The Co-Operative Bank of Kenyas’ online digitization strategy has landed the bank a recognition by the Financial Times of London.
The Ft Banker 2020 Awards feted Co-Op The Bank of The Year in Kenya.
This is following the recent launch of industry leading innovation that will not necessarily require prospective account openers to visit the banking hall.
The new online registration of accounts is a milestone in the Kenyan Banking Industry away from the traditional filling of paper forms.
The transition to digital transformation journey hit a new milestone, when the bank launched the paperless, end-to-end digital opening of accounts by customers.
“As Co-op Bank implements its digitization strategy plans, it is enjoying gains from increased efficiency and enhanced digital offerings to its customers. Products such as E-credit and Mcoopcash are continually upgraded,” read part of the Award’scitation.
With this digital account-opening, customers will no longer have to fill account-opening forms.
Only the National ID will be required, with the other Know Your Customer (KYC) documents automatically generated by the bank system, which will also confirm and validate the KRA PIN, take clear photos, and enable electronic signatures.
When a customer opens an account, the system will instantly send a text message to the customer, providing details of the account, instantly enabling the customer to transact such as making a cash deposit to the new account via mobile phone.
The Paperless opening of accounts has come in at the right time when there is a need to reduce contact as a result of Covid-19. It will also do away with the bulk of paperwork that the customer had to fill, reducing error rates that come with manual interventions.
“While the bank increased its assets by 10.5% and net profits by 12.4% in 2019, unsurprisingly Covid-19 is expected to take its toll on profitability this year. Despite the difficulties during the pandemic, the bank has strongly supported its customers and employees,” said Financial Times.
As at the close of the third quarter this year, a total of Kshs. 46 billion in loans have been restructured to support customers impacted by the pandemic,” said the Co-op Bank Group CEO Dr. Gideon Muriuki when releasing this year’s third-quarter results.
“We have a work-from-home model and has increased the pace of digitization of internal processes and customer touchpoints,” he added.
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