CfC Stanbic Bank in Kenya have opened the first ever digital experience bank branch in the country. The branch in Mombabsa’s Nyali Centre Mall is set to radically alter the way customers take care of their financial needs and conduct their daily banking business.
CfC Stanbic Bank’s focus is on enhancing the way Kenyans engage with their bank. It is also spurring other organisations to look at ways of improving how their customers make payments to them. For example, Mombasa County (a local government) is already fast-tracking ways to automate payments of bills by residents.
The council is working with CfC Stanbic Bank for Mombasa residents to make council payments electronically to cut down on amount of time they spent queuing to pay their bills at county offices.
This new technology is set to replace the manual processes thus enabling CfC Stanbic Bank staff serve more customers in less time. Through this cashless transaction capability, the bank is facilitating KRA (tax) payments, council collections, online share trading, ATM cash deposits and internet banking via free wifi in the branch.
The roll-out of the digital banking branch comes only months after CfC Stanbic Bank introduced a banking app for tablets, which also allows uploading of documents that include electronic signatures all at once.
The strength of the Kenyan banking sector has for the last three years been reflected in improved liquidity, higher net interest margins, a stabilizing currency backed by government initiatives to boost the economy such as infrastructure and international interest from oil prospects.
The country has been on a remarkable growth in the last two years with expectations of further GDP growth at 5.4% in 2013. There is need therefore to support economic activities that contribute to this growth and technology has been touted at as a key catalyst for growth.