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Equity Bank – Paving the way for Truly Digital Banking in Kenya

“ Talks about how the banking industry in Kenya is evolving with a rapid increase in the digital native population. He details how Equity Bank has made a significant contribution in Kenya leading the way for greater financial inclusion and innovation across Africa. ”

- Bhartesh Shah

Chief Operations Officer, Equity Bank

Bhartesh Shah, Chief Operations Officer, Equity Bank talks about how the banking industry in Kenya is evolving with a rapid increase in the digital native population. He details how Equity Bank has made a significant contribution in Kenya leading the way for greater financial inclusion and innovation across Africa. He also highlights how a very small fraction of the bank’s transactions are driven through branches thereby the bank progressing towards increasing the share of digital transactions even further, and transforming branches from being transaction centers to become more of an advisory centers. Bhartesh talks us through the long standing partnership between Infosys Finacle and Equity Bank and how the partnership has evolved from strength to strength.

Having commenced business on registration in 1984, Equity has evolved from a Building Society, a Microfinance Institution to now the all-inclusive Nairobi Stock Exchange public listed Commercial Bank. Equity Bank leverages Finacle suite of solutions that include Finacle Core Banking Solution, Finacle Corporate Online banking, Finacle Retail Online Banking, Finacle Treasury, Finacle Payments, Finacle Islamic Banking and Finacle Trade Finance.

PAVING THE WAY FOR TRULY DIGITAL BANKING IN KENYA

Equity Bank is a leading financial services provider in Africa that has transformed itself from being a microfinance institution to a full-fledged commercial bank. The bank offers inclusive, customer focused financial services that socially and economically empower their clients and other stakeholders

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Bhartesh Shah,

Chief Operations Officer, Equity Bank,

Banking is no longer what you do or where you do it, it’s now more of a necessity that people have and we need to enable it on their device, whether it is a tablet, or their mobile phone. This entails getting rid a manual traditional processes and replace them completely with self-service customer centric processes using advanced technologies. What we are doing with processes is that we are rethinking them completely. In order to do this we have automated 90% of the loans and 90% of the transactions. We are also reconfiguring branches from being transaction centers to being advisory centers.

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