This archive report was first published on 22 October 2021.
On October 22, 2021, Equity Bank unveiled a revamped online banking platform, Equity Online, as part of its One Equity strategy to offer a unified service experience across all banking channels.
The new platform, designed to provide a seamless customer experience, features a fresh and user-friendly interface, simpler customer journeys, and more digital financial services, including buying M-Pesa float and paying for parking.
According to Equity Group CEO and MD, Dr. James Mwangi, the COVID-19 pandemic has accelerated the adoption of digital banking and payment solutions, driving consumers to shift behaviors and adopt more technology to assist with their day-to-day lives, including their finances.
‘The COVID-19 pandemic has acted as a tailwind for customers’ adoption of digital offerings, fastening the pace of business transformation with significant upside on efficiency as the Group increasingly becomes a technology platform and transforms from being a fixed cost business to a variable cost business,’ Dr. Mwangi said.
Equity Online has also introduced new features on its Mobile App and the USSD code 247#. Customers can now select a specific transaction on the mini statement to display more details, such as beneficiary name, and access the service across all telcos in Kenya.
Equity’s digital banking services have continued to surpass traditional banking channels, with digital channels accounting for 98% of the Group’s transactions in the 2021 half-year results. The Eazzy banking suite, agency banking, and merchants completed 606.9 million transactions, a 66% growth from the previous year.
