Family Bank has revamped its internet banking platform with complimentary online banking options for corporates and SMEs. The service now offers functionalities that were lacking in the old platform – key among them widgets that allow users to personalise their online profiles and dashboards as well as the use of tokens to authorise funds transfers.
The new platform will soon have a mobile app for both Android and iPhone that will boost new user experience. Customers will be able to do real-time account and transaction reporting to enable users check their account balances; check and download account for fixed deposit and loan statements; interbank transfers, among others.
Meanwhile, riding on emerging business opportunities in the counties, the bank has opened two more branches in Mwea and Litein. The newest branches opened doors to customers this week, bringing total number of branches to 80. This came just two months after the bank opened branches in Malindi and Ukunda in September. In July the lender opened Bomet and City Hall Annex. Other branches opened this year include Kajiado, Laptrust and Kasarani. 7
The bank relocated its Dagoretti branch to a new site along Ngong Road. The bank is racing to grow shareholders’ value and get into the top tier space by 2016 and has lined up at least 10 new branches with a target of 100 branches. The devolution path and emerging opportunities remain key drivers in the bank’s growth strategy.
Managing Director and CEO Peter Munyiri says the expansion is guided by the counties’ banking roadmap aimed at optimising the devolved governance structure. He says the bank is strategically expanding into business areas in which it did not have a presence. “We are keen to expand outreach by growing the service channels in strategic areas,” he said. “We are keen to expand our footprint and hit the 100 branch mark by close of 2015 – to reach and serve more customers.”
The expansion and revamping of internet banking platform is pushed by the bank’s quest to play in the top tier in the next three years. Last year the lender outperformed the industry, recording an impressive 108% growth in pre-tax profit. The lender has been on a growth trajectory hitherto recorded since conversion to a bank seven years ago. The bank is seeking to raise Ksh3.5 billion in new capital to fund its expansion, enhance ICT infrastructure and meet new prudential guidelines on capital under which CBK requires banks to increase their capital ratios to 14.5% by January 2015.
“We are pegging our branch expansion plans on the opportunities in all the sectors in the country,” says Mr. Munyiri. “We are also leveraging our strengths and efficiency in our operating model by looking to opportunities of expansion to reach out to the unbanked populations.”
