Equity’s digital business transformation model has continuously enabled a seamless transition from fixed cost to 3rd party variable cost channels and self-service platforms.
In the 2021 Q1 results, EazzyNet, the bank’s internet based platform, registered the most significant growth with a 235% hike from Ksh. 2.9 billion in March 2020 to Ksh. 9.7 billion in March 2021. EazzyApp, registered a 222% rise from Ksh. 39.3 billion in Q1 2020 to Ksh. 126.6 billion in Q1 2021. Equitel’s volumes also grew by 163% to push Ksh. 421.8 billion which was the highest amongst the digital platforms. Other platforms recorded growth as EazzyFx volumes rose by 152% to Ksh. 12.2 billion and EazzyBiz at Ksh. 259 billion which was a 98% growth.
Commenting during the release of Q1 2021 Financial Results, the Group CEO, James Mwangi said, “Over the last one year, we have witnessed firsthand as our customers adopted our mobile and internet technology channels on self-service devices making our financial services offering truly a 24-hour service and lifestyle”, said Dr. Mwangi
Equity has been pushing the digital agenda and has for over 5 years now and has been strategizing and innovating around digital products. Equity digital bank continues to overtake legacy bank in both the number of transactions and value of transactions handled daily.
The lender adds that staff jobs have been improved from transaction banking to high-value and non-manual customer engagements. Furthermore, online banking products and services have seen the most significant growth following a 34% jump in digital transactions.
In this year’s Think Business Awards, Equity was awarded the best in mobile banking, agency banking, internet banking and the best overall bank.
CBK’s Bank Supervision Annual Report 2020, notes that there was a notably high adoption of digital financial services by consumers. This was evidenced by an increase in the number of transactions performed over digital platforms across multiple financial institutions.