More Than 60% of All Equity Transaction Value Move to Digital Platforms For The First Time In History
Equity Group Holdings has for the first time handled less than half of its transaction value within its branches, accounting for only 37.4% of such value with 62.6% of the value of transactions taking place outside the branch. This shows increased adoption of digital payments among Kenyans.
According to data from the Banks full year 2020 financial results, digitization enabled 98% of all the Group transactions to happen outside the branches with 85% of the transactions being on self-service mobile and Internet banking and 12% of the transactions happening on Agency and Merchant banking third party variable cost infrastructure.
“Adoption of digital payments was accelerated with the number of transactions processed over the Pay with Equity solutions growing by 31% and the value of the transactions growing by 58% to reach Kshs 2 trillion up from Kshs 1.3 trillion.” Equity Group Holdings Fully Year 2020 investor reports records.
The report further attributed the increased adoption to continued efforts by the bank to transform itself into a low-cost operating business model, by enabling self-service capabilities for customers and transforming the banking experience from the place you go, to something you do on the device.
During the review period, only 3% of the bank’s transactions happened on fixed cost brick and mortar branch and ATM infrastructure.
At the same time, 97% of the loan transactions were conducted on the mobile channel delivering unparalleled convenience to borrowers, round-the-clock banking that compresses geography and time to allow whatever time, wherever location banking experience. This showing how ‘easy it is for customers and the general public to access Equity Bank loans from their mobile devices through platforms such as Eazzy App, Equitel, and Eazzy Net
The bank commits to further its investment in research, data mining and analysis, and in fintech innovation to ensure that customers enjoy easy access to loans and its financial services.