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.
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.