Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
COURTESY

Kenya

Majority of Kenyans Satisfied With Money Banking Applications – Finding

NAIROBI, Kenya, Feb 4 -A new customer survey conducted by Kenya Bankers’ Association (KBA) has revealed that most customers had a good experience with Mobile Banking applications in 2020, singling out effective aesthetics.

According to the Banking Industry Customer Satisfaction Survey 2020, 73 percent of the respondents cited convenience and e­fficiency as their main features of interest in mobile banking, with ease of usage and friendliness of user interfaces being the other critical factors.

The survey sampled a total of 13,774 respondents and ranked various banks based on the quality of their digital banking offering (Mobile and Internet Banking) as well as overall innovativeness in this realm.

The survey comes amid an increase in digital banking adoption, which was heightened by the raft of measures put forward by the Central Bank of Kenya in consultation with KBA, in facilitating the increased use of mobile money instead of physical cash.

CBK also advocated for digital banking as a way of decongesting bank branches to reduce COVID-19 spread while increasing its surveillance against fraud.

Among the banks that were recognized for their efforts in digital user experience was Equity Bank, which was among the top three Tier I banks.

In its release of the Q3 2020 results, Equity reported that its business model has migrated from being based on fixed cost channels to digital self-service and third-party variable cost channels.

“For the first time, the digital bank overtook the legacy bank in both the number of transactions and value of transactions handled on a daily basis,” the bank said in a statement.

Online banking products and services experienced the greatest growth with digital transaction values growing by 34 percent. Customer engagement increased as reflected by the 45 percent growth in their deposits for the Q3 2020 period.

Advertisement. Scroll to continue reading.

Equity’s Fintech Innovation and Digitisation has enabled at least 98 percent of transactions to take place outside the bank with at least 83 percent taking place in Mobile and Internet Banking platforms.

In addition, 59 percent of Equity’s transaction value took place outside the branches with Mobile and Internet banking taking a 33 percent chunk of the total value.

1 Comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...