Chief executive James Mwangi said on Tuesday that Equity Bank had moved most of its services away from the traditional across-the-counter branches to online platforms.

The digital banking service will be supported by Equity’s new IT platform set up over the years at a cost of Sh20 billion.

Customers with the help of a mobile application will access services such as opening of new accounts, applying for loans and making utility payments via mobile devices.

Eazzy Banking

The all-inclusive Eazzy suite of banking products will take care of all customer needs.

• Eazzy App, an interoperable banking and payment platform,
• EazzyLoan – a mobile based loan product
• EazzyChama – a solution to help Chamas, investment clubs and groups manage their joint finances and investments
• EazzyNet – a retail internet portal where customers can manage their bank accounts. This platform also enables PayPal account holders to withdraw their funds to their Equity Bank accounts within three business days.
• EazzyBiz – A cash and liquidity management solution for SMEs known and,
• EazzyAPIs – a banking capabilities packaged as APIs.

“Customers’ banking trends have declared the death of the bank branch as transaction channel as we know it, as they increasingly embrace self-service technology platforms that give them freedom, choice and control,” said Mr Mwangi during yesterday’s launch in Nairobi.

“With our new services time has been removed from banking and geographical space compressed. This is the banking of the future. It is plug and play, and banking as we know it has been redefined,” he said.

Terming it a customer-led revolution which could possibly see banks that fail to innovate perish, Mr Mwangi said more than 80 per cent of all loans in Equity are now accessed through  the mobile phone.