Co-operative Bank has rolled out its all-digital account opening process meaning potential clients now no longer have to fill out lengthy forms at the bank’s branches. This is in line with the Bank’s digitization process.
The end-to-end digital account opening also aims to reduce in person contact between customers and staff in order to help flatten the curve of the Covid-19 pandemic.
New customers will now only be required to present their National Identification cards (IDs), with the banking system automatically generating other ‘Know Your Customer’ documents which will also confirm and validate the KRA PIN, take clear photos, and enable electronic signatures.
From now on, when a customer opens an account, Co-op 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.
Recently named ‘Bank of the Year in Kenya’ by the Financial Times of London in the 2020 FT Banker Awards held on Wednesday, December 2nd, the bank boasts of already having moved over 90pc of all its customer transactions to alternative delivery channels from branches through its multi-digital channels strategy.
According to the Financial Times, Co-op’s digitization plan had resulted in several gains.
“As Co-operative Bank of Kenya 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 Mcoop cash are continually upgraded,” the publication noted.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]