Over the past few years, the world has been swept by a wave of digital transformation. Today, almost all aspects of human interaction has gone digital. This includes the economy. One of the most impacted sectors of the economy by the digital transformation is the financial sector. Systems of doing business and banking from a personal, organisational and global level have evolved rapidly.
This transformation has also evolved customer needs. Unlike years ago when customers had to visit a regular bank, the modern day customer’s needs for banking services are on the go. This has then spurred a rush for digitization of banking services across the globe. Some banks have gotten it right, while many have gotten it wrong.
One of the banking businesses that have emerged as a lead in digital banking is the Co-operative Bank. Through it’s multi-channel strategy, the bank has successfully moved 93 per cent of all its customer transactions to alternative delivery channels.
These banking services delivery channels include an expanded 24-hour contact centre, mobile banking, 589 ATMs, internet banking and over 23,000 Co-op Kwa Jirani agency banking terminals.
“Our successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Co-op Bank Group serve over 9 million account holders across all sectors,” says Co-op Bank chief executive officer Dr. Gideon Muriuki.
He adds that the bank’s key focus on digital banking has seen the all-telco Mco-op Cash Mobile Wallet continue to play a pivotal role in the growth of non-funded income. Currently, the bank has over 3 million customers registered and loans worth Sh. 51.3 billion disbursed. This has averaged Sh. 5.7 billion per month from September 2020.
Biography and career profile of Co-op Bank CEO Gideon Muriuki
In addition, over 139,299 customers have taken up the micro small and medium enterprises (MSME) packages which the bank rolled out in 2018. 14,665 in this category have been trained on business management skills while over Sh. 25 billion has been disbursed to MSMEs through the E-Credit solution.
“Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 479 FOSA outlets,” Dr. Muriuki said.
