Digital Banking Deals Overtakes Branch Banking at Equity

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From the equity bank records, money transactions via digital platforms have grown by 25% as of September. On the other hand, the in-branch transactions have dropped by 14% for the same period. Transactions on equitel and eazzyBiz are now valued at Kshs 1.988 trillion, a Kshs 396 billion increase. In-branch and ATM transactions are valued at Kshs 1.73 trillion, which is a Kshs 279 billion drop.

Since mid-march, there has been a drastic change in transaction records due to government directive to observe COVID-19 WHO protocols. Customers have opted for cashless transactions instead of visiting their banks so often.

From the time they put in place the digital platforms, customers have continued to visit banking halls or ATMs for transactions. However, for the nine months ended in September, and since the first COVID-19 case was reported in Kenya, Equity bank has recorded the highest digital transaction value for the first time.

James Mwangi, the lender’s CEO, said they had experienced a sharp increase in the digital platform money transactions for the first time. Due to transactions’ convenience, he said many of their customers might opt for the digital platforms over in-branch transactions, even post-COVID-19.

This shift is advantageous to the bank since they will now have more time to serve their customers better. They will only be handling the high-value transactions in the banking halls and any banking issue that requires specialized attention.

 

 

 

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The Author of this Article is a registered Financial & Investment Analyst with Institute of Certified Investment and Financial Analyst. If your require more information Email: info@finsolutions.co.ke or +254 780216631

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