As of 2019, the Kenyan banking sector has made significant strides in embracing digital technology, resulting in increased efficiency, improved customer services, and reduced operating costs.
However, despite the vast amounts of customer data at their disposal, lenders are not fully utilizing this data to drive revenue growth.
According to Tamara Cook, CEO of FSD Kenya, banks can derive substantial benefits from their customer data, stating, “The technology we have today enables so much more to be done with the data that banks have. Banks are not using the data they have in the most robust way…”
Some potential applications of big data analytics in Kenyan banking include analyzing customer spending patterns, identifying popular transaction channels, providing tailored products, assessing risk, and eliminating unnecessary expenses.
While FSD Kenya's CEO, Tamara Cook, welcomes the establishment of consumer data protection laws, she emphasizes the need to strike a balance between protecting customer data and utilizing it to provide better services.
As the leader of Financial Sector Deepening, Kenya, a charitable trust based in Nairobi, Tamara Cook works to support the financial services sector in serving low-income earners and small and medium-sized businesses.
