Mining industry focused Ubank, said to be South Africa's only wholly black-owned bank, believes its recent launch of a mobile and digital payment platform, developed by mobile banking solution provider WIZZIT International, will help drive service delivery to other markets and boost revenue.
Established in 1975, Ubank is described as a niche financial services provider specifically for underserviced mining communities within gold and platinum sectors.
Having identified a need for a comprehensive mobile banking service, Ubank decided to replace their existing system with the WIZZIT solution.
The platform, called Vulindlela, is designed to integrate into all leading banking back-end systems, as well as mobile network operators and value added service providers.
Ubank's technical requirements centred on a digital-based strategy which included USSD, app and an Internet banking access channel to service existing and potential customers.
According to a statement from WIZZIT, "WIZZIT has developed security modules for apps and USSD that have been rigorously tested by our banking partners over 12 years."
Mike Madonsela, Head of Channels at Ubank said, "The immediacy and flexibility of Vulindlela is a perfect fit for Ubank, as it allows us to connect all banking channels with one robust network solution and a consistent customer experience. This omni-channel approach required an equally agile partner to build and design the platform. We found this in the WIZZIT team."
Vulindlela is intended to serve as a springboard for Ubank to leapfrog into adjacent markets and boost revenue streams.
Although not forthcoming with details as to which markets are being referred to specifically or how it plans to establish its offering within an ever-competitive market, Ubank stresses its role in providing banking services to the working class and its intention to remain competitive.
"The market in SA is looking for innovative and technology based solutions particularly mobile. The market is always banking – but seldom in physical branches and need access 24 hours a day; availability at times that suits the market and affordability with relevant products. There is a strong need for appropriate solutions delivered by a financial institution that is in touch with the needs of the market," says the financial services provider.
"In our 40 years of service to workers, we see this as a quantum leap for the bank to help satisfy customers' needs. Going mobile and digital will drive customer acquisition and retention and open the bank to new markets beyond the confines of brick and mortar branches," adds Ubank Acting Managing Executive, Wilson Mosigi.
The digital platform is in the process of being implemented and is expected to be launched commercially towards the end of the year.
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