McKinsey found that the COVID-19 crisis has brought about years of change in the way companies in all sectors and regions do business
At Equity Bank for instance, digital banking now accounts for 97% of the bank’s transactions with legacy banking – physical branch networks and ATMs only 3%
Safaricom’s total value of M-PESA transactions grew by 51.5% in six months to KSh 13.71 trillion while the total volume of M-PESA transactions grew by 42% to 7.27 billion
Several studies including one from UNCTAD and another from McKinsey agree that the COVID-19 pandemic pushed digital transformation into overdrive, achieving milestones that could have taken years to get to. Equity Group CEO James Mwangi (L), Safaricom CEO Peter Ndegwa (R). Photo: Equity Bank, Safaricom PLC. Source: Twitter In a global survey of chief executives, McKinsey found that the COVID-19 crisis has brought about years of change in the way companies in all sectors and regions do business .
The finding also revealed that companies accelerated the digitization of their customer and supply-chain interactions and of their internal operations by three to four years.
Commenting on the same, a study by UNCTAD said:
Do you have a groundbreaking story you would like us to publish? Please reach us through firstname.lastname@example.org or WhatsApp: 0732482690. "In years to come, we will look back at 2020 as the moment that changed everything. Nowhere else has unprecedented and unforeseen growth occurred as in the digital and e-commerce sectors, which have boomed amid the COVID-19 crisis." Equity bank customers go digital
In Kenya, the story has been the same, with Chief Executive Officers of some of the largest companies admitting that the pandemic was their silver lining.
Take Equity Group for example. The bank, which is one of the region’s biggest banks by assets, said digital banking has overtaken legacy banking.
In the third quarter for instance, out of the 975.1 million transactions processed for the 9 months of the year, only 30.1 million transactions or 3% of all transactions were handled at the legacy bank by branches and ATMs.
A total of 945 million transactions or 97% of all the transactions made were digital, with the self-service customers’ own device mobile channel handling and processing 90% of digital transactions. “Increasingly mobile internet and e-commerce are becoming the preferred channels of choice for payment processing and lifestyle fulfillment with 74% of customers opting for cashless transactions, “said […]