This archive report was first published on 27 July 2021.
Published on July 27, 2021, the COVID-19 pandemic marked a significant shift in consumer behavior, with many turning to digital banking services. The Kenya Bankers Association's (KBA) Customer Satisfaction Survey of 2020 revealed that 43% of bank customers preferred digital services.
As a result, banks have launched awareness campaigns to educate customers on online safety. The 'Kaa Chonjo' campaign, for instance, aims to inform the public about the risks associated with cybercrimes such as phishing, identity theft, and data breaches.
Equity Bank's Q1 2021 results showed that digitization enabled 98% of all group transactions to take place outside of branches, with 86.8% of transactions occurring through self-service mobile and internet banking. The bank also reported a significant increase in loan transactions conducted through mobile channels.
Adoption of digital payments accelerated in the sector, with the number of transactions processed increasing significantly. Equity Bank's Pay with Equity solutions, for example, saw a 31% increase in transactions and a 58% rise in value, reaching Kshs. 1.07 trillion.
With most transactions happening online, banks have devised crucial mechanisms to inform and educate customers on cyber security. Equity Bank has enhanced online banking, focusing on mobile technologies, internet, and artificial intelligence to drive online channel experience.
The bank has also partnered with institutions like Safaricom to share technical knowledge and build a common approach to risks such as fraud and cyber-security. Additionally, Equity Bank has set up a universal customer care number (0763 000 000) to ensure customers are protected from scammers.
Customers can protect themselves by understanding how the bank interacts with them, not sharing personal information or verifying account details through suspicious links, and reporting fraud cases immediately to the bank or the police.
As the country continues to rely heavily on digital connectivity, it is essential for government regulators, security agents, and the banking industry to work together to ensure secure and trusted digital connectivity in a data-driven world.
