Equitel more than doubled the number of transactions the mobile platform processed in the third quarter of 2016 when compared with a similar period a year before.
Equitel processed 150.8 million transactions in the third quarter of 2016 up from 62.2 million a year earlier, representing a 142 per cent increase.
The value of transactions over the same period increased by 476 per cent to stand at Ksh250.8 billion up from Ksh43.6 billion.
“The Bank’s early and continuing investment in technology as well as its committed progressive transitioning from the traditional heavy fixed cost based brick and mortar operation to an increasingly digital driven variable cost based model aligns perfectly with the observed changing preferences by banking sector customers,” said Equity in a statement.
The success of the one year pilot of digital Equitel mobile banking was crowned by a launch of full scale digitization of the bank through online, internet based, open interoperable mobile banking channels with downloadable applications including cash and liquidity management products for corporate and SMEs.
The launch facilitates access of the banking capability by the Bank’s customers through the release of a series of 10 Eazzy banking solutions and tools. New Fintech driven Diaspora remittances channels, PayPal and Equity Direct grew their contribution to remittance processing from 22% to 30% of all Diaspora remittances processed, again demonstrating the repositioning of the bank’s offerings through innovative products and channels.
The launch of full scale digitization is likely to fully transform Equity Bank during the year making it more of a Fintech with convergence capability of a bank focusing on building the liability side while Equitel mobile channel combined with the Fintech analytics capability and big data computing helping build the asset side.
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This new capability brought about by digitization will increase the bank’s transaction income as more people embrace the power of the new digital tools’ ability to support modern lifestyle demands by enabling them to do banking and more payment transactions through their devices. The bank will achieve disruptive capability with immense flexibility and adaptability.
