Written by Peter Blenkinsop - Delegate - FNB Mozambique

Post a number of years of declining relative service offering and profitability in Mozambique, the past few years have prompted some serious reflection for FNBM.

We needed to strategize on how to best position ourselves to be the go-to bank for our chosen areas of focus; not necessarily the biggest, just the best.

Both the FirstRand Group and FNBM are committed to growing our presence in the country and making a positive impact on the economy and the communities in which we operate. This calls for a constant, conscious focus on our clients and digitisation of our products and services.

When it comes to serving our clients, we make a point of reminding our professionals that, rather than working for the Bank, they provide services directly to the client and that all decisions should be client-centric. This approach is leveraged on ambitious goals that include transactional growth, client interaction, balance sheet rebalancing and profitability. Achieving these goals requires a deep understanding of our target sectors and developing solutions that fit their needs, not just those that align with the Bank's offering.

We are beginning with the good old-fashioned basics – simplicity at the client interface, operational efficiency and safety. This is easy to say on paper, but it takes strategic clarity, cultural buy-in across the bank and the right processes and infrastructure to get it right, sustainably.

The corporate and commercial sectors are the primary areas of focus for the bank, but we are also fully expecting our retail business to surprise both clients and ourselves on the upside. While our presence in the Mozambican market may still be young, we are part of a larger group that gives us access to the cross-border expertise required to bring the best solutions to our Clients.

The digital development of FNB Moçambique represents an important strategic catalyst for us. A survey categorically revealed that FNB Moçambique is not perceived as an innovative or solutions oriented bank, and falls short of the expected market understanding. This perception runs counter to the culture of the FirstRand Group so we have made it a priority to address these challenges. Currently FNB operates all over the country with presence in most provinces, but we need to expand this presence and be closer to our customers, which implies focus and investment in digital services, so our operational platform is also undergoing a process of change, with very positive changes planned on the digital front by the end of the year that will substantially simplify banking. We will work closely with our clients on the journey of transition to a digital banking experience, which will be an asset for both the client and the Bank.

We believe that the culture of the bank, and collaboration within it, is likely to be a key differentiator for the Client in a market with very little product differentiation. A lot of effort is going into getting this right (and we have made significant strides so far). Our recruitment process is focusing on this as a core requirement alongside getting highly skilled people.

We aspire to be the banking employer of choice in the next two years, a demanding goal considering the existence of good banks among our competitors, but we believe we will achieve it. Among our greatest innovations, both for our Customers and for our Employees, we highlight the fact that we can count on professionals whose activity is not limited to the workplace, and who are prepared and able to interact face-to-face and directly with our Customer base.

We are at a time of recovery in the Mozambican economy, with good prospects for the development of the financial sector and the business landscape. As a Bank, we seek to support both regulators and large companies to enable the development of a positive financial and capital markets landscape over the next 3-5 years. We believe that we will create alternative investment instruments for investors as well as contribute to the long-term sustainability of the economy. We are deeply committed to transforming ourselves to transform the economy by continuing to ask the complex questions. The journey is underway.