Commercial Bank of Africa (CBA) has unveiled a new digital money management and consumer banking service, which seeks to transform how retail customers manage and interact with their finances. The service, called Loop, targets young people and tech savvy customers, and will be marketed using the tagline “Unbank Yourself”.
It eliminates the need for visiting a physical branch for any of the core banking services, because they will now be offered through a mobile platform for the Loop customers. A departure from usual mobile banking Apps and a first of its kind in the region, Loop features a Personal Financial Management tool, which enables customers track, plan and analyse their income against their expenditure on a regular basis. The analysis is presented using graphical tools for faster interpretation. It also makes it easy for customers to plan for and finance the personal goals and other aspirations for a given period.
“With Loop, the Kenyan customer is a winner again, with a financial services partner that is concerned about their growth. We aspire to change the nature and manner of conversations that customers have with their bank” said Eric Muriuki, General Manager, New Business Ventures at CBA.
Loop presents a range of transactional features that streamline how customers save and make investments, which fits in well with the government aspiration to inculcate a savings culture among Kenyans. Additionally, customers will be able to use Loop to schedule their utility bills payments, send money, access loans, and pay for goods and services at retail outlets.
The new service was developed over the last two years, based on deep insights gained from the millennial and tech savvy customers. The research delved into the target customers’ habits, their motivations, aspirations, preferences, passions, as well as their pain points in accessing banking services such as loans, deposits and making savings.