Financial institutions innovate to retain customer base
BANKING: The raging coronavirus pandemic has pushed various institutions including banks, to think outside the box, in order to maintain their customer base.
Banks have started operating virtual services to address the reduced opening hours by designing products that allow their customers to transact businesses from home.
As the effects of the ongoing Covid-19 crisis are felt in almost every sector, Credit Bank Group has taken activities to their customers’ doorsteps.
The bank’s executive officer, strategy and business development Eric Nyachae said to support the government’s efforts in enforcing social distancing, the institution has launched a service that allows its customers to bank cheques from the comfort of their residences.
“As a bank we have enhanced our online platform services by providing free online money transfer services thus, making delivery of customer activity easy.
This includes improvement of limits on customers’ mobile banking platform,” he said in a statement yesterday.
To increase efficiency of its corporate clients during the Covid-19 times, Nyachae said due to restricted movements, the bank has no option but to enable clients access banking solutions at home.
“The solution allows clients to achieve a higher Straight-Through-Processing, real time visibility and higher levels of efficiency from payment initiation through to back-end processing,” he added.
Since the outbreak of Covid-19 in the country in early March, most of the businesses, especially, small and medium enterprises (SMEs) and customers have had their share of challenges accessing regular banking services.
Nyachae said commercial banks therefore decided to open up virtual video conferencing applications such as zoom and skype to be able to meet clientele virtually through their relationship managers. – George Kebaso