Tony254
JF-Expert Member
- May 11, 2017
- 16,017
- 16,431
Hii benki imejikita kabisa katika mambo ya teknolojia. Transactions zao nyingi saa hii zinafanyiwa nje ya majumba ya benki ( nje ya banking halls). Wanafanya transactions nyingi kutumia mobile apps na other digital technologies. Yaani ni benki chache sana duniani zimeweza kudigitalize kiasi cha kufanya customers kutoingia ndani ya banking halls.
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In Summary
•The number of transactions through digital are at 283.4 million while 9.8 million are via legacy channels (Branches and ATMs).
•In terms of volumes, Sh1.167 trillion went through digital channels in Q1 compared to Sh 680.3 billion via legacy channels.
By MARTIN MWITA, Business Writer
04 June 2021 - 14:10
Equity Bank headquarters in Upper Hill area, Nairobi/REUTERS
Equity’s digital business transformation model continues to pay off through innovation and digitisation, enabling a seamless transition from fixed cost to thirds party variable cost channels and self-service platforms.
According to the 2021 quarter one results, EazzyNet, the internet based platform, registered the most significant growth with a 235 per cent jump from Sh2.9 billion in March 2020 to Sh9.7 billion in March 2021.
EazzyApp on the other end registered a 222 per cent rise in volumes from Sh39.3 billion in Q1 2020 to Sh126.6 billion in Q1 2021.
Equitel’s volumes also grew by 163 per cent to push Sh421.8 billion which was the highest among the digital platforms.
Other platforms recorded growth as EazzyFx volumes which rose by 152 per cent to Sh12.2 billion and EazzyBiz at Sh259 billion which was a double-digit growth at 98 per cent.
This came as the Nairobi Securities Exchange listed lender recorded a 64 per cent jump in net profit to Sh8.7 billion during the quarter, from Sh5.3 billion same period last year.
According to Group CEO James Mwangi, the bank took advantage of consumers’ lifestyle changes that acted as a tailwind to human adoption of technology resulting into change in consumer lives and behavior.
The regional lender adopted to the changing environment and executed a rapid business transformation that saw 98 per cent of all transactions being digital in count, and 65 per cent of volume by value, Mwangi notes.
“Over the last one year, we have witnessed firsthand as our customers adopted our mobile and internet technology channels on self-service devices making our financial services offering truly a 24-hour service and lifestyle” he said.
Equity has been pushing the digital agenda for over five years now and has been strategising and innovating around digital products.
The plan was to digitise most of its services, save for corporate functions that have since taken a long time to complete.
Its digital bank continues to overtake legacy bank in both the number of transactions and value of transactions handled daily.
The lender adds that staff jobs have been improved from transaction banking to high-value and non-manual customer engagements.
Furthermore, online banking products and services have seen the most significant growth following a 34 percent jump in digital transactions.
In this year’s Think Business Awards, Equity was awarded the best in mobile banking, agency banking, internet banking and the best overall bank, cementing its position as the leading lender in Kenya as well as a validation of its investment in third party infrastructure.
CBK’s Bank Supervision Annual Report 2020, notes that there was a notably high adoption of digital financial services by consumers to provide a channel for financial transactions with minimal physical contact, which was necessary to mitigate the spread of the Covid-19 virus.
This was evidenced by an increase in the number of transactions performed over digital platforms across multiple financial institutions.
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Equity digital banking overtakes legacy banking in volumes
98% of all transactions are outside the branch.
In Summary
•The number of transactions through digital are at 283.4 million while 9.8 million are via legacy channels (Branches and ATMs).
•In terms of volumes, Sh1.167 trillion went through digital channels in Q1 compared to Sh 680.3 billion via legacy channels.
By MARTIN MWITA, Business Writer
04 June 2021 - 14:10
Equity Bank headquarters in Upper Hill area, Nairobi/REUTERS
Equity’s digital business transformation model continues to pay off through innovation and digitisation, enabling a seamless transition from fixed cost to thirds party variable cost channels and self-service platforms.
According to the 2021 quarter one results, EazzyNet, the internet based platform, registered the most significant growth with a 235 per cent jump from Sh2.9 billion in March 2020 to Sh9.7 billion in March 2021.
EazzyApp on the other end registered a 222 per cent rise in volumes from Sh39.3 billion in Q1 2020 to Sh126.6 billion in Q1 2021.
Equitel’s volumes also grew by 163 per cent to push Sh421.8 billion which was the highest among the digital platforms.
Other platforms recorded growth as EazzyFx volumes which rose by 152 per cent to Sh12.2 billion and EazzyBiz at Sh259 billion which was a double-digit growth at 98 per cent.
This came as the Nairobi Securities Exchange listed lender recorded a 64 per cent jump in net profit to Sh8.7 billion during the quarter, from Sh5.3 billion same period last year.
According to Group CEO James Mwangi, the bank took advantage of consumers’ lifestyle changes that acted as a tailwind to human adoption of technology resulting into change in consumer lives and behavior.
The regional lender adopted to the changing environment and executed a rapid business transformation that saw 98 per cent of all transactions being digital in count, and 65 per cent of volume by value, Mwangi notes.
“Over the last one year, we have witnessed firsthand as our customers adopted our mobile and internet technology channels on self-service devices making our financial services offering truly a 24-hour service and lifestyle” he said.
Equity has been pushing the digital agenda for over five years now and has been strategising and innovating around digital products.
The plan was to digitise most of its services, save for corporate functions that have since taken a long time to complete.
Its digital bank continues to overtake legacy bank in both the number of transactions and value of transactions handled daily.
The lender adds that staff jobs have been improved from transaction banking to high-value and non-manual customer engagements.
Furthermore, online banking products and services have seen the most significant growth following a 34 percent jump in digital transactions.
In this year’s Think Business Awards, Equity was awarded the best in mobile banking, agency banking, internet banking and the best overall bank, cementing its position as the leading lender in Kenya as well as a validation of its investment in third party infrastructure.
CBK’s Bank Supervision Annual Report 2020, notes that there was a notably high adoption of digital financial services by consumers to provide a channel for financial transactions with minimal physical contact, which was necessary to mitigate the spread of the Covid-19 virus.
This was evidenced by an increase in the number of transactions performed over digital platforms across multiple financial institutions.
