobile phones instead. Mobile banking is now a standard service at most financial institutions and is highly convenient in today’s digital age, with many banks offering applications with a comprehensive set of services, such as the ability to deposit a check, pay for merchandise, transfer money to a friend, or find an ATM instantly.

CBZ Bank, a subsidiary of CBZ Holdings Limited, offers a wide range of banking and financial services solutions to both personal and corporate customers, such as mortgage finance, wealth management, treasury, retail & corporate banking etc. CBZ wanted to roll out an integrated mobile banking solution with multi-service capabilities to empower the community through provision of information while avoiding the usage of multiple vendors for the implementation of multiple channels. For this endeavour, they chose Modefin.

Modefin is a global fintech solution provider that empowers banks and financial institutions with state-of-the-art digital banking solutions that help them to thrive in the digital age. Headquartered in Bangalore, India, it serves more than 60 banks in more than 20 countries across the world.

CBZ Touch was expected to be an integrated mobile app where banking, insurance, and wealth management converge. The software solution that CBZ sought needed to meet business requirements from multiple departments. At the same time, CBZ had several high-level expectations from the mobile solution:

• Offer a convenient and cost-effective transaction platform for CBZ clients
• Be an  effective marketing and awareness platform between CBZ and potential customers
• Manage operating costs through technology
• Cross sell CBZ products effectively

Project Implementation

The project was initially carried out using the Waterfall methodology, and was shifted to a blend of both Agile and Waterfall in order to roll out new features and solution updates in a faster manner. The project team consisted of a project manager, a delivery manager, a team lead, and two developers. Major tasks carried out were:

Migration of USSD customers, which allowed users even without a smartphone or data/internet connection to use mobile banking

• Integration with the API connecting 25+ third-party billers
• Rework on the architecture to accommodate various services
• Connection to VPN to work on production issues and to overcome the issue of multiple timeouts

A single integration with an ESB (Enterprise Service Bus) was carried out, with changes to the bank’s existing USSD channel being incorporated in the database, which allowed the platform to receive and distribute tasks across different channels through a unified application.

A 5-day workshop was conducted for the bank to familiarize the bank team with the app testing process.

Implementation success was ensured through effective project governance, which was accomplished through the following:

• Consistent communication between project teams at Modefin and CBZ
• Regular updates on project milestones, wins and challenges
• Preparation and sharing of status reports with all stakeholders on the project
• Risk assessment and mitigation

Benefits Achieved

Through the mobile solutions, CBZ was able to increase its customer base as well as visibility in the market, which helped increase bank’s revenue. It also accelerated the pace of digitization, reducing the need for in-person visits at bank branched boosting profitability. The mobile solution also allowed customers without a bank account to transact through wallets, improving CBZ’s customer reach.

The mobile solution provides several features to customers:

• Mobile banking
• Agency banking
• Merchant Banking
• Smart Cash
• Billers
• mPOS
• mLoan
• mVisa
• Life and Short-Term Insurance Policy quotations
• Integrated CBZ Life services
• Online blocking and unblocking of ATM Debit cards
• Cardless withdrawals
• Bill payment facilities (DSTV, ZETDC prepaid electricity & City of Harare)
• Integrated CBZ Asset Management Services such as Balance Enquiry and Withdrawal Instructions
• ZIMRA payments

There is also a provision of CBZ SmartKey, a digital keyboard that allows users to make transactions while using social networking platforms. While on social media, a user can log in to CBZ Touch and do various activities that include:

• Personal airtime top up
• Transmit airtime to another mobile
• Transfer money to another CBZ Bank account
• Transfer money to a Smartcash account

In an endeavor to maintain its competitive edge over other social banking initiatives, CBZ Smartkey does not limit customers to a specific social networking site, such as WhatsApp or Facebook. The look and feel of the mobile app reflects the Bank’s focus on delivering solutions for clients that are timely, relevant, and accessible, however they choose to bank.

As part of CBZ Bank’s continuous innovations, the bank has also launched CBZPay as part of an overall evolution of the bank’s digital banking experience. Instead of swiping conventional cards, CBZPay allows customers to pay by simply scanning QR Codes. Transactions done through CBZPay are as secure as card-based transactions because the mobile phone does not change hands, and the client retains control throughout the transaction.

Conclusion

The launch of CBZ Touch was a response to the Bank’s drive and passion to offer customer convenience and customer satisfaction by providing innovative low cost products utilising state-of-the art technology efficiently and effectively processing high speed and high volume transactions.

CBZ Touch provided an integrated mobile app that fits the clients’ lifestyle and lets them transact securely with ease from anywhere at any time.

Key Facts

Supplier: Modefin
Headquarters: India
Founded: 2011
Client: CBZ Bank Limited
Offering: CBZ Touch