Equity bank ranked 3rd in digital customer experience

Equity Bank CEO James Mwangi .photo:file

Equity Bank has been ranked among the top three Tier I banks based on digital user experience analysis, by new customer survey conducted by Kenya Bankers’ Association (KBA).

The Banking Industry Customer Satisfaction Survey 2020 sampled a total of 13,774 respondents and ranked various banks based on the quality of their Digital Banking offering (Mobile and Internet Banking) as well as overall innovativeness in this realm.

The KBA survey targeted customers across all the banks where they filled out a structured questionnaire on services received.

According to the survey, most respondents indicated having had a good experience with Mobile Banking applications, singling out effective aesthetics.

73 percent of the respondents that mentioned feature characteristics, cited convenience and e­fficiency as their main features of interest, with ease of usage and friendliness of user interfaces being the other critical factors.

The KBA report has been released at a time when the country is still facing the COVID-19 pandemic, which has ravaged the economy due to business slowdown, curfew and breakdown of the global supply chain.

In its release of the Q3 2020 results, Equity reported that its business model has migrated from being based on fixed cost channels to digital self-service and third-party variable cost channels.

Digital banking adoption was heightened by the raft of measures put forward by Central Bank of Kenya (CBK) in consultation with KBA, in facilitating the increased use of mobile money instead of physical cash. CBK also advocated for digital banking as a way of decongesting bank branches to reduce COVID-19 spread while increasing its surveillance against fraud.