The National Bank of Kenya is banking on electronic platforms to turn around its fortunes.
According to chief executive officer Wilfred Musau, E-wallet, E-payment and enhanced cyber security will anchor its strategy for the next five years, adding the decision is a product of a review of its operations in the period 2012-2017.
Speaking at a breakfast meeting with a team of financial analysts, the bank’s CEO Wilfred Musau said: ” The banking industry is one of the sectors that has been hit hard by the evolving technology. We have therefore, in our next five-year strategy lined up a series of technological advancements that will easily resonate with our clients to help us claw back our market share and stabilise our business.”
“Our key guide to these strategies is purely based on our past five years analysis and will be guided by our mission that is; Our dedication to excellence in providing competitive financial solutions, meeting the changing needs of our customers, being a responsible Corporate Citizen, providing attractive opportunities to our employees and improving shareholders Value.”
Last year, the bank announced it had upgraded its core banking system from BankFusion Universal Banking (BFUB) to Fusion Banking Essence [FBE], the fifth and latest version of BankFusion Universal Banking (BFUB) system which in time will drive revenue growth, reduce operating expenses and improve on the Customer Experience.
In line with its Strategic Digital Transformation agenda, the bank also said it had revamped its mobile banking offerings to include new service offerings backed by enhanced safety with the aim of helping the bank leverage on technology to improve customer experience via self services, improve efficiency in processing customer transactions, control cost, manage operational and market risk as well as adopt best practices in organisational performance.
“National Bank continues to embrace innovation while driving a digital bank agenda as a way of increasing efficiency in service delivery and driving financial inclusion,” said Musau while announcing the lender’s third quarter financial results in November.
Apart from technology, National Bank also intends to invest on lifestyle banking, insurance, SMEs , infrastructure, global partnerships and increased government investment.
“We are focused on investing on the increasing number of SMEs in Kenya through financial aids. For good value chase and informed fiscal policy, we will increase our involvement in government investment since they are our main exchequer,” said Musau.
The Bank that is today celebrating its 50th anniversary and operates a100 billion balance sheet in 82 branches countrywide will also tap clients base in its Amana banking program that purely focuses on muslim community.
“ For sustainable business, we are also focused on remaining relevant to our stakeholders and global partners,” Said Musau.