Business Times Issue 102 | iMasFinance| Oct'23

IMAS FINANCE SOUTH AFRICA: A CO-OPERATIVE LEADER IN FINANCIAL SERVICES

IMAS FINANCE

IMAS FINANCE

A CO-OPERATIVE LEADER IN FINANCIAL SERVICES

Project by: Malvern Kandemwa

Words by: Michelle Duncan

In the dynamic landscape of finance, iMasFinance South Africa stands as a beacon of innovation, commitment, and exceptional service. Guided by the visionary leadership of Group CEO Banie van Vollenhoven, the company has redefined financial operations, embraced technological advancements, and set new standards for excellence.

At the core of iMasFinance South Africa’s success lies its dedication to crafting tailored financial solutions for its clients. The company’s day-to-day operations revolve around precision, analysis, and customer-centricity. Whether it’s wealth management, investment advisory, or risk assessment, iMasFinance teams of experts work diligently to ensure that each client receives a bespoke approach that aligns with their unique fi-

nancial goals and aspirations.

Group CEO Banie van Vollenhoven’s leadership has been instrumental in driving iMasFinance’s technology transformation. The company has embraced fintech advancements to enhance customer experiences, streamline operations, and ensure data security. From digital platforms for seamless transactions to AI-powered analytics for robust decision-making, iMas-

Finance technological initiatives reflect its commitment to staying ahead of the curve and delivering cutting-edge financial services.

Banie van Vollenhoven has over 25 years of experience in the financial services industry, having held various senior positions at Nedbank, Standard Bank, and Absa. He joined iMasFinance in 2016 as the Chief Operating Officer and was appointed as the Group CEO two years later.

His vision is to make iMasFinance the preferred financial services provider for its members and to grow its market share in the co-operative sector. He believes that the co-operative model is a unique value proposition that differentiates iMasFinance from other financial institutions.

THE COMPANY HAS REDEFINED FINANCIAL OPERATIONS, EMBRACED TECHNOLOGICAL ADVANCEMENTS AND SET NEW STANDARDS FOR EXCELLENCE.

“Co-operatives are people-centred enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations,” he says. “In other words, our customers become members of our organisation by taking up financial products and services, and share in our annual profit, benefiting them financially and contributing towards the upliftment of the communities in which we work and live.”

To achieve his vision, Banie vanVollenhoven has embarked on a strategic transformation journey that focuses on four key areas: technology, product innovation, customer experience, and operational excellence.

TECHNOLOGY TRANSFORMATION & LEADERSHIP

In an era of rapid technological advancement, Banie van Vollenhoven recognizes the importance of technology transformation to stay ahead in the financial services industry. His visionary leadership has driven a comprehensive digital transformation within iMasFinance, enabling the company to leverage emerging technologies to enhance customer experiences and operational efficiency. Banie’s commitment to innovation has ensured that iMasFinance remains at the forefront of digital trends, effectively meeting the evolving needs of their clients. He has invested in upgrading the IT infrastructure, systems, and processes to improve efficiency, security, and scalability. He

has also adopted a cloud-based strategy to leverage the benefits of cloud computing, such as cost savings, agility, and innovation.

One of the major technology initiatives that he has led is the implementation of a new core banking system that integrates all the business functions and channels of iMasFinance. The new system allows for faster product development, better data analytics, and enhanced customer service. It also enables iMasFinance to offer digital solutions to its members, such as online banking, mobile banking, and chatbots.

Banie has also fostered a culture of technology leadership within iMasFinance by empowering his

IT team to drive innovation and collaboration across the organisation. He has established a Technology Innovation Forum that brings together IT experts and business leaders to identify opportunities for digital transformation and to share best practices. He has also supported the development of IT skills and capabilities through training, coaching, and mentor-

BANIE HAS ALSO FOSTERED A CULTURE OF TECHNOLOGY LEADERSHIP WITHIN IMAS FINANCE BY EMPOWERING HIS IT TEAM TO DRIVE INNOVATION AND COLLABORATION ACROSS THE ORGANISATION.

Banie Van Vollenhaven, Group CEO, iMas Finance

ing programmes.

PRODUCT INNOVATION

Banie understands that product innovation is essential for meeting the evolving needs and expectations of the members and for attracting new customers. He has adopted a customer-centric approach to product development that involves conducting market research, analysing customer feedback, and testing new ideas with pilot groups.

Some of the innovative products that iMasFinance has launched under his leadership include:

A green loan product that offers lower interest rates for members who purchase environmentally friendly products or services, such as solar panels or electric vehicles.

A funeral cover product that provides affordable and comprehensive funeral benefits for members and their extended families.

A loyalty programme that rewards members for using iMasFinance products and services with cash

back, discounts, vouchers, and other benefits.

CUSTOMER EXPERIENCE

Banie van Vollenhoven believes that customer experience is a key differentiator for iMasFinance in a competitive market. He has implemented various initiatives to enhance the customer experience across all touchpoints, from online platforms to branches to call centres.

Some of the initiatives that he has implemented to improve customer experience include:

A customer satisfaction survey

that measures the level of satisfaction and loyalty of the members on a regular basis.

A customer journey mapping exercise that identifies the pain points and opportunities for improvement along the customer journey.

A customer relationship management (CRM) system that enables personalised communication and service delivery to the members based on their preferences and profiles.

A customer feedback mechanism that allows customers to share

BANIE VAN VOLLENHOVEN’S VISION FOR IMASFINANCE SOUTH AFRICA IS ROOTED IN INNOVATION AND ADAPTABILITY. THE COMPANY’S COMMITMENT TO EMBRACING EMERGING TECHNOLOGIES, STAYING ATTUNED TO MARKET TRENDS, AND CONTINUOUSLY REFINING ITS SERVICES POSITIONS IT AS A FORERUNNER IN THE FINANCIAL SECTOR.

their compliments, complaints, suggestions, or queries through various channels.

OPERATIONAL EXCELLENCE

Banie strives for operational excellence in all aspects of iMasFinance’s business. He has introduced a performance management system that sets clear goals and targets for each business unit and employee. He has also implemented a balanced scorecard approach that monitors and evaluates the performance of iMasFinance based on four perspectives: financial, customer, internal process, and learning and growth. He has also instilled a culture of continuous improvement within iMasFinance by applying

the Lean Six Sigma methodology to identify and eliminate waste and variation in the business processes. He has also established a Quality Assurance function that ensures compliance with the relevant standards and regulations.

VISION FOR THE FUTURE: INNOVATING AND ADAPTING

Banie van Vollenhoven’s vision for iMasFinance South Africa is rooted in innovation and adaptability. The company’s commitment to embracing emerging technologies, staying attuned to market trends, and continuously refining its services positions it as a forerunner in the financial sector. He has demonstrated his

commitment to the co-operative values and principles that underpin iMasFinance’s mission and vision. He has also shown his ability to adapt to the changing market conditions and customer needs by leveraging technology, innovation, customer experience, and operational excellence.

Under his leadership, iMasFinance South Africa has crafted a narrative of financial excellence, technological advancement, and customer-centricity. Its day-today operations resonate with precision, while its technological

transformation reflects its commitment to innovation. iMasFinance’s tech infrastructure, procurement strategies, and supply chain management further amplify its reputation for being at the forefront of financial services. Their goal is not just to meet client expectations but to exceed them, consistently setting new benchmarks in financial excellence. As the company continues its journey, guided by a vision of innovation and adaptability, it paves the way for a future where financial excellence knows no bounds. He is an inspiration and

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