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Kenyans, Scared of Banks and Cash, Opt For Digital Services

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Most bank accountholders preferred using fully automated services while accessing banking services in 2020, according to the Kenya Bankers Association (KBA) Customer Satisfaction Survey (2020). The report indicates that bank clients opted for contactless banking platforms to reduce the possibility of infection with the Coronavirus Disease (COVID-19) through currency and bank branch visits.

The survey, which obtained feedback from over 15,000 respondents, further notes human interface in customer service diminished significantly in 2020 in the banking industry compared to 2019, with 43% of respondents opting for mobile and internet banking. Only 16% reported the need to visit their bank branches or contact call centres to transact or obtain customer support.

“Most age groups surveyed reported preference for automated services while interacting with banks, with the exception respondents above 70 years, who indicated their preference for human-assisted services to access banking solutions” the survey shows.

KBA Chief Executive Officer Dr Habil Olaka says banks had to re-orient and reframe their customer offerings in line with the requirements of the new COVID-19 context or what has become known as the “new normal’’. He said investment in digital banking services across the sector was a game-changer.

While mobile banking was the most preferred digital banking channel, older customers (56 years old and above) represented the highest share of ATM and bank branch users.

“Besides making banking premises safe for customers,” Dr Olaka says, “banks had to consciously encourage other, contactless forms of interaction, as much as possible. Most importantly, banks, under the leadership of the Central Bank of Kenya and the Kenya Bankers Association, instituted a number of measures to cushion customers against the adverse effects of the pandemic.”

Some of these measures included restructuring of loans in excess of Ksh1 trillion and removal of charges on transactions, besides heightening surveillance against fraud.

Persons with disabilities

The survey sought to establish the levels of accessibility to banking services for Persons With Disabilities. From the findings, 81% of PWDs reported that they were largely able to use banking services independently. Meanwhile, 8% of the clients always needed support, with 11% occasionally requiring assistance. Respondents with disabilities represented 3% of the total number of responses.

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In the survey, most respondents said they had a good experience with mobile banking applications. More than 70% cited convenience and efficiency as their main features of interest, with ease of usage and friendliness of user interface being the other critical factors.

In addition, respondents based their preference on security, highlighting log-in security as a major feature that influenced their use of the platforms.

Best digital banks

The survey respondents ranked Standard Chartered Bank as the best overall bank in digital experience, followed by Family Bank and DTB Bank respectively. In the Tier I category, Standard Chartered Bank maintained the top position, followed by DTB Bank and Equity Bank in position three.

Meanwhile, Family Bank emerged best in the Tier II category with EcoBank and Prime Bank taking the second and third position respectively. Credit Bank emerged topped in the Tier III category while Sidian and Bank of Africa took the second and third positions, respectively.

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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