Equity Bank has been named among the top-three Tier 1 banks based on digital user experience analysis by a recent customer survey conducted by Kenya Bankers’ Association (KBA) .
The Banking Industry Customer Satisfaction Survey 2020 ranked various banks based on the quality of their Digital Banking offering (Mobile and Internet Banking) as well as overall innovativeness in this category. The KBA survey targeted customers across listed banks where they filled out a structured questionnaire on services received. According to the survey, most respondents indicated having had a good experience with Mobile Banking applications, singling out effective aesthetics. For the first time, the digital bank overtook the legacy bank in both the number of transactions and value of transactions handled on a daily basis. Online banking products and services experienced the greatest growth with digital transaction values growing.
Digital banking adoption was heightened by the raft of measures put forward by Central Bank of Kenya (CBK) in consultation with KBA, in facilitating the increased use of mobile money instead of physical cash. CBK also advocated for digital banking as a way of decongesting bank branches to reduce COVID-19 spread while increasing its surveillance against fraud.
The digitization of the bank’s services has increased efficiency and cost optimization gains, ensuring that customers can be able to enjoy their services from the comfort of their homes or workplaces. The limited handling of physical cash has to a great extent reduced the risk of exposure to the COVID-19 virus for digital banking customers.
Equity continues to affirm its customers that it shall uphold the digital transformation of transactions for all its products.