Equity Digital Banking overtakes legacy banking in volumes in Q1 2021
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- June 4, 2021
Equity’s digital business transformation model continues to pay off through innovation and digitization enabling a seamless transition from fixed cost to 3rd party variable cost channels and self-service platforms.
According to the 2021 Q1 results, EazzyNet, the internet based platform, registered the most significant growth with a 235% jump from Ksh 2.9B in March 2020 to Ksh 9.7B in March 2021 while EazzyApp, registered a 222% rise in volumes from Ksh 39.3B in Q1 2020 to Ksh 126.6B in Q1 2021.
Equitel’s volumes also grew by 163% to push Kshs. 421.8B which was the highest amongst the digital platforms.
Other platforms recorded growth as EazzyFx volumes rose by 152% to Ksh 12.2B and EazzyBiz at Ksh 259B which was a double-digit growth at 98%.
Commenting during the release of Q1 2021 Financial Results, the Group CEO, James Mwangi said that, the bank took advantage of consumers’ lifestyle changes that acted as a tailwind to human adoption of technology resulting into change in consumer lives and behavior. It quickly adopted to the changing environment and executed a rapid business transformation that saw 98% of all transactions being digital in count, and 65% of volume by value.
“Over the last one year, we have witnessed firsthand as our customers adopted our mobile and internet technology channels on self-service devices making our financial services offering truly a 24-hour service and lifestyle”, said Dr. Mwangi
Equity has been pushing the digital agenda and has for over 5 years now and has been strategizing and innovating around digital products. The plan was to digitize most of its services, save for corporate functions that have since taken a long time to complete. Equity digital bank continues to overtake legacy bank in both the number of transactions and value of transactions handled daily.
The lender adds that staff jobs have been improved from transaction banking to high-value and non-manual customer engagements. Furthermore, online banking products and services have seen the most significant growth following a 34 percent jump in digital transactions.
In this year’s Think Business Awards, Equity was awarded the best in mobile banking, agency banking, internet banking and the best overall bank cementing its position as the leading lender in Kenya as well as a validation of its investment in 3rd party infrastructure.
CBK’s Bank Supervision Annual Report 2020, notes that there was a notably high adoption of digital financial services by consumers to provide a channel for financial transactions with minimal physical contact, which was necessary to mitigate the spread of the virus. This was evidenced by an increase in the number of transactions performed over digital platforms across multiple financial institutions.
