Time Bank of Zimbabwe Ltd, an indigenous owned commercial bank, was established in 1997, its mission "to be a modern bank, that provides timely banking solutions in changing times, and that maximises satisfaction to stakeholders".
In May 1997 the bank licensed Bankmaster as its preferred banking application. Since then, in line with the bank`s own expansion and development, the relationship with Misys International Banking Systems (formerly Kindle Banking Systems) has also grown.
In November 1997, the bank licensed Branchpower, the front-office teller system, to automate its branch offices. As the bank has continued to grow and expand, so too has its relationship with Misys, with further licence schedules signed in May 1999 and May 2000.
From the outset, the bank believed that the only way forward was through customised services, tailor-made to meet the needs of different clients. As a result of this belief, the bank offers a wide range of services within the retail, money market, foreign and corporate banking arenas.
"Time Bank employs state of the art technology that offers not just day to day banking services but goes the extra mile to make the customer experience as enjoyable as possible. The comprehensive systems in place are robust and flexible and give us a competitive-edge against our competitors," comments Time Bank`s IT Manager, Lawrence Rusere.
The bank has recently confirmed its intention to upgrade to Bankmaster 7, which provides functionality enhancements to several business areas in addition to offering significant performance improvements over previous releases. These improvements are directed at both online transactions processing and overnight processing, resulting in both the bank and its customers benefiting from improved performance.
"Branchpower 7 is the latest 32-bit Windows version of the branch automation solution, which will offer Time Bank enhanced functionality, improved customer service levels and increased operational efficiencies, all of which will assist to impact favourably on the bank`s bottom line," explains David Haggett, Branch Manager, Misys International Banking Systems.
Future plans for the bank include enhancements to the current treasury module and support for the automation of its item processing/clearing operations.
The bank, like many businesses, faces the ongoing challenges and difficulties within the Zimbabwean marketplace including unreliable rainfall/drought, depressed international commodity prices and devaluation of the Zimbabwe dollar. Despite all these problems, Time Bank completed the year 2001 with a strong capital base as well as significant achievements on profitability. The bank continues to grow in 2002.
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