CBZ has joined the bandwagon in stopping the processing of manual or paper RTGS transactions and Internal Transfer Fund requests. Zimbabwean banks are following each other in adopting paperless banking with CBZ, NMB, ZB and Steward Bank stopping manual RTGS transactions.
The benefits of this transformation to CBZ are clear; the bank will save costs, improves efficiency and builds up better business intelligence. Business Intelligence (BI) is responsible for enhancing the banking operations like identifying patterns, analyzing connections, addressing and resolving issues in real-time etc.
Although some of these banks are saying that they are going paperless so as to be environmentally friendly, I think it’s just to reduce their operational costs (although the stationary cost is very negligible compared to the bank’s total costs) and collect customer’s data for BI.