Absa Bank Kenya, formerly known as Barclays Bank Kenya, has revealed it will pump more than KES 2 billion into upgrading its digital systems.
The plan, according to the lender, is to improve the customer experience.
A section of the investment is already being put into use. The bank says that it is in the process of launching an online account opening platform. This ensures that a customer doesn’t need to go to any of Absa Kenya’s branches to open a bank account. Rather, they will use an internet connection on their phones to complete the exercise.
This has been done by other banks before, including Equity and Stanchart.
If a customer chooses to open an account using digital channels, he or she will also have an option to access Absa Digital Savings Account. The savings platform has an introductory interest rate of 7 percent per annum.
At the same time, the newly launched digital savings account earns daily interest and pays it out quarterly.
Absa says it had invested KES 1.6 billion in 60 different technologies in 2021, including digital loan top-ups in 15 minutes and Abby, a 24/7 WhatsApp banking virtual assistant.
Quotes
“This introduction is inspired in many ways by customers’ and businesses’ desire for a simple yet efficient banking experience. The online account opening is thus a real game changer for customers and the market, as it will provide customers with a new level of ease by eliminating the need for applicants to fill out paper applications or provide multiple documents when opening an account,” Mr. Awori explained.
He added: “These digital enhancements fuel Absa’s digital innovation strategy that aims to enhance customers’ experiences and promote financial access.”
