The Bank of Uganda Executive Director of the Bank Supervision, Tumubweine Twinemanzi has said that banks ought to digital banking solutions or else their customer base will remain law.
"The biggest percentage at 75% of our population is below the age of 35. These want 24/7 access to the services you have. They want user friendly but above all products that can be put on their phones. Any product that cannot be put on the phone will have a short shelf life,"Tumubweine said.
He was on Tuesday speaking during the launch of KCB bank’s new digital platforms at a function held at Serena hotel in Kampala.
The BoU Executive Director for bank supervision explained that whereas many products have been introduced by financial institutions but only those that are tailored to suit customers’ needs will stand the test of time.
"So many people have introduced these digital products but what matters is how you are able to explain and market them to customers. How easy to use and accessible are these products for customers," he questioned.
Tumubweine also urged banks to ensure the energy they use in marketing the digital platforms is the same in mitigating risks that might be associated with them.
The KCB Managing Director, Edgar Byamah said that with the constant rise and improvement in technology, different sectors have upgraded their services with adoption of new technologies.
"We have as well upgraded our services to offer our customers improved services in a timely and reliable manner. This reinforces KCB bank’s commitment to offer banking solutions that fit into the lives of its customers,"Byamah said.
He underscored the role of digital solutions in the banking sector that he said have driven financial inclusion in the country.
"To us, our belief is that our services should be accessible whenever and wherever you need them."
According to Michael Ssekyondwa, the KCB Head of Retail Banking, the bank has now introduced an online account opening platform for people from allover the country to use to open accounts in the bank as well as Kaycee, a friendly chatbot that will support real-time interactive conversations with customers.At the same function KCB rolled out ATM recyclers that accept cash deposits and withdraws conveniently for customers.
