This week, we takes a look at some of the key digital banking products on offer by numerous local banks that will see customers shift from attending bank branches to banking at the comfort of their phones or internet connection.

Equity Bank

Equity Bank became the latest lender to go launch an assortment of digital banking solutions. Last month, the bank unveiled a number of products dubbed Eazzy Banking. These products include a mobile Application dubbed Eazzy App, an interoperable payment platform, a retail internet portal which allows customers to manage their bank accounts, a cash and liquidity management solution for SMEs, and a product designed for joint account holders, chamas and investment groups. In addition to these digital products, Equity Bank incorporated its mobile money lending platform Equitel where consumers can access loans of up to Sh. 3 million. According to the bank’s financials, Equitel is speedily proving to be a capable replacement to the bank’s traditional banking model. For instance, by May this year, the amount of loans disbursed on Equitel had doubled to Sh. 14.1 billion from 2 million issued Equitel sim cards. This accounted for 81 per cent of all loans disbursed by the bank. For the period ended September 2016 Equitel mobile loan disbursements accounted for 84 per cent of all loan disbursements compared to just 16 per cent for branch loan disbursements. According to Equity Bank chief executive officer Dr. James Mwangi, the rapid adoption of mobile and other digital banking channels are a pointer on how banking is being transformed. “Customers’ banking trends have declared the death of the bank branch as a transaction channel as we know it. They have embraced self-service technology platforms that allow them freedom, control and choice,” said Dr. Mwangi.

Co-operative Bank

Co-operative Bank is currently running the MCo-op Cash mobile application. This application was launched in August 2014 in a bid to cut costs and increase accessibility. By July this year, the mobile app had already signed up three million users on the Android App. The App allows users to access on-net and inter-bank cash transfers, and pay utility bills. Currently, Co-op bank customers are not charged to make transactions on-net while using the application. In the same vein, customers can apply and repay loans. Interestingly while using the application, borrowers can get up to 150 per cent of their net salary.

KCB

In early October this year, KCB which is the region’s biggest lender in assets, entered into a partnership with technology firm Oracle to develop new solutions for the bank’s upcoming digital banking products. This came less than two years after the bank launched its website which allows customers to carry out transactions online. Some of the available online banking services include KCB Mobi Bank, KCB diaspora Banking, and KCB Bankika. On the KCB platform, customers can set up periodic transfers or payments for loans, get their statements, transfer money as well as view their overall transactions.

Barclays

In 2013, Barclays Bank of Kenya (BBK) launched a mobile banking app. The mobile platform was modeled with similar functionalities to the bank’s online banking system. Under the online banking system, customers are able to access their account’s information, download their bank statements, transfer funds, link their accounts, carry out foreign exchange transactions, and pay their utility bills.

Standard Chartered

In what is likely to be a first in digital banking in Kenya, Standard Chartered in May this year announced that it will be setting up video banking within the next three years. This will see customers get served through video and audio links, or through web chat in the place of the current across-the-counter services. Already, Stanchart has a mobile platform dubbed SC Mobile, through which customers can transfer money, pay bills and check their bank balances. Additionally, customers can access a wealth management portal on the Stanchart’s digital banking which allows them to set up their investment profiles and gain access to their preferred investment products.

CFC Stanbic

In August last year, launched its first fully digital branch. The branch which is based at the Garden City Mall was expected to operate 24 hours, and internet baking transactions, facilitate tax payments, online share trading, and council collections. The digital bank branch complements Stanbic’s online banking platform which allows users to make bulk payments, transfer funds, make telegraphic transfers, access a personalized financial management tool, and pay utility bills. The bank also runs a mobile app that carries all the functionalities of its internet banking products.

National Bank of Kenya (NBK)

The National Bank of Kenya began to migrate to a digital platform in September 2014 with the unveiling of internet and mobile banking services. The bank was looking to increase access points for its clients. The products included NatMobile and NatConnect. On one hand, the NatConnect platform would allow users to access multiple account transfers within and to other bank accounts. These would include international transfers. On the other hand, the NatMobile App would be downloadable for customers on Andorid and IOS smartphones.