At a time when Banks worldwide are faced with the nightmare of scaling down their service in response to social distancing restrictions to stem the spread of COVID-19, BancABC Zimbabwe has scored a first in the country and launched their Virtual Banking service called "Branch X". The virtual branch, which has been described as the future branch, allows customers to conduct all banking transactions through video and telephone banking services.
Last week all financial institutions were directed to close their branches as part of the 21 Day national lockdown. The closure of branches has led to a decrease in customers visiting the branch and an increase in electronic transactions, However, digital channels alone do not address the emotional connection customers want when doing a banking transaction. The launch of Branch X which is pivoted on video banking capabilities allows customers to interface with a teller face to face and perform their banking transactions as if they were in a branch and is among the many digital innovations the bank is rolling out this year.
...