[Kenya] Equity Bank bets on Eazzy banking to grow customer base and convenience
Equity Bank has launched a suite of digital products dubbed Eazzy Banking that promise to give an easy, comprehensive and secure experience while supporting a convenient lifestyle for Kenyans transacting both in the country and abroad.
“Customers’ banking trends have declared the death of the bank branch as transaction channel, as they increasingly embrace self-service technology platforms that give them freedom, choice and control,” the CEO of Equity Bank Dr. James Mwangi said.
The all-inclusive Eazzy suite of banking products will take care of all customer needs. The bank unveiled a banking app known as Eazzy App, an interoperable payment platform, EazzyPay; a mobile based loan product, EazzyLoan; a solution to help Chamas, investment clubs and groups manage their joint finances and investments, EazzyChama ;a retail internet portal where customers can manage their bank accounts, EazzyNet. This platform also enables PayPal account holders to withdraw their funds to their Equity Bank accounts within three business days. A cash and liquidity management solution for SMEs known as Eazzy Biz, and banking capabilities packaged as APIs exposed through Eazzy APIs platform.
“We have a banking solution for everyone, in line with our inclusive agenda which we have carried as part of our commitment throughout our history, said Dr. Mwangi and added; “The bank’s strategy is to be the region’s leading digital bank delivering a remarkable client experience in key digital touch points. “We have all witnessed how rapid adoption of mobile and other digital channels have transformed how people bank. We are thus delighted to unveil this platform that will drive growth in our business via new innovations and increased customer loyalty,” added Dr. Mwangi.
According to Mwangi, the digital journey that the bank started a year ago is already showing impressive results with the number of the bank’s active digital customers rising steadily. In the period ending September 2016, growth in Equitel mobile loan disbursements accounted for 84 per cent of all loan disbursements compared to 16 per cent branch loan disbursements.
The success of this strategy has been underscored by forging strategic partnerships with global leading experts in data security, big data capture and analytics ensuring an operating environment that is highly available, secure, scalable and interoperable.
“Further, customers have demonstrated the extinction of cash preferring to transact with digital money which is safer for transactions and more hygienic than bank notes. In response to these trends that we have been observing from our customers, we have reinvented ourselves into a digital bank to respond to their needs, in line with our promise as their listening caring partner. ” Dr. Mwangi said that this trend is in line with the Government’s vision of a cashlite economy as contained in the country’s vision 2030.