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CEO Weekends: CfC Stanbic Bank Chief Executive On Move to Digital Branches

Sam Wakoba by Sam Wakoba
7 years ago
in Business
5 min read
0

mombasa 1Kenya’s CfC Stanbic Bank has unveiled what they say is a first ever digital experience bank branch in the country in a move set to radically alter the way customers take care of their financial needs and conduct their daily banking business.

Launched today at the Nyali Centre Mall branch, the branch will help new customers open accounts, via mobile and online and as well have cashless transactions.

“This is the first digital experience in banking and a first in Mombasa County. Our focus is on enhancing our customer experience and transforming how we engage both new and existing customers,” said Greg Brackenridge, the Chief Executive of CfC Stanbic Bank.

The roll-out of the digital banking branch comes only months after the bank announced the use of tablet technology to help match customer needs and to appropriate products. The technology has since then enabled the completion of requisite documentation and capturing customer details including electronic signatures all at once, after which the application forms are then automatically converted and emailed for processing a departure from the conventional method where the customer was required to walk to the bank for the same.

Chief guest (Mombasa Governor Hassan Joho being taken through the digital experience by the Head of E-channels Paul Ndichu and looking on is our Chief Executive Greg Brackenridge.
Chief guest (Mombasa Governor Hassan Joho being taken through the digital experience by the Head of E-channels Paul Ndichu and looking on is our Chief Executive Greg Brackenridge.

“Our adoption of technology has now come full circle as a bank. This new technology is set to replace the manual processes thus enabling our staff serve more customers in less time. Through this cashless transaction capability, we will be facilitating KRA (tax) payments, council collections, online share trading, ATM cash deposits, internet banking transact ability (internet and free customer WiFi) and customer meeting rooms,” added Mr Brackeridge

READ  With $1.4M Equity Seed Round, Branch.co Aims to Take on Banks in Kenya

Banks have in the recent past been continually innovating products and services that fit in the digital banking platform in a bid to improve competitiveness and customer convenience in market constantly challenged by a shift in consumer preference. In addition to a fully digitized branch, CfC Stanbic Bank has since adopted customer profiling on tablets, making it possible to match customers to products and embedded product calculators for all loans.

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

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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.

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Sam Wakoba

Sam Wakoba

Taking you on tour through Africa's tech ecosystem, one startup at a time! [email protected]

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