WRITTEN BY AMY TOCKNELL

Don’t let the Standard Chartered Bank’s name fool you. With a legacy in excess of 120 years and a commitment to improving the Zimbabwe economy, there is far more to the financial institution than meets the eye, as Chief Executive Officer Ralph Watungwa explains.

SETTING THE STANDARD

Though it is true that the Standard Chartered Bank has

expanded globally, boasting in excess of 1,700 branches

worldwide, their primary interests still lie in Zimbabwe, more

specifically, connecting it to wider Africa, Asia and the Middle East for

significant financial gain. Addressing both domestic and commercial

banking needs, Standard Chartered have a SME client base of over

7,200, all of whom are keen to take advantage of the extensive growth

expertise on offer.

Retaining a localised focus, the agricultural and commodities

sectors are recognised as the main pillars of the Zimbabwe economy.

As such, Standard Chartered Bank has made available $360m of

financial support to these industries in 2013, through the Wholesale

Banking arm of the company, which is an impressive 20 percent

increase on the previous year. In addition to this, $230m in credit

was also levied for the sector while the manufacturing and commerce

industry were able to borrow up to $105m, with support industries

being given access to $25m. Domestic customers have also benefitted

from developments at Standard Chartered, with online and mobile

banking services being dramatically improved, in line with a significant

uptake in popularity. With more than 90,000 customers in Zimbabwe

alone, the Bank consistently strives to improve standards and

services, allowing them to remain as one of the industry leaders.

Keen to retain their reputation as one of the premier banking

institutions in Zimbabwe, Standard Chartered Bank are exceptionally

customer focused, conducting regular satisfaction surveys and

installing a Customer Experience Council, a highly dedicated team

chaired by the Chief Executive Officer that is charged with providing

STANDARD CHARTERED BANK

Founded in 1892, the first ‘branch’ of the Standard Chartered Bank Zimbabwe was located in a bell tent in the heart of Bulawayo, making it the longest standing financial organisation in Zimbabwe. This impressive heritage is something that the company has sought to build upon for the last 122 years. Naturally, the structure and focuses of the company have evolved as the years have passed, with branch numbers fluctuating in response to technological advances such as ATMs and more recently, online and mobile banking. One element, however, has remained the same, an intrinsic desire to support and develop the Zimbabwean economy.

Friends of the Environment (FOTE) Zimbabwe

is a trust whose main goal is the re-greening

of Zimbabwe through reforestation and

afforestation. FOTE has a target of planting

500 million tree by year 2026 through three

main activities: annual walkathons to raise

environmental awareness; tree seedling nursery

establishment to address the supply side, and the

actual tree planting activities.

solutions to highlighted customer concerns. In addition to this, Ralph

Watungwa describes the impressive Customer Charter as being

a “Consumer Banking promise to our customers for fast, friendly

and efficient service, provision of solutions to their financial needs

and recognition of the overall banking relationship. To deliver on

our promise, our employees complete comprehensive Complaints

Handling training”. The strategy is clearly paying off as the company

sees continued improvements in their Net Promoter Score, the

yardstick by which they measure customer satisfaction. Steadily,

Standard Chartered Bank has become the financial institution that

current customers are happy

to recommend to friends and

family, a key indicator that

through exemplary service

standards, the company is

earning impressive levels of

customer loyalty.

Clearly, monitoring of

customer satisfaction is vital

for the continued success of

Standard Chartered Bank, but

this is not conducted to the

detriment of staff development

and support. Employing 697

full time team members, the

company expects and demands

the very highest standards of

conduct, social awareness and

professionalism. To those that

act in accordance with these

demands and embrace the

company values of courage,

creativity, trustworthiness,

responsiveness and global

awareness, continued training

and coaching is offered, allowing team members to diversify their skills

matrix and progress through the institution. Proud to call themselves

a ‘learning organisation’, Standard Chartered Bank reward staff in the

present and prepare them for future roles by identifying leadership

capabilities and nurturing them through workshops, one-on-one

coaching and e-learning resources. Support on such a superior level

must of course be utilised to the fullest extent and as such, all staff

members are encouraged to undertake three days of volunteer work

per year, in order to contribute to the surrounding community and

forge even stronger ties. 2013 saw bank employees complete 1217

volunteer days, with team members of all levels participating.

Discussing the importance of an effective supply chain, Watungwa

notes that “all suppliers and partners are essential to the business

operation because without any one of them, no business can operate

to its full potential. There is, therefore, need to value all suppliers and

partners in the same manner regardless of what you get from them.

For any partnership to work you need to share the same goals and

work together”. He continues to highlight the fact that globalisation

has led to the lengthening of supply chains, often resulting in

increased risk of delays, which necessitates regular reviews of the

supply chain to retain optimum

value for money.

Looking to the future,

Standard Chartered Bank

has instigated a number of

initiatives, designed to further

improve the services they

already pride themselves on.

The Wholesale and Consumer

Banking units will be integrated,

allowing for a far more focused

approach towards three newly

defined groups; Corporate and

Institutional, Commercial and

Private and finally Retail client.

In addition to redefining client

groups, the bank has begun a

lengthy process of encouraging

customers to move towards

virtual financial management

techniques, such as mobile

and online banking. Combined,

these elements promise to

provide support to imminent

reorganisation of the company,

in preparation for a period of accelerated growth.

Having invested significant time and fiscal resources in this

reorganisation of the business model, Standard Chartered Bank

looks forward to being able to ‘refocus the Bank’s attention on

defined distinct customer segments’ which will allow them to ‘deploy

capital, liquidity and investment spend more effectively and deliver

improvements in both productivity and service’, the benefits of which

will not only be experienced by the Bank itself, but also it’s customer

base and the economy of Zimbabwe as a whole, thus bringing their

brand promise, Here for good, to life.

STANDARD CHARTERED BANK

“ All suppliers and partners are essential to the business operation because without any one of them, no business can operate to its full potential. There is, therefore, need to value all suppliers and partners in the same manner regardless of what you get from them.

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